ECO121 NOUN TMA Past Questions & Answers

La2ush

Moderator
1. Question: Movement along the demand curve is also known as
Answer: change in quantity demanded

2. Question: Change in demand is also known as
Answer: the shift in the demand curve

3, Question: Degree of responsiveness of demand to change in commodity own price is
Answer: price elasticity of demand

4. Question: is the degree of responsiveness of demand to a change in consumers income
Answer: income elasticity of demand

5. Question: The following are determinants of demand elasticity except
Answer: technology

6. Question: The following are features of a perfectly competitive market except
Answer: single seller many buyers

7. Question: The amount of satisfaction derived from the consumption of a particular commodity is
Answer: utility

8. Question: A budget line is
Answer: downward sloping

9. Question: price ceiling is always fixed equilibrium price
Answer: below

10. Question: The field and discipline of economics is divided into two main areas leveled to
Answer: individuals and the society
 

La2ush

Moderator
11. Question: The study of individuals their economic decisions making and how those decisions intermingle is called
Answer: microeconomics

12. Question: is the study of the overall functioning of an economy such as basic economic growth unemployment or inflation etc
Answer: macroeconomics

13. Question: There is usually a between the two choices an individual makes
Answer: trade-off

14. Question: As far as basic economics is concerned it is assumed that people act so as to gain the most benefit for themselves especially when the benefit is compared with the associated costs
Answer: rationally

15. Question: Human wants are and ever dynamic due to ever-changing demands and needs for resources which are limited
Answer: unlimited

16. Question: emerge to resolve the conflict between individual objectives
Answer: social institutions

17. Question: The economies of all the countries except are believed to be traditional
Answer: England

18. Question: in Nigeria people of Abeokuta is known for the cloth business while the Oke Ogun people continue to produce the traditional attires
Answer: adire ofi

19. Question: The direct exchange of goods and services with other goods and services is known
Answer: barter

20. Question: Controlled or Planned economies are usually associated with where the government determines the wages of workers the prices of goods and services and the level of output
Answer: Socialism and Communism
 

La2ush

Moderator
21.Question: Former Soviet Union Cuba Germany Russia North Korea etc are close examples of economies
Answer: Controlled or Planned

22.Question: Free market economy is an economic system where the basic economic decisions are made by the buyers and sellers of individual households and businesses in the economy through the
Answer: price mechanism

23. Question: In economics the central problem is
Answer: scarcity

24. Question: In a controlled economy it is the that makes the economic decision and it is solely done meaning that there are no sector initiatives
Answer: government-private

25. Question: The supply of bournvita and milo is an instance of supply
Answer: composite

26. Question: NAME
Answer: macroeconomics

27.Question: Pure monopolist is when the monopolist has in the industry
Answer: large economies of scale

28. Question: Change in input price government policy organizational change may lead to
Answer: higher cost of production for a firm

29. Question: The tabular representation quantity demanded of particular commodities at different prices
Answer: supply schedule

30. Question: The following are factor inputs except
Answer: entrepreneurial
 

La2ush

Moderator
31. Question: In an economy, the economic decision is made based on and of that society
Answer: traditional beliefs norms religion and customs

32. Question: The following equation Q r KP depicts
Answer: demand function

33. Question: The monopolist price
Answer: Fixes

34. Question: The demand curve facing the monopolist is
Answer: downward

35. Question: The point at which demand equates to supply is known as
Answer: equilibrium point

36. Question: Goods and services usually referred to as are produced by firms while household individuals are of the commodities
Answer: Commodities consumers

37. Question: is the study of the overall functioning of an economy such as economic growth and development unemployment or inflation etc
Answer: macroeconomics

38. Question: There is usually a between the two choices an individual makes
Answer: trade-off
 
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