ECO231 EXAM PRACTICE QUESTIONS
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
_ do not cross (intersect)
a.Economics approval
b.Economics Curve
c.Indifference curves
d.Economics Gr
What is the demand curve facing a monopoly firm?
a.no demand curve
b.Perfect market demand curve
c.market demand curve
d.Monopoly Demand Curve
The interaction of market demand and market supply determine_?
a.Total revenue
b.Marginal Price
c.Total price
d.equilibrium price
_is maximized when marginal revenue equals marginal cost (i.e. marginal revenue = marginal cost) and marginal cost is rising?
a.demand
b.demand Structure
c.Profit
d.cost
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
a.Total Cost
b.Total utility
c.Marginal Cost
d.Marginal utility
satisfaction obtained from all units of a particular commodity consumed over some time is _____
a.Marginal unit
b.Gross Earning
c.Total utility
d.marginal utility
two types of utility theories are?
a.Demand and supply utility theories
b.ordinal and cardinal utility theory
c.ordinary and extraordinary utility theories
d.General and private utility theories
_can be used to explain the negative slope of a consumer\’s demand curve?
a.Total equilibrium
b.Ordinal equilibrium
c.consumer equilibrium
d.Marginal equilibrium
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
a.Marginal Cost
b.Total Cost
c.Marginal utility
d.Total utility
An additional or incremental utility is called?
a.Total utility
b.Marginal utility
c.Utility
d.None of the above
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
One of the basic assumptions of indifference curves is that the consumer buys
a.no combinations of different commodities
b.combinations of different commodities they do not need
c.total Cost
d.combinations of different commodities
_ is a graph of all combinations of goods
a.MarginaluCurve
b.Utility Curve
c.indifference curve
d.Economics Curve
_Who wrote The Wealth of Nations?
a.None of the above
b.keynes Maynard
c.Adam Smith
d.Riccardo
_ Is the price of one good in terms of another?
a. relative price
b.utility price
c.Marginal price
d.Difference curve
_the maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X?
a.Economics
b.marginal rate of substitution (MRS)
c.Curve
d.Rate of Substitution ()
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.consumer surplus
b.supply gain
c.Demand Surplus
d.Producer gain
MUx/Px=
a.MUy/Py
b.None of the above
c.MxUy/Pxfy
d.PUy/My
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.Adam Smith Theory
c.utility theory
d.consumption theory
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.none of the above
c.Price discrimination
d.oligopoly -Monopoly
A monopolistic competitive market has characteristics of both _and monopoly
a.Oligopoly
b.perfect competition
c.expenditure
d.marginal competition
_ is a single producer of a product, which does not have a close substitute?
a.monopoly
b.Perfect market
c.Oligopoly
d.Duopoly
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.Q/TR
b.None of the above
c.TR/Q
d.P/Q
TRn – TR n-1=
a.TR
b.MR
c.TRn
d.TRQ
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
_Can be portrayed as the slope of the indifference curve?
a.y
b.MRS
c.RS
d.X
One of the basic assumptions of indifference curves is that the consumer buys
a.total Cost
b.no combinations of different commodities
c.combinations of different commodities
d.combinations of different commodities they do not need
_Who wrote The Wealth of Nations?
a.Adam Smith
b.keynes Maynard
c.None of the above
d.Riccardo
which theory assumes that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.consumption theory
c.utility theory
d.Adam Smith Theory
The difference between the maximum amount a person is willing to pay for a good and its current market price is referred to as?
a.consumer surplus
b.relative surplus
c.Equilibrium Supply
d.supply gain
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
_map or graphically represent consumer preferences.
a.suplly curve
b.None of the above
c.Indifference curve
d.Demand Curve
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.Producer gain
b.supply gain
c.consumer surplus
d.Demand Surplus
According to budget constraint, income is equal to the sum of?
a.Supply utility
b.consumer expenditure
c.Demand Utility
d.Price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
a.looking for money
b.indifferent
c.curve
d.supply
_ is equal to price and is constant.
a.average revenue
b.Total Revenue
c.Income
d.expenditure
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.TR/Q
b.Q/TR
c.P/Q
d.None of the above
By selling 30 units, firm JKB makes N300. After selling the 31st unit ,firm\’s revenue increased to 318. What is the marginal revenue in this situation?
