{"subject":"economics","questions":[{"q":"Which of the following best describes Scarcity?","o":["Control of money supply and interest rates by the central bank","A persistent fall in the general price level","The next best alternative forgone when a choice is made","Limited resources compared with unlimited wants"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Limited resources compared with unlimited wants' is","o":["Monetary policy","Inferior good","Perfect competition","Scarcity"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Opportunity cost?","o":["A financial plan of expected income and expenditure","A payment by government to producers to reduce production cost","The quantity of a good producers are willing and able to offer at a given price","The next best alternative forgone when a choice is made"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'The next best alternative forgone when a choice is made' is","o":["Capital","Inferior good","Gross Domestic Product","Opportunity cost"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Demand?","o":["A market with a single seller of a product","The quantity of a good consumers are willing and able to buy at a given price","A good whose demand rises as consumer income rises","Ease with which an asset can be converted to cash"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'The quantity of a good consumers are willing and able to buy at a given price' is","o":["Normal good","Demand","Supply","Scarcity"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Supply?","o":["The quantity of a good producers are willing and able to offer at a given price","Man-made resources used in producing other goods","Goods that can replace one another, such as tea and coffee","Goods provided by government for the benefit of all"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'The quantity of a good producers are willing and able to offer at a given price' is","o":["Supply","Balance of trade","Monopoly","Tariff"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Inflation?","o":["The next best alternative forgone when a choice is made","A persistent rise in the general price level","Difference between the value of visible exports and imports","Goods consumed together, such as bread and butter"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A persistent rise in the general price level' is","o":["Subsidy","Scarcity","Tariff","Inflation"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Deflation?","o":["A market with many buyers and sellers of identical products","A persistent rise in the general price level","The quantity of a good consumers are willing and able to buy at a given price","A persistent fall in the general price level"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A persistent fall in the general price level' is","o":["Deflation","Demand","Substitute goods","Subsidy"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Monopoly?","o":["The quantity of a good producers are willing and able to offer at a given price","A market with a single seller of a product","Goods that can replace one another, such as tea and coffee","A good whose demand rises as consumer income rises"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A market with a single seller of a product' is","o":["Monopoly","Deflation","Unemployment","Opportunity cost"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Perfect competition?","o":["Ease with which an asset can be converted to cash","A good whose demand rises as consumer income rises","A market with many buyers and sellers of identical products","A good whose demand falls as consumer income rises"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A market with many buyers and sellers of identical products' is","o":["Monopoly","Division of labour","Opportunity cost","Perfect competition"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Gross Domestic Product?","o":["Goods consumed together, such as bread and butter","Total value of goods and services produced within a country in a year","Goods that can replace one another, such as tea and coffee","A good whose demand falls as consumer income rises"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Total value of goods and services produced within a country in a year' is","o":["Opportunity cost","Capital","Gross Domestic Product","Inflation"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Fiscal policy?","o":["Government use of taxation and spending to influence the economy","A tax on imported goods","A market with many buyers and sellers of identical products","Ease with which an asset can be converted to cash"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Government use of taxation and spending to influence the economy' is","o":["Fiscal policy","Monopoly","Balance of trade","Perfect competition"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Monetary policy?","o":["A market with many buyers and sellers of identical products","Control of money supply and interest rates by the central bank","Total value of goods and services produced within a country in