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Economics, as a secondary school subject studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society.
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If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?
A) (land, rent) (capital, wage), (labour, profit)
B) (land, interest) (capital,profit), (labour, wage)
C) (land, wage), (capital, interest), (labour, rent)
D) (land,rent), (capital, interest), (labour, wage)
If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?
A) large-scale production
B) profit maximization
C) economies of scale
D) diseconomies of scale
Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?
A) interest rate
B) returns on capital
C) alternative capital foregone
D) shadow price of foreign exchange
If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?
If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?
B) infinitely elastic
C) externally determined
D) perfectly inelastic
Which of the following factors is an important determinant of the magnitude of price elasticity of demand?
A) The production period
B) Cost of storage
C) Durability of the product
D) Availability of factors of production
The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal?
C) rate of substitution
In order to increase its profit margin, the monopolist can manipulate
A) both price and output
B) either price or output
C) only its price
D) only its output
For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be?
A) downward sloping and price inelastic
B) perfectly price elastic
C) downward sloping but price inelastic
D) perfectly price inelastic
The merging of firms engage in different stages of production and marketing is called?
A) external economies of scale
B) vertical intergration
C) horizontal intergration
D) economic unoin