a.18
b.31
c.618
d.318
TR/Q=
a.MR
b.QR
c.AR
d.TRQ
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.Price discrimination
c.none of the above
d.oligopoly -Monopoly
_ is a single producer of a product, which does not have a close substitute?
a.Perfect market
b.Oligopoly
c.monopoly
d.Duopoly
Calculate the total revenue for a firm that is selling 10 television sets at N21,000 each
a.N2,000
b.N210000
c.N2,10,0
d.N210
A monopolistic competitive market has characteristics of both _and monopoly
a.perfect competition
b.expenditure
c.Oligopoly
d.marginal competition
two types of utility theories are?
b.ordinal and cardinal utility theory
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
what is defined as the level of happiness or satisfaction connected with choices?
b.utility
cardinal utility theory uses _ as a measure of Utility.
a.utile
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
c.Marginal utility
The satisfying power goods have?
c.Utility
MU means?
a.Marginal Utility
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
c.Marginal utility
Satisfaction obtained from all units of a particular commodity consumed over some time
c.Total utility
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
c.consumer surplus
According to budget constraint, income is equal to the sum of?
b.consumer expenditure
I = Px*X +
d.Py*Y
_Can be portrayed as the slope of the indifference curve?
d.MRS
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
d.revealed preference theory
_map or graphically represent consumer preferences.
d.Indifference curves
_ Is the price of one good in terms of another?
d.relative price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
c.indifferent
_ is best defined as the structural/organisational and other characteristics of a market
c.Market structure
Which of the following is not part of a presentation planner speech
c.Directory
An academic field that deals with the processes of communication, commonly defined as the sharing of symbols over distances in space and time is known as?
d.Communication Studies
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
In Parts of Speech, Coordinating, Subordinating, and Correlative are types of …….
a. Conjunction
Which of these is not among the recommended 4Ps methods for succeeding in an interview?
b.Publicity
Which of the following is not a speaking style
d.Engagement style
The following are relevant organization structures in the presentation except
d.Description
In Communication Processes, which of the following is not a type of non-verbal communication?
b.Singing
One of these is essential to balance both theoretical and practical skills required for good communication.
d.Communications Training
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
Effective crisis communications strategies will achieve all of the following except
c.Maintain supervision
What is an example of investment according to economists?
c.Depositing money in a bank account
Sources of finance can be divided into internal and ……..
a.external
What are the risks of losses as the result of unforeseen intervention by the government?
a.political risks
According to Beattie (2017), what is an investment?
d.Something acquired with money for generating income or profit
How do economists generally view investment?
b. As deferred consumption
Which type of investment is known for lower risk compared to ownership investments?
d.Bonds and debentures
What type of return do debentures typically offer?
c.interest
What type of financial instrument are preference shares considered?
d.Debt instruments
What are derivatives used for in investment?
a.Insuring against price movements and speculation
What is the Exchange that serves as an intermediary between fundraisers and suppliers of capital in Nigeria?
b.NSE
The stages involved in the venture creation process include the following
b. Reactivation stage
what is an investment that is undertaken to reduce the risk of adverse price?
a.hedge
What is the expected variability of the income flow?
Ans. risk
Which of the following is the apex regulatory body in the Nigerian banking sector?
a.CBN
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A value investor buys undervalued securities and ———–
c.sells overvalued securities
The strategic roles of the entrepreneur in creating a new venture revolve around the following?
d.Analysis
which utility theory uses the indifference curve to ascertain utility?
c.ordinal utility
Which utility theory assigns consumer satisfaction numerical values?
c.cardinal utility
_can be used to explain the negative slope of a consumer\’s demand curve?
c.consumer equilibrium
two types of utility theories are?
b.ordinal and cardinal utility theory
The satisfying power goods have?
d.Utility
When good X becomes relatively more expensive, the quantity of goods X demanded falls as a result.
c.substitution effect
_ occurs when the price of a good changes?
b.income effect
_ states that consumption of any item yields the consumer declining utility holding taste constant?
b.law of diminishing marginal utility
The indifference curve is connected to ……
Ans. consumer behavior
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A monopolistic business maximizes its earnings when
Ans. MR = MC
The theory of ….. is an attempt to explain how income is shared among the factors of production
Ans. distribution
In trying to spend his money to derive the maximum amount of satisfaction, a consumer is said to be …………
Ans. Rational
The demand of goods and services is a ………… demand
Ans. direct
When oligopoly firms get tired of competing with each other, they are inclined to formally cooperate. This is called ………….