a year","A situation where people able and willing to work cannot find jobs"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Control of money supply and interest rates by the central bank' is","o":["Monetary policy","Budget","Monopoly","Subsidy"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Division of labour?","o":["Breaking production into specialised tasks","The quantity of a good producers are willing and able to offer at a given price","A market with a single seller of a product","A payment by government to producers to reduce production cost"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Breaking production into specialised tasks' is","o":["Division of labour","Inferior good","Normal good","Tariff"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Balance of trade?","o":["Difference between the value of visible exports and imports","A market with a single seller of a product","The quantity of a good producers are willing and able to offer at a given price","Total value of goods and services produced within a country in a year"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Difference between the value of visible exports and imports' is","o":["Supply","Balance of trade","Demand","Complementary goods"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Tariff?","o":["Difference between the value of visible exports and imports","A good whose demand rises as consumer income rises","A tax on imported goods","A financial plan of expected income and expenditure"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A tax on imported goods' is","o":["Unemployment","Supply","Inflation","Tariff"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Subsidy?","o":["Breaking production into specialised tasks","Limited resources compared with unlimited wants","A payment by government to producers to reduce production cost","A good whose demand rises as consumer income rises"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A payment by government to producers to reduce production cost' is","o":["Monopoly","Public goods","Inflation","Subsidy"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Normal good?","o":["A persistent rise in the general price level","A situation where people able and willing to work cannot find jobs","A market with a single seller of a product","A good whose demand rises as consumer income rises"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A good whose demand rises as consumer income rises' is","o":["Inflation","Liquidity","Normal good","Unemployment"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Inferior good?","o":["The quantity of a good producers are willing and able to offer at a given price","A financial plan of expected income and expenditure","Man-made resources used in producing other goods","A good whose demand falls as consumer income rises"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A good whose demand falls as consumer income rises' is","o":["Scarcity","Monetary policy","Inferior good","Substitute goods"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Complementary goods?","o":["Ease with which an asset can be converted to cash","A market with a single seller of a product","A financial plan of expected income and expenditure","Goods consumed together, such as bread and butter"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Goods consumed together, such as bread and butter' is","o":["Complementary goods","Balance of trade","Monopoly","Subsidy"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Substitute goods?","o":["Goods that can replace one another, such as tea and coffee","The quantity of a good consumers are willing and able to buy at a given price","Difference between the value of visible exports and imports","A persistent rise in the general price level"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Goods that can replace one another, such as tea and coffee' is","o":["Division of labour","Tariff","Inflation","Substitute goods"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Public goods?","o":["Goods provided by government for the benefit of all","A good whose demand rises as consumer income rises","Control of money supply and interest rates by the central bank","A payment by government to producers to reduce production cost"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Goods provided by government for the benefit of all' is","o":["Public goods","Complementary goods","Liquidity","Monopoly"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Budget?","o":["A good whose demand rises as consumer income rises","Difference between the value of visible exports and imports","A persistent rise in the general price level","A financial plan of expected income and expenditure"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A financial plan of expected income and expenditure' is","o":["Public goods","Deflation","Budget","Division of labour"],"a":2,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Unemployment?","o":["Ease with which an asset can be converted to cash","Control of money supply and interest rates by the central