ECO121

A. An economic system consists of ________ and ________ and their interaction in the process of answering basic economic problems

B. The relationship between the price and quantity of a good offered to the market for sale is known as ________

C. Controlled or Planned economies are usually associated with ___________ and __________

D. The price elasticity of demand is defined as _________

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 ___________

F. ________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products

G. The price elasticity of supply tends to be more inelastic as the firm's production facility reaches  ________ capacity.

H. Economics is the study of____________

I. A graphical representation showing the relationship between price and quantity demanded of a good at a particular point in time is called ________

J. Bread and butter are complimentary goods. True or False?

K. Tea and coffee are complimentary goods. True or False? ________

L. The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the ______ for the month.

M. The basic economics problems are ________ and _________

N. _________ 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.

O. Expectation of a rise in price of goods may force people into what is called _________

P. Income elasticity of demand is ________________

Q. In choice making, relative worth of different goods and services are considered. This consideration is known as satisfaction, but to economist it is called

R. A situation where firms in an industry agreed to fixing prices and outputs is known as _________

S. One of the basic economic systems is _________

T. The higher the price the _________ the quantity supplied, the lower the price the __________ the quantity supplied

__________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from
alternative products.

V. 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 ___________

W. A rise in prices of goods and services will mean __________ in quantity demanded.

X. ________ is another name for price determination in economics

Y. __________demand is a demand wherein quantity demanded does not respond at all to price change.

Z. The total quantity demanded at each price by consumers is the _________

AA. Supply curve is a graphical representation of __________schedule.

AB. The demand curve facing a monopolist is price ___________

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for
needle is calculated as_________

AD. All except __________ is right about perfect market

AE. A binding price ceiling creates __________

AF. 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

AG. If government decides to subsidize a good, there will be _________ for producer

AH. The point at which the demand and the supply curve intersect each other is known as the ___________

_________ 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

AJ. If supply is price inelastic, the value of the price elasticity of supply must be ________

AK. In a market where over 100 people sell all the network airtime, the sellers become __________

AL. If the cross-price elasticity between two goods is negative, the two goods are likely to be ___________

AM. __________ is a good example of natural monolist

AN. 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 _________

AO. Price _________ is the direct opposite of price _________

AP. Another name for price ceiling is _________ which occurs when the government set a maximum price that can be charged for a product in the market

AQ. If the income elasticity of demand for a good is negative, it must be __________

AR. Perfectly Inelastic is also known as _________

AS. When prices and quantities are implicitly by a firm, we a case of __________

AT. 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

AU. All except _________ are referred to as complementary goods.

AV. For a price ceiling to be a binding constraint on the market, the government must set it ___________

AW. A price floor _________________

AX. 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.

AY. Price and _________ effects are better used in explaining the link between demand and price.

AZ. If there is excess capacity in a production facility, it is likely that the firm's supply curve is _________