Ans. merger
A product ………. Is a collection of goods with the same features.
Ans. group
The consumer preferences include all except…….
Ans. concavity
A firm is said to face………….. a sloping demand curve in a monopolistic competitive market
Ans. downward
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
The slope of indifference curve is also known as ………….
Ans. marginal rate of substitution
Market power also means that a monopolistic competitive firm faces a downward-sloping ……. Curve
Ans. demand
The total utility of goods x can be symbolized as ………….
Ans. Tux = ?Mux
The price takers are buyers and sellers of ………….
Ans. factors
The additional cost of employing/purchasing one unit of a factor is referred to as ………
Ans. Marginal Factor Cost
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A market where there are a few sellers with similar or identical products is referred to as ……… market
Ans. oligopoly
Fundamentally, …………. In the market is what drives demand.
Ans. consumer behavior
The ……….. equilibrium in monopolistic competition is the same as that of a monopolist
Ans. short run
The satisfying power goods have is referred to as …………..
Ans. utility
A monopolistic business maximizes its earnings when
Ans. MR = MC
Kindly note that the ECO231 exam practice questions and answers will be updated from time to time.
ECO231 EXAM PRACTICE QUESTIONS
_ do not cross (intersect)
a.Economics approval
b.Economics Curve
c.Indifference curves
d.Economics Gr
What is the demand curve facing a monopoly firm?
a.no demand curve
b.Perfect market demand curve
c.market demand curve
d.Monopoly Demand Curve
The interaction of market demand and market supply determine_?
a.Total revenue
b.Marginal Price
c.Total price
d.equilibrium price
_is maximized when marginal revenue equals marginal cost (i.e. marginal revenue = marginal cost) and marginal cost is rising?
a.demand
b.demand Structure
c.Profit
d.cost
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
a.Total Cost
b.Total utility
c.Marginal Cost
d.Marginal utility
satisfaction obtained from all units of a particular commodity consumed over some time is _____
a.Marginal unit
b.Gross Earning
c.Total utility
d.marginal utility
two types of utility theories are?
a.Demand and supply utility theories
b.ordinal and cardinal utility theory
c.ordinary and extraordinary utility theories
d.General and private utility theories
_can be used to explain the negative slope of a consumer\’s demand curve?
a.Total equilibrium
b.Ordinal equilibrium
c.consumer equilibrium
d.Marginal equilibrium
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
a.Marginal Cost
b.Total Cost
c.Marginal utility
d.Total utility
An additional or incremental utility is called?
a.Total utility
b.Marginal utility
c.Utility
d.None of the above
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
One of the basic assumptions of indifference curves is that the consumer buys
a.no combinations of different commodities
b.combinations of different commodities they do not need
c.total Cost
d.combinations of different commodities
_ is a graph of all combinations of goods
a.MarginaluCurve
b.Utility Curve
c.indifference curve
d.Economics Curve
_Who wrote The Wealth of Nations?
a.None of the above
b.keynes Maynard
c.Adam Smith
d.Riccardo
_ Is the price of one good in terms of another?
a. relative price
b.utility price
c.Marginal price
d.Difference curve
_the maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X?
a.Economics
b.marginal rate of substitution (MRS)
c.Curve
d.Rate of Substitution ()
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.consumer surplus
b.supply gain
c.Demand Surplus
d.Producer gain
MUx/Px=
a.MUy/Py
b.None of the above
c.MxUy/Pxfy
d.PUy/My
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.Adam Smith Theory
c.utility theory
d.consumption theory
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.none of the above
c.Price discrimination
d.oligopoly -Monopoly
A monopolistic competitive market has characteristics of both _and monopoly
a.Oligopoly
b.perfect competition
c.expenditure
d.marginal competition
_ is a single producer of a product, which does not have a close substitute?
a.monopoly
b.Perfect market
c.Oligopoly
d.Duopoly
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.Q/TR
b.None of the above
c.TR/Q
d.P/Q
TRn – TR n-1=
a.TR
b.MR
c.TRn
d.TRQ
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
_Can be portrayed as the slope of the indifference curve?
a.y
b.MRS
c.RS
d.X
One of the basic assumptions of indifference curves is that the consumer buys
a.total Cost
b.no combinations of different commodities
c.combinations of different commodities
d.combinations of different commodities they do not need
_Who wrote The Wealth of Nations?
