ECO121

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

_________ 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

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

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

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

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

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

H. All except __________ is right about perfect market

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

J. __________ is a good example of natural monolist

K. 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

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

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

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

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

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

Q. One of the basic economic systems is _________

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

S. ________ is another name for price determination in economics

T. Price _________ is the direct opposite of price _________

U. A price floor _________________

V. Supply curve is a graphical representation of __________schedule.

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

X. Perfectly Inelastic is also known as _________

Y. 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 _________

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 ___________

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

AB. Income elasticity of demand is ________________

AC. 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 ___________

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

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

AF. _________ 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.

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

AH. The basic economics problems are ________ and _________

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

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

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

AL. 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.

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

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

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

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

AQ. The demand curve facing a monopolist is price ___________

AR. The price elasticity of demand is defined as _________

AS. 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

AT. Economics is the study of____________

AU. 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

AV. A binding price ceiling creates __________

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

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

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

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