Economic growth can be illustrated with the use of a production possibilities curve:
For a rational consumer who has to choose between two goods in the context of budget constraints, the price change of one of the goods, ceteris paribus, will determine:
Person with a current wealth of N100,000 in Lagos who faces a 25% chance of losing his automobile worth N20,000. Then The person’s expected utility will be
General features of economic models. Except one
The axioms of rational choice
The following are assumptions that underpin the indifference curve, except one
1 out of 4
The following are the causes of economies of scale except one :
Which of the following best define an economic goal?
Assumptions are used to simplify the real world so that it may be rigorously analyzed
Non-economists are no less or more likely to be biased about economics than they are about physics
Which of the following is not a function of money?
Barter is a system that historically existed since the beginnings of time. Why has barter been displaced by more modern systems?
2 out of 4
Which of the following is a determinant of the price elasticity of demand?
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the affected labor markets?
If there is an increase in demand and an increase in the quantity supplied in a product market what should be observed?
Which of the following is a determinant of the price elasticity of demand?
Which of the following does the marginal cost curve NOT intersect at its minimum?
Which of the following statements is true of an unregulated monopolist?
A monopolist in an otherwise competitive labor market will cause (as compared with the competitive labor market):
Financial institutions that accept deposits and make loans are called
3 out of 4
Which of the following is not a financial institution?
In graph, there is a…………. association between inflation and the growth rate of money…………………….
When tax revenues are greater than government expenditures, the government has a budget.
The gross domestic product is the
When the total value of final goods and services is calculated using current prices, the resulting measure is referred to as
4 out of 4