a.Adam Smith
b.keynes Maynard
c.None of the above
d.Riccardo
which theory assumes that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.consumption theory
c.utility theory
d.Adam Smith Theory
The difference between the maximum amount a person is willing to pay for a good and its current market price is referred to as?
a.consumer surplus
b.relative surplus
c.Equilibrium Supply
d.supply gain
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
_map or graphically represent consumer preferences.
a.suplly curve
b.None of the above
c.Indifference curve
d.Demand Curve
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.Producer gain
b.supply gain
c.consumer surplus
d.Demand Surplus
According to budget constraint, income is equal to the sum of?
a.Supply utility
b.consumer expenditure
c.Demand Utility
d.Price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
a.looking for money
b.indifferent
c.curve
d.supply
_ is equal to price and is constant.
a.average revenue
b.Total Revenue
c.Income
d.expenditure
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.TR/Q
b.Q/TR
c.P/Q
d.None of the above
By selling 30 units, firm JKB makes N300. After selling the 31st unit ,firm\’s revenue increased to 318. What is the marginal revenue in this situation?
a.18
b.31
c.618
d.318
TR/Q=
a.MR
b.QR
c.AR
d.TRQ
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.Price discrimination
c.none of the above
d.oligopoly -Monopoly
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
_ is a single producer of a product, which does not have a close substitute?
a.Perfect market
b.Oligopoly
c.monopoly
d.Duopoly
Calculate the total revenue for a firm that is selling 10 television sets at N21,000 each
a.N2,000
b.N210000
c.N2,10,0
d.N210
A monopolistic competitive market has characteristics of both _and monopoly
a.perfect competition
b.expenditure
c.Oligopoly
d.marginal competition
two types of utility theories are?
b.ordinal and cardinal utility theory
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
what is defined as the level of happiness or satisfaction connected with choices?
b.utility
cardinal utility theory uses _ as a measure of Utility.
a.utile
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
c.Marginal utility
The satisfying power goods have?
c.Utility
MU means?
a.Marginal Utility
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
c.Marginal utility
Satisfaction obtained from all units of a particular commodity consumed over some time
c.Total utility
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
c.consumer surplus
According to budget constraint, income is equal to the sum of?
b.consumer expenditure
I = Px*X +
d.Py*Y
_Can be portrayed as the slope of the indifference curve?
d.MRS
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
d.revealed preference theory
_map or graphically represent consumer preferences.
d.Indifference curves
_ Is the price of one good in terms of another?
d.relative price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
c.indifferent
_ is best defined as the structural/organisational and other characteristics of a market
c.Market structure
Which of the following is not part of a presentation planner speech
c.Directory
An academic field that deals with the processes of communication, commonly defined as the sharing of symbols over distances in space and time is known as?
d.Communication Studies
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
In Parts of Speech, Coordinating, Subordinating, and Correlative are types of …….
a. Conjunction
Which of these is not among the recommended 4Ps methods for succeeding in an interview?
b.Publicity
Which of the following is not a speaking style
d.Engagement style
The following are relevant organization structures in the presentation except
d.Description
In Communication Processes, which of the following is not a type of non-verbal communication?
b.Singing
One of these is essential to balance both theoretical and practical skills required for good communication.
d.Communications Training
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
Effective crisis communications strategies will achieve all of the following except
c.Maintain supervision
What is an example of investment according to economists?
c.Depositing money in a bank account
Sources of finance can be divided into internal and ……..
a.external
What are the risks of losses as the result of unforeseen intervention by the government?
a.political risks
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
According to Beattie (2017), what is an investment?
d.Something acquired with money for generating income or profit
How do economists generally view investment?
b. As deferred consumption
Which type of investment is known for lower risk compared to ownership investments?
d.Bonds and debentures
What type of return do debentures typically offer?
c.interest
What type of financial instrument are preference shares considered?
d.Debt instruments
What are derivatives used for in investment?
a.Insuring against price movements and speculation
What is the Exchange that serves as an intermediary between fundraisers and suppliers of capital in Nigeria?
b.NSE
The stages involved in the venture creation process include the following
b. Reactivation stage
what is an investment that is undertaken to reduce the risk of adverse price?
a.hedge
What is the expected variability of the income flow?
