Category: ECO121 0 ECO121 1 / 50 A sudden increase in price of a commodity means a reduction in the consumption power of the consumer; as a result of fall in their real income. This situation is referred to as ___________ Check 2 / 50 When prices and quantities are implicitly by a firm, we a case of __________ Check 3 / 50 If the cross-price elasticity between two goods is negative, the two goods are likely to be ___________ Check 4 / 50 A situation where firms in an industry agreed to fixing prices and outputs is known as _________ Check 5 / 50 Bread and butter are complimentary goods. True or False? Check 6 / 50 A binding price ceiling creates __________ Check 7 / 50 Tea and coffee are complimentary goods. True or False? ________ Check 8 / 50 If there is excess capacity in a production facility, it is likely that the firm's supply curve is _________ Check 9 / 50 _________ is not a tool that is used to describe and evaluate the market processes by which individuals allocate scarce resources to satisfy as many wants as possible Supply raw material demand production relationships 10 / 50 Perfectly Inelastic is also known as _________ Unit Elastic Demand Zero Elastic Demand Elastic Demand Positive Elastic Demand 11 / 50 A rise in prices of goods and services will mean __________ in quantity demanded. an inflated a rise a stable a fall 12 / 50 If the equilibrium price of petrol is N1.00 per litre and the government places a price ceiling on petrol of N1.50 per litre, the result will be ____________ of petrol Check 13 / 50 In choice making, relative worth of different goods and services are considered. This consideration is known as satisfaction, but to economist it is called Check 14 / 50 The price elasticity of demand is defined as _________ Check 15 / 50 __________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products. wages effect price effect Substitution effect income effect 16 / 50 All except __________ is right about perfect market MC > MR, and expansion possible MR = P MR = 0 Demand curve is upward 17 / 50 The basic economics problems are ________ and _________ Check 18 / 50 Supply curve is a graphical representation of __________schedule. market supply exchange demand 19 / 50 _________ of demand can be describe as proportional or percentage change in quantity demanded as a result of proportional or percentage change in that commodity’s price. supply elasticity Price elasticity cost elasticity income elasticity 20 / 50 The point at which the demand and the supply curve intersect each other is known as the ___________ Check 21 / 50 When definite quantities are demanded at particular prices for a particular commodity especially when the lower and higher prices are considered, then we have what we call ___________ Check 22 / 50 If the price elasticity of supply for blue jeans is 1.3, an increase in the price of blue jeans of 10 percent would increase the quantity supplied of blue jeans by _________ percent Check 23 / 50 If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for needle is calculated as_________ 0.2 -0.1 0.3 0.1 24 / 50 Expectation of a rise in price of goods may force people into what is called _________ panic selling rush buying panic buying impulse buying 25 / 50 In a market where over 100 people sell all the network airtime, the sellers become __________ Price taker Price giver Price maker All 26 / 50 The total quantity demanded at each price by consumers is the _________ Check 27 / 50 The relationship between the price and quantity of a good offered to the market for sale is known as ________ exchange supply purchase demand 28 / 50 Income elasticity of demand is ________________ Check 29 / 50 A price floor _________________ Check 30 / 50 Ayodeji could buy a kilogram of ice cream with N500 but opted for 2 kilograms of candy for the same amount. This is an example of _________ Check 31 / 50 ________ is another name for price determination in economics Check 32 / 50 __________ is a good example of natural monolist Post office in UK MTN in South Afica Crude oil in Nigeria NNPC in Nigeria 33 / 50 Economics is the study of____________ how to reduce our wants until we are satisfied. how society manages its scarce resources how society manages its unlimited resources. how to fully satisfy our unlimited wants. 34 / 50 An economic system consists of ________ and ________ and their interaction in the process of answering basic economic problems Check 35 / 50 One of the basic economic systems is _________ Check 36 / 50 All except _________ are referred to as complementary goods. vehicles and fuel tables and chairs tea and coffee bread and butter 37 / 50 __________demand is a demand wherein quantity demanded does not respond at all to price change. imperfectly inelastic imperfectly elastic perfectly elastic perfectly inelastic 38 / 50 ________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products Check 39 / 50 The price elasticity of supply tends to be more inelastic as the firm's production facility reaches  ________ capacity. Check 40 / 50 Price _________ is the direct opposite of price _________ carpet, floor window, door door, ceil floor, ceiling 41 / 50 According to law of demand when prices rise, quantity demanded is expected to fall ceteris paribus (all things been equal). This shows that here is a_________relationship between price and demand. lateral positive negative adjacent 42 / 50 The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the ______ for the month. market supply curve market supply schedule market demand curve market demand schedule 43 / 50 If government decides to subsidize a good, there will be _________ for producer Check 44 / 50 Controlled or Planned economies are usually associated with ___________ and __________ Check 45 / 50 For a price ceiling to be a binding constraint on the market, the government must set it ___________ Check 46 / 50 A graphical representation showing the relationship between price and quantity demanded of a good at a particular point in time is called ________ Check 47 / 50 The higher the price the _________ the quantity supplied, the lower the price the __________ the quantity supplied higher, lower lower, higher lower, lower higher, higher 48 / 50 Price and _________ effects are better used in explaining the link between demand and price. Check 49 / 50 If the income elasticity of demand for a good is negative, it must be __________ Check 50 / 50 The demand curve facing a monopolist is price ___________ Check Restart quiz Rate this quiz Send feedback
