ECONOMICS
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1. Basic extractive activities are classified as: *
2 points
2. Which of the following is not strictly included in the study of economics?
 *
2 points
3. It is impossible to satisfy all human wants because:
 *
2 points
4. Mr. Tola needs a book and a calculator that cost N70 each. If he buys the book instead of the calculator, the opportunity cost of his choice is:
 *
2 points
5. The meaning of scale of preference is:
 *
2 points
6. The knowledge of Economics enables an individual to:
 *
2 points
7. If you do not have to make any sacrifice in order to get a particular thing then its real cost is:
 *
2 points
8. Which of the following defines Economics most comprehensively?
 *
2 points

9.  Which of the following is not a classification of economic activities?

 *
2 points
10. In economic analysis, a statement is said to be normative when it:
 *
2 points
11. Which of the following statements is not correct about choice?
 *
2 points
12. Economics is a science which studies human behaviour as relationship between ends and scarce means, which have alternative uses”. ‘Ends’ here refers to:
 *
2 points
13. The study of the economic behaviour of individual decision making unit in a free enterprise economy is called:
 *
2 points
14. What is the first thing to do if Biola simultaneously needs computer, a laser printer and a scanner and he has money to buy only one of these items?
 *
2 points
15. Another term for opportunity cost is:
 *
2 points
Use the information below to answer question below

The raw data scores of 10 students of St. Okoro College who took part in Nov/Dec. 2005 G.C.E in Economics are given below. The pass mark is 40%.

34 45 25 49 15
59 64 34 40 71

16.      What is the mean score of the students’ marks?

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2 points

17.   MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility 

The above equation represents:

 *
2 points
18. The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that:
 *
2 points

19.  The demand for a commodity not directly for immediate consumption but for the production of another commodity is:

 *
2 points
20. An increase in the demand for pen raises the demand for ink. This type of demand is called:
 *
2 points
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