Ans. risk
Which of the following is the apex regulatory body in the Nigerian banking sector?
a.CBN
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A value investor buys undervalued securities and ———–
c.sells overvalued securities
The strategic roles of the entrepreneur in creating a new venture revolve around the following?
d.Analysis
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
which utility theory uses the indifference curve to ascertain utility?
c.ordinal utility
Which utility theory assigns consumer satisfaction numerical values?
c.cardinal utility
_can be used to explain the negative slope of a consumer\’s demand curve?
c.consumer equilibrium
two types of utility theories are?
b.ordinal and cardinal utility theory
The satisfying power goods have?
d.Utility
When good X becomes relatively more expensive, the quantity of goods X demanded falls as a result.
c.substitution effect
_ occurs when the price of a good changes?
b.income effect
_ states that consumption of any item yields the consumer declining utility holding taste constant?
b.law of diminishing marginal utility
The indifference curve is connected to ……
Ans. consumer behavior
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A monopolistic business maximizes its earnings when
Ans. MR = MC
The theory of ….. is an attempt to explain how income is shared among the factors of production
Ans. distribution
In trying to spend his money to derive the maximum amount of satisfaction, a consumer is said to be …………
Ans. Rational
The demand of goods and services is a ………… demand
Ans. direct
When oligopoly firms get tired of competing with each other, they are inclined to formally cooperate. This is called ………….
Ans. merger
A product ………. Is a collection of goods with the same features.
Ans. group
The consumer preferences include all except…….
Ans. concavity
A firm is said to face………….. a sloping demand curve in a monopolistic competitive market
Ans. downward
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
The slope of indifference curve is also known as ………….
Ans. marginal rate of substitution
Market power also means that a monopolistic competitive firm faces a downward-sloping ……. Curve
Ans. demand
The total utility of goods x can be symbolized as ………….
Ans. Tux = ?Mux
The price takers are buyers and sellers of ………….
Ans. factors
The additional cost of employing/purchasing one unit of a factor is referred to as ………
Ans. Marginal Factor Cost
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
A market where there are a few sellers with similar or identical products is referred to as ……… market
Ans. oligopoly
Fundamentally, …………. In the market is what drives demand.
Ans. consumer behavior
The ……….. equilibrium in monopolistic competition is the same as that of a monopolist
Ans. short run
The satisfying power goods have is referred to as …………..
Ans. utility
A monopolistic business maximizes its earnings when
Ans. MR = MC
Kindly note that the ECO231 exam practice questions and answers will be updated from time to time.
ECO231 EXAM PRACTICE QUESTIONS
_ do not cross (intersect)
a.Economics approval
b.Economics Curve
c.Indifference curves
d.Economics Gr
What is the demand curve facing a monopoly firm?
a.no demand curve
b.Perfect market demand curve
c.market demand curve
d.Monopoly Demand Curve
The interaction of market demand and market supply determine_?
a.Total revenue
b.Marginal Price
c.Total price
d.equilibrium price
_is maximized when marginal revenue equals marginal cost (i.e. marginal revenue = marginal cost) and marginal cost is rising?
a.demand
b.demand Structure
c.Profit
d.cost
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
a.Total Cost
b.Total utility
c.Marginal Cost
d.Marginal utility
satisfaction obtained from all units of a particular commodity consumed over some time is _____
a.Marginal unit
b.Gross Earning
c.Total utility
d.marginal utility
two types of utility theories are?
a.Demand and supply utility theories
b.ordinal and cardinal utility theory
c.ordinary and extraordinary utility theories
d.General and private utility theories
_can be used to explain the negative slope of a consumer\’s demand curve?
a.Total equilibrium
b.Ordinal equilibrium
c.consumer equilibrium
d.Marginal equilibrium
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
a.Marginal Cost
b.Total Cost
c.Marginal utility
d.Total utility
An additional or incremental utility is called?
a.Total utility
b.Marginal utility
c.Utility
d.None of the above
ECO231 EXAM KEYNOTE IS NOW AVAILABLE, CLICK HERE TO GET IT NOW!
