The most generally accepted definition of Economics was given by?
A. Adam Smith B. David Ricardo C. Lord Robinson D. Thomas Mathus E. Sam Aluko Correct Answer: Option C – Lord Robinson
In a socialist economic system; decisions relating to the fundamental economic problems are taken by?
A. academicians B. government C. individuals D. judiciary E. manufacturers Correct Answer: Option B – government
When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction; demand for A and B is?
A. competitive demand B. complementary demand C. composite demand D. derived demand E. independent demand Correct Answer: Option A – competitive demand
The assumptions of the principles of comparative cost advantage is based on?
I. Absence of Trade Restrictions II. No transport costs III. Constant technology A. II & III only B. I & II only C. I, II & III only D. II only E. III only Correct Answer: Option B – I & II...
To an individual; the term cost will include expenditure on the following EXCEPT?
A. clothing B. Entertainment C. housing D. payment of school fees E. settling national debts Correct Answer: Option E – settling national debtsProducts
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