ECO231 EXAM PRACTICE QUESTIONS AND ANSWERS IN NOUN

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That kind of argument that its premise(s) only support, but do not guarantee its

conclusion is called

a. Inductive argument

b. Mathematical Argument

c. Deductive Argument

d. Boolean Argument

what is defined as the level of happiness or satisfaction connected alternative choices?

a. Economics

b. utility

c. supply

d. Demand

____occurs when the price of a good changes?

a.Marginal Effect

b.Ordinal equilibrium

c.Total Effect

d.income effect

_ is the measure of the additional utility that isderived when an additional unit of

the good is consumed

a.Marginal Cost

b.Total Cost

c.Total utility

d.Marginal utility

Two types of utility theories are ?

a.ordinal and cardinal utility theory

b.ordinary and extraordinary utility theories

c.Demand and supply utility theories

d.General and private utility theories

_ states that consumption ofany item yields the consumer declining utility holding

taste constant?

a.law of marginal utility

b.law of diminishing marginal utility

c.law of utility

d.law of diminishing return in cost

If Pb = N0.50/milkbe the price of milks, and Po = N1.00/bread the price of bread.

Therelative price of a tin of milk in terms of bread is ?

a.0.9 a loaf of bread

B. 5 tin of milk

c.None of the options

D .0.7 tin of milk

_____ do not cross (intersect)

a.Economics Curve

b.Ecoomics approval

c.Economics Graph

d.Indifference curves

which theory makes the assumptions that the consumer has a budget constraint and

that the consumer is consistent ?

a.Adam Smith Theory

b.consumption theory

c.utility theory

d.revealed preference theory

Consumers maximising utility subject to their ?

a.Income Effects

b.Government policies

c.Substitution effect

d.budget constraint

Choices are also a function of other constraints namely _

a.consumer\’s income and the price of goods

b.None of the above

c.wealth of the Nation

d.consumer\’s demand and Supply

Budget line divides commodity space ?

a.two

b.three

c.four

d.five

_ is equal to the change in TR, divided by the change in quantity?

a.Total revenue

b.marginal expenditure

c.marginal revenue

d.monopoly

Calculate the total revenue for a firm which is selling 10 television setsat N21,000

each

a.N210

b.N210000

c.N2,000

d.N2,10,0

_exists in an industry where perfect competition is characterised by many buyers and

sellers, many products that are similarin nature and, as a result, many substitutes?

a.Perfect Market

b.None of the above

c.oligopoly

d.monopolistic Market

_is a pricing strategy that enables monopolist to charge customers different prices

for the same or service?

a.none of the above

b.oligopoly -Monopoly

c.Price discrimination

d.monopoly price

_ is the additional cost from one additional unit?

a.Revenue Cost

b.Marginal cost

c.Total Cost

d.Income cost

_ is equal to price, and is constant.

a.average revenue

b.expenditure

c.Total Revenue

d.Income

_ is a single producer of a product, which does not haveclose substitute?

a.Oligopoly

b.monopoly

c.Perfect market

d. Duopoly

In conclusion

Kindly note that the above practice questions and answers are not limited to the above questions and answers.

More practice questions and answers will bw updated from time to time. So do well to come back checking for more.

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