A rational consumer will adjust his spending pattern so that
He buys only the one item that gives him the most total satisfaction
The marginal utility he gets from the last unit of item is the same
The marginal utility he gets from the last naira spent on each item is the same
The total utility he gets from each item is the same
The total amount of money he spends on each item is the same
Correct answer is C
No explanation has been provided for this answer.
In economics, production is complete when
Goods are produced in the factory
Goods are sold to the wholesalers
Goods and services are produced by the government
Prices are fixed for goods and services
Goods and services finally reach the consumer
Correct answer is E
No explanation has been provided for this answer.
The optimum population of a country is reached when
All factors of production have been fully employed
The productive effort per man is at its highest with a given volume of resources
The total population of a country increases
The natural resources of a country increases
The working population of a country increases
Correct answer is B
No explanation has been provided for this answer.
Which of these would NOT increase the population of a country?
Increase in death rate
Decrease in birth rate
Emigration
Migration
Better medical facilities
Correct answer is A
No explanation has been provided for this answer.
Which of the following is NOT strictly included In the study of economics?
The study of wants
The study of choice
Whether a particular want satisfies a good or bad purpose
The study of scarcity
The study of substitution
Correct answer is C
No explanation has been provided for this answer.