bank","Goods that can replace one another, such as tea and coffee","A situation where people able and willing to work cannot find jobs"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'A situation where people able and willing to work cannot find jobs' is","o":["Inferior good","Unemployment","Gross Domestic Product","Monopoly"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Capital?","o":["A good whose demand rises as consumer income rises","A persistent fall in the general price level","The next best alternative forgone when a choice is made","Man-made resources used in producing other goods"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Man-made resources used in producing other goods' is","o":["Capital","Complementary goods","Deflation","Fiscal policy"],"a":0,"t":"Economic Concepts","d":"Easy"},{"q":"Which of the following best describes Liquidity?","o":["A market with a single seller of a product","Ease with which an asset can be converted to cash","Goods consumed together, such as bread and butter","A good whose demand rises as consumer income rises"],"a":1,"t":"Economic Concepts","d":"Easy"},{"q":"The term for 'Ease with which an asset can be converted to cash' is","o":["Substitute goods","Opportunity cost","Monetary policy","Liquidity"],"a":3,"t":"Economic Concepts","d":"Easy"},{"q":"The reward for the factor of production Land is","o":["Profit","Rent","Wages","Interest"],"a":1,"t":"Factors of Production","d":"Easy"},{"q":"Rent is the reward for which factor of production?","o":["Labour","Land","Entrepreneur","Capital"],"a":1,"t":"Factors of Production","d":"Easy"},{"q":"The reward for the factor of production Labour is","o":["Interest","Rent","Wages","Profit"],"a":2,"t":"Factors of Production","d":"Easy"},{"q":"Wages is the reward for which factor of production?","o":["Capital","Labour","Entrepreneur","Land"],"a":1,"t":"Factors of Production","d":"Easy"},{"q":"The reward for the factor of production Capital is","o":["Interest","Profit","Wages","Rent"],"a":0,"t":"Factors of Production","d":"Easy"},{"q":"Interest is the reward for which factor of production?","o":["Land","Capital","Entrepreneur","Labour"],"a":1,"t":"Factors of Production","d":"Easy"},{"q":"The reward for the factor of production Entrepreneur is","o":["Rent","Interest","Wages","Profit"],"a":3,"t":"Factors of Production","d":"Easy"},{"q":"Profit is the reward for which factor of production?","o":["Capital","Labour","Entrepreneur","Land"],"a":2,"t":"Factors of Production","d":"Easy"},{"q":"A Progressive tax is a tax that","o":["Takes a higher percentage from higher incomes","Levied on goods and services and passed on to consumers","Takes a higher percentage from lower incomes","Takes the same percentage from all incomes"],"a":0,"t":"Public Finance","d":"Easy"},{"q":"Which type of tax Takes a higher percentage from higher incomes?","o":["Direct tax","Proportional tax","Progressive tax","Regressive tax"],"a":2,"t":"Public Finance","d":"Easy"},{"q":"A Regressive tax is a tax that","o":["Levied on goods and services and passed on to consumers","Takes a higher percentage from higher incomes","Takes a higher percentage from lower incomes","Takes the same percentage from all incomes"],"a":2,"t":"Public Finance","d":"Easy"},{"q":"Which type of tax Takes a higher percentage from lower incomes?","o":["Proportional tax","Indirect tax","Regressive tax","Progressive tax"],"a":2,"t":"Public Finance","d":"Easy"},{"q":"A Proportional tax is a tax that","o":["Takes a higher percentage from lower incomes","Takes the same percentage from all incomes","Takes a higher percentage from higher incomes","Paid directly by the person on whom it is levied"],"a":1,"t":"Public Finance","d":"Easy"},{"q":"Which type of tax Takes the same percentage from all incomes?","o":["Direct tax","Regressive tax","Indirect tax","Proportional tax"],"a":3,"t":"Public Finance","d":"Easy"},{"q":"A Direct tax is a tax that","o":["Takes a higher percentage from higher incomes","Paid directly by the person on whom it is levied","Takes a higher percentage from lower incomes","Levied on goods and services and passed on to consumers"],"a":1,"t":"Public Finance","d":"Easy"},{"q":"Which type of tax Paid directly by the person on whom it is levied?","o":["Regressive tax","Direct tax","Progressive tax","Proportional tax"],"a":1,"t":"Public Finance","d":"Easy"},{"q":"A Indirect tax is a tax that","o":["Takes a higher percentage from higher incomes","Takes the same percentage from all incomes","Takes a higher percentage from lower incomes","Levied on goods and services and passed on to consumers"],"a":3,"t":"Public Finance","d":"Easy"},{"q":"Which type of tax Levied on goods and services and passed on to consumers?","o":["Regressive tax","Progressive tax","Indirect tax","Proportional tax"],"a":2,"t":"Public Finance","d":"Easy"},{"q":"Money functions as a Medium of exchange when","o":["Money is used to measure value of goods","Money is used to settle debts in the future","Money is accepted in payment for goods","Money keeps purchasing power over time"],"a":2,"t":"Money and Banking","d":"Easy"},{"q":"Money