Economics weekly assessment jan-12-2

If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

Correct Incorrect Correct answer

elastic demand

Correct Incorrect Correct answer

derived demand

Correct Incorrect Correct answer

competitive demand

Correct Incorrect Correct answer

inelastic demand

Correct Incorrect Correct answer

One of the reason why the condition of supply of a commodity may change is

a change in real income

Correct Incorrect Correct answer

changes in the technique of production

Correct Incorrect Correct answer

a change of fashion or taste

Correct Incorrect Correct answer

change in population

Correct Incorrect Correct answer

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

Correct Incorrect Correct answer

joint demand

Correct Incorrect Correct answer

excess supply

Correct Incorrect Correct answer

derived demand

Correct Incorrect Correct answer

none of the above

Correct Incorrect Correct answer

A rational consumer will adjust his spending pattern so that

He buys only the one item that gives him most total satisfaction

Correct Incorrect Correct answer

The marginal utility he gets from the last unit of item is the same

Correct Incorrect Correct answer

The marginal utility he gets from the last naira spent on each item is the same

Correct Incorrect Correct answer

The total utility he gets from each item is the same

Correct Incorrect Correct answer

The total amount of money he spends on each item is the same

Correct Incorrect Correct answer

when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

a fall in income

Correct Incorrect Correct answer

a rise in the price of a complement

Correct Incorrect Correct answer

a fall in the price of substitute

Correct Incorrect Correct answer

a change in taste against this commodity

Correct Incorrect Correct answer

none of the above

Correct Incorrect Correct answer

. If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

zero

Correct Incorrect Correct answer

1

Correct Incorrect Correct answer

2

Correct Incorrect Correct answer

5

Correct Incorrect Correct answer

10

Correct Incorrect Correct answer

Production in Economics occurs when

a commodity or service is sold

Correct Incorrect Correct answer

utility is created or added

Correct Incorrect Correct answer

a commodity is manufactured

Correct Incorrect Correct answer

raw materials are produced or extracted from mines

Correct Incorrect Correct answer

all of these

Correct Incorrect Correct answer

An economic problem arises when?

manufactured goods are in short supply

Correct Incorrect Correct answer

money is in short supply

Correct Incorrect Correct answer

buyers are many

Correct Incorrect Correct answer

sellers are few

Correct Incorrect Correct answer

scarcity and choice are involved

Correct Incorrect Correct answer

By subsistence production we mean?

goods and services are produced for consumption on

Correct Incorrect Correct answer

goods and services are sold to others

Correct Incorrect Correct answer

raw materials are produced in the country

Correct Incorrect Correct answer

goods and services are produced for the market

Correct Incorrect Correct answer

none of these

Correct Incorrect Correct answer

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

normal

Correct Incorrect Correct answer

abnormal

Correct Incorrect Correct answer

inferior

Correct Incorrect Correct answer

superior

Correct Incorrect Correct answer

scarce

Correct Incorrect Correct answer

Economics weekly assessment jan-12-2

Economics weekly assessment jan-12-2

ola January 10, 2025

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question