Category: ECO121



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

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_________ 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

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

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D. _________ 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.

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

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F. 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

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

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H. 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

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

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

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

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L. Economics is the study of____________

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

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

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

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

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Q. Perfectly Inelastic is also known as _________

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R. 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.

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S. 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 ___________

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

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U. __________ is a good example of natural monolist

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

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

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

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Y. The basic economics problems are ________ and _________

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Z. ________ is another name for price determination in economics

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AA. A binding price ceiling creates __________

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AB. One of the basic economic systems is _________

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

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AD. Income elasticity of demand is ________________

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AE. The demand curve facing a monopolist is price ___________

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AF. A price floor _________________

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

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AH. The price elasticity of demand is defined as _________

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

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

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

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

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AN. 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

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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 ___________

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

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

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

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AS. 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 _________

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

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AU. Price _________ is the direct opposite of price _________

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

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

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AX. Supply curve is a graphical representation of __________schedule.

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AY. All except __________ is right about perfect market

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

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