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Category: ECO121

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ECO121

1 / 50

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

2 / 50

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 ___________

3 / 50

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

4 / 50

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

5 / 50

A binding price ceiling creates __________

6 / 50

Controlled or Planned economies are usually associated with ___________ and __________

7 / 50

The price elasticity of demand is defined as _________

8 / 50

The basic economics problems are ________ and _________

9 / 50

_________ 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.

10 / 50

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

11 / 50

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

12 / 50

Income elasticity of demand is ________________

13 / 50

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

14 / 50

Perfectly Inelastic is also known as _________

15 / 50

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

16 / 50

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

17 / 50

________ is another name for price determination in economics

18 / 50

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

19 / 50

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

20 / 50

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

21 / 50

One of the basic economic systems is _________

22 / 50

A price floor _________________

23 / 50

All except __________ is right about perfect market

24 / 50

_________ 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

25 / 50

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

26 / 50

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

27 / 50

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

28 / 50

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

29 / 50

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

30 / 50

The demand curve facing a monopolist is price ___________

31 / 50

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.

32 / 50

Economics is the study of____________

33 / 50

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

34 / 50

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

35 / 50

Price _________ is the direct opposite of price _________

36 / 50

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

37 / 50

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

38 / 50

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

39 / 50

All except _________ are referred to as complementary goods.

40 / 50

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

41 / 50

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

42 / 50

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 ___________

43 / 50

Bread and butter are complimentary goods. True or False?

44 / 50

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 _________

45 / 50

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

46 / 50

__________ is a good example of natural monolist

47 / 50

Supply curve is a graphical representation of __________schedule.

48 / 50

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

49 / 50

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

50 / 50

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

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