One of the basic assumptions of indifference curves is that the consumer buys
a.no combinations of different commodities
b.combinations of different commodities they do not need
c.total Cost
d.combinations of different commodities
_ is a graph of all combinations of goods
a.MarginaluCurve
b.Utility Curve
c.indifference curve
d.Economics Curve
_Who wrote The Wealth of Nations?
a.None of the above
b.keynes Maynard
c.Adam Smith
d.Riccardo
_ Is the price of one good in terms of another?
a. relative price
b.utility price
c.Marginal price
d.Difference curve
_the maximum amount of good Y the consumer would be willing to give up obtaining an additional unit of X?
a.Economics
b.marginal rate of substitution (MRS)
c.Curve
d.Rate of Substitution ()
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.consumer surplus
b.supply gain
c.Demand Surplus
d.Producer gain
MUx/Px=
a.MUy/Py
b.None of the above
c.MxUy/Pxfy
d.PUy/My
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.Adam Smith Theory
c.utility theory
d.consumption theory
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.none of the above
c.Price discrimination
d.oligopoly -Monopoly
A monopolistic competitive market has characteristics of both _and monopoly
a.Oligopoly
b.perfect competition
c.expenditure
d.marginal competition
_ is a single producer of a product, which does not have a close substitute?
a.monopoly
b.Perfect market
c.Oligopoly
d.Duopoly
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.Q/TR
b.None of the above
c.TR/Q
d.P/Q
TRn – TR n-1=
a.TR
b.MR
c.TRn
d.TRQ
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
_ is equal to the change in TR, divided by the change in quantity?
a.Total revenue
b.monopoly
c.marginal revenue
d.marginal expenditure
_Can be portrayed as the slope of the indifference curve?
a.y
b.MRS
c.RS
d.X
One of the basic assumptions of indifference curves is that the consumer buys
a.total Cost
b.no combinations of different commodities
c.combinations of different commodities
d.combinations of different commodities they do not need
_Who wrote The Wealth of Nations?
a.Adam Smith
b.keynes Maynard
c.None of the above
d.Riccardo
which theory assumes that the consumer has a budget constraint and that the consumer is consistent?
a.revealed preference theory
b.consumption theory
c.utility theory
d.Adam Smith Theory
The difference between the maximum amount a person is willing to pay for a good and its current market price is referred to as?
a.consumer surplus
b.relative surplus
c.Equilibrium Supply
d.supply gain
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_map or graphically represent consumer preferences.
a.suplly curve
b.None of the above
c.Indifference curve
d.Demand Curve
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
a.Producer gain
b.supply gain
c.consumer surplus
d.Demand Surplus
According to budget constraint, income is equal to the sum of?
a.Supply utility
b.consumer expenditure
c.Demand Utility
d.Price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
a.looking for money
b.indifferent
c.curve
d.supply
_ is equal to price and is constant.
a.average revenue
b.Total Revenue
c.Income
d.expenditure
In a Perfect Competitive Business,_ = (P x Q)/Q = Price?
a.TR/Q
b.Q/TR
c.P/Q
d.None of the above
By selling 30 units, firm JKB makes N300. After selling the 31st unit ,firm\’s revenue increased to 318. What is the marginal revenue in this situation?
a.18
b.31
c.618
d.318
TR/Q=
a.MR
b.QR
c.AR
d.TRQ
_is a pricing strategy that enables monopolists to charge customers different prices for the same service?
a.monopoly price
b.Price discrimination
c.none of the above
d.oligopoly -Monopoly
_ is a single producer of a product, which does not have a close substitute?
a.Perfect market
b.Oligopoly
c.monopoly
d.Duopoly
Calculate the total revenue for a firm that is selling 10 television sets at N21,000 each
a.N2,000
b.N210000
c.N2,10,0
d.N210
A monopolistic competitive market has characteristics of both _and monopoly
a.perfect competition
b.expenditure
c.Oligopoly
d.marginal competition
two types of utility theories are?
b.ordinal and cardinal utility theory
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what is defined as the level of happiness or satisfaction connected with choices?
b.utility
cardinal utility theory uses _ as a measure of Utility.
a.utile
Difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
c.Marginal utility
The satisfying power goods have?
c.Utility
MU means?
a.Marginal Utility
_ is the measure of the additional utility that is derived when an additional unit of the good is consumed
c.Marginal utility
Satisfaction obtained from all units of a particular commodity consumed over some time
c.Total utility
The total benefit received from the purchase of a commodity is expected to exceed the opportunity cost. This provides a net gain from trade, referred to as?
c.consumer surplus
According to budget constraint, income is equal to the sum of?
b.consumer expenditure
I = Px*X +
d.Py*Y
_Can be portrayed as the slope of the indifference curve?
d.MRS
which theory makes the assumption that the consumer has a budget constraint and that the consumer is consistent?
