A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book; his opportunity cost is?
A. the ruler B. the exercise book C. N25.00 D. 18.00 Correct Answer: Option A – the ruler
The demand for factors of production is an example of?
A. joint demand B. competitive demand C. derived demand D. composite demand Correct Answer: Option C – derived demand
The elasticity of supply of perishable goods is?
A. unitary B. inelastic C. zero D. elastic Correct Answer: Option B – inelastic Explanation In case of perishable goods such as vegetables, fruits, and other eatables, the supply would be inelastic. This is because the supply of perishable goods cannot be...
Use the production possibility curve of a country represented in the diagram below to this question. An improvement in technology will enable the country to produce at?
A. V B. W C. X D. Z Correct Answer: Option D = Z
If the country is currently producing at point Y; it can increase production of producer goods by moving to the point?
A. V B. W C. X D. Z Correct Answer: Option B = WProducts
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