Questions on Economics
Academic Quotes
Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around - Leo Buscaglia
The most important things we can give to others are actually not expensive. In fact, we don't have to buy them with money because they are right within us.
These include our kind words, listening ears, honest compliments, our 'thank you', those beautiful smiles, our loving corrections, sincere kindness and a caring heart
In the end, it isn't the years in your life that count. It is the life in your years - Abraham Lincoln
One fact remains constant to us all, and that's death. We are not guaranteed of tomorrow because no living human is too old to die, even a newly born. Remember, age is also a number.
Therefore, let us always do good, help the poor, care for the sick and less privileged, forgive transgressions and most importantly, extend the hands of love to everyone we come across.
By doing this, we would have added an abundance of life to our years, regardless its number. Recall that Jesus Christ Himself died at 33
You cannot win everytime. This therefore makes defeat a part of life. However, it is the way and manner at which we rise from our defeats that determines our place among the greats.
Muhammad Ali was a professional boxer with 56 wins and 5 defeats. However, the way and manner at which he rose from his defeats secured his place in boxing history as the greatest fighter of all time
One Day or Day One, you decide - Unknown
We all intend to become great in life. However, we should also understand that it doesn't take one day to become great. Rather it takes many days of work, practice, diligence, failures and successes to become great.
My question to you is this: Concerning your path to greatness, what day are you in?
Whatever you are, be a good one - Abraham Lincoln
If you are a boy, be a good boy. If you are a girl, be a good girl. If you are a man, be a good man. If you are a woman, be a good woman. If you are a student, be a good student. If you are a teacher, be a good teacher.
I can go on and on; but the point is: You are human, so do all in your power to be a good human
The quantity of supplied services or goods will increase as the price increases and they will decrease as the price decreases provided all other factors remain constant.
The above statement is attributed to the _____.
A. Law of price increase and price decrease
B. Law of product quantity
C. Law of demand
D. Law of supply
E. Law of quantity demanded and supplied in relation to price
F. Law of purchases on services and goods
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The following statements are true concerning explicit opportunity cost except _____.
A. They are recorded in the accounts book
B. It is a type of cost
C. They may also be referred to as 'out of pocket' cost
D. They are utilized as factors of production
E. Money spent on wages, salaries and raw materials are examples of explicit opportunity cost
F. Explicit opportunity cost are always utilized for investment
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|
Needs / Wants |
Cost (Naira) |
|
Phone |
50,000 |
|
Console Game |
120,000 |
|
Laptop |
80,000 |
|
Ipad |
100,000 |
|
Smart watch |
85,000 |
|
Ipod |
40,000 |
Which of the following statement is incorrect concerning the table?
A. Ipod is the least important need of the individual
B. If the individual has 200,000 Naira at hand, then the laptop, iPad, smart watch and iPod will all be considered as opportunity cost
C. If the individual has 480,000 Naira, he or she will purchase all the items in the table
D. Console game is the most important need of the individual
E. The table shows a scale of preference
F. The individual needs an ipod
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Which of the following statement is false concerning scale of preference?
A. It is brought about by the insatiability of human wants
B. It is brought about by the limitation of cash at hand
C. It is a list of a person's needs or wants written in an order of importance
D. Scale of preference cost is the value of the best alternative a person could have achieved but did not achieve it after the best choice had been made
E. Opportunity cost is a term associated with scale of preference
F. None of the above
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Eonomies of scale in economics means _____.
A. The prices of goods will remain the same because producers manufacture similar goods
B. The prices of goods will fall because producers manufacture more goods
C. The prices of goods will rise because producers manufacture less goods
D. The prices of goods will rise and producers will manufacture more goods
E. The prices of goods will fall and producers will manufacture less goods
F. Equilibrium is achieved in the economy
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Budget deficit refers to the amount by which _____.
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What are infant industries in Economics?
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Which of the theory did Malthus became popular for?
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Total Questions (28) Paged
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