d.revealed preference theory
_map or graphically represent consumer preferences.
d.Indifference curves
_ Is the price of one good in terms of another?
d.relative price
If a consumer equally prefers two product bundles, then the consumer is _ between the two bundles.
c.indifferent
_ is best defined as the structural/organisational and other characteristics of a market
c.Market structure
Which of the following is not part of a presentation planner speech
c.Directory
An academic field that deals with the processes of communication, commonly defined as the sharing of symbols over distances in space and time is known as?
d.Communication Studies
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In Parts of Speech, Coordinating, Subordinating, and Correlative are types of …….
a. Conjunction
Which of these is not among the recommended 4Ps methods for succeeding in an interview?
b.Publicity
Which of the following is not a speaking style
d.Engagement style
The following are relevant organization structures in the presentation except
d.Description
In Communication Processes, which of the following is not a type of non-verbal communication?
b.Singing
One of these is essential to balance both theoretical and practical skills required for good communication.
d.Communications Training
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Effective crisis communications strategies will achieve all of the following except
c.Maintain supervision
What is an example of investment according to economists?
c.Depositing money in a bank account
Sources of finance can be divided into internal and ……..
a.external
What are the risks of losses as the result of unforeseen intervention by the government?
a.political risks
According to Beattie (2017), what is an investment?
d.Something acquired with money for generating income or profit
How do economists generally view investment?
b. As deferred consumption
Which type of investment is known for lower risk compared to ownership investments?
d.Bonds and debentures
What type of return do debentures typically offer?
c.interest
What type of financial instrument are preference shares considered?
d.Debt instruments
What are derivatives used for in investment?
a.Insuring against price movements and speculation
What is the Exchange that serves as an intermediary between fundraisers and suppliers of capital in Nigeria?
b.NSE
The stages involved in the venture creation process include the following
b. Reactivation stage
what is an investment that is undertaken to reduce the risk of adverse price?
a.hedge
What is the expected variability of the income flow?
Ans. risk
Which of the following is the apex regulatory body in the Nigerian banking sector?
a.CBN
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A value investor buys undervalued securities and ———–
c.sells overvalued securities
The strategic roles of the entrepreneur in creating a new venture revolve around the following?
d.Analysis
which utility theory uses the indifference curve to ascertain utility?
c.ordinal utility
Which utility theory assigns consumer satisfaction numerical values?
c.cardinal utility
_can be used to explain the negative slope of a consumer\’s demand curve?
c.consumer equilibrium
two types of utility theories are?
b.ordinal and cardinal utility theory
The satisfying power goods have?
d.Utility
When good X becomes relatively more expensive, the quantity of goods X demanded falls as a result.
c.substitution effect
_ occurs when the price of a good changes?
b.income effect
_ states that consumption of any item yields the consumer declining utility holding taste constant?
b.law of diminishing marginal utility
The indifference curve is connected to ……
Ans. consumer behavior
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A monopolistic business maximizes its earnings when
Ans. MR = MC
The theory of ….. is an attempt to explain how income is shared among the factors of production
Ans. distribution
In trying to spend his money to derive the maximum amount of satisfaction, a consumer is said to be …………
Ans. Rational
The demand of goods and services is a ………… demand
Ans. direct
When oligopoly firms get tired of competing with each other, they are inclined to formally cooperate. This is called ………….
Ans. merger
A product ………. Is a collection of goods with the same features.
Ans. group
The consumer preferences include all except…….
Ans. concavity
A firm is said to face………….. a sloping demand curve in a monopolistic competitive market
Ans. downward
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The slope of indifference curve is also known as ………….
Ans. marginal rate of substitution
Market power also means that a monopolistic competitive firm faces a downward-sloping ……. Curve
Ans. demand
The total utility of goods x can be symbolized as ………….
Ans. Tux = ?Mux
The price takers are buyers and sellers of ………….
Ans. factors
The additional cost of employing/purchasing one unit of a factor is referred to as ………
Ans. Marginal Factor Cost
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A market where there are a few sellers with similar or identical products is referred to as ……… market
Ans. oligopoly
Fundamentally, …………. In the market is what drives demand.
Ans. consumer behavior
The ……….. equilibrium in monopolistic competition is the same as that of a monopolist
Ans. short run
The satisfying power goods have is referred to as …………..
Ans. utility
A monopolistic business maximizes its earnings when
Ans. MR = MC
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