functions as a Store of value when","o":["Money keeps purchasing power over time","Money is used to measure value of goods","Money is used to settle debts in the future","Money is accepted in payment for goods"],"a":0,"t":"Money and Banking","d":"Easy"},{"q":"Money functions as a Unit of account when","o":["Money is used to settle debts in the future","Money is accepted in payment for goods","Money keeps purchasing power over time","Money is used to measure value of goods"],"a":3,"t":"Money and Banking","d":"Easy"},{"q":"Money functions as a Standard of deferred payment when","o":["Money keeps purchasing power over time","Money is used to settle debts in the future","Money is used to measure value of goods","Money is accepted in payment for goods"],"a":1,"t":"Money and Banking","d":"Easy"},{"q":"The quantity demanded of a good falls by 40% when its price rises by 25%. Calculate the price elasticity of demand (ignoring sign).","o":["0.625","3.2","1.6","2.6"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 10% when its price rises by 25%. Calculate the price elasticity of demand (ignoring sign).","o":["0.8","0.4","2.5","1.4"],"a":1,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 25% when its price rises by 20%. Calculate the price elasticity of demand (ignoring sign).","o":["1.25","0.8","2.25","2.5"],"a":0,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 50% when its price rises by 5%. Calculate the price elasticity of demand (ignoring sign).","o":["20","11","0.1","10"],"a":3,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 40% when its price rises by 5%. Calculate the price elasticity of demand (ignoring sign).","o":["16","0.125","8","9"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 50% when its price rises by 20%. Calculate the price elasticity of demand (ignoring sign).","o":["0.4","5","2.5","3.5"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 20% when its price rises by 10%. Calculate the price elasticity of demand (ignoring sign).","o":["2","4","3","0.5"],"a":0,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 40% when its price rises by 10%. Calculate the price elasticity of demand (ignoring sign).","o":["8","4","0.25","5"],"a":1,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 50% when its price rises by 10%. Calculate the price elasticity of demand (ignoring sign).","o":["0.2","10","5","6"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 50% when its price rises by 25%. Calculate the price elasticity of demand (ignoring sign).","o":["2","0.5","4","3"],"a":0,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 25% when its price rises by 5%. Calculate the price elasticity of demand (ignoring sign).","o":["0.2","10","5","6"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 20% when its price rises by 5%. Calculate the price elasticity of demand (ignoring sign).","o":["0.25","4","5","8"],"a":1,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 20% when its price rises by 25%. Calculate the price elasticity of demand (ignoring sign).","o":["1.8","1.25","1.6","0.8"],"a":3,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 40% when its price rises by 20%. Calculate the price elasticity of demand (ignoring sign).","o":["3","2","0.5","4"],"a":1,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 10% when its price rises by 5%. Calculate the price elasticity of demand (ignoring sign).","o":["0.5","4","3","2"],"a":3,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 10% when its price rises by 20%. Calculate the price elasticity of demand (ignoring sign).","o":["1.5","2","0.5","1"],"a":2,"t":"Elasticity","d":"Medium"},{"q":"The quantity demanded of a good falls by 25% when its price rises by 10%. Calculate the price elasticity of demand (ignoring sign).","o":["2.5","5","0.4","3.5"],"a":0,"t":"Elasticity","d":"Medium"},{"q":"A firm's total cost of producing 6 units is ₦4,800. What is the average cost per unit?","o":["₦1,600","₦800","₦806","₦28,800"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦1,700. What is the average cost per unit?","o":["₦8,500","₦345","₦340","₦680"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 8 units is ₦600. What is the average cost per unit?","o":["₦83","₦75","₦4,800","₦150"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦3,000. What is the average cost per unit?","o":["₦1,502","₦6,000","₦3,000","₦1,500"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦2,500. What is the average cost per unit?","o":["₦5,000","₦1,250","₦1,252","₦2,500"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 8 units is ₦3,600. What is the average cost per unit?","o":["₦458","₦900","₦28,800","₦450"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦4,900. What is the average cost per unit?","o":["₦490","₦500","₦49,000","₦980"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦900. What is the average cost per unit?","o":["₦90","₦18,000","₦65","₦45"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦1,800. What is the average cost per unit?","o":["₦360","₦9,000","₦365","₦720"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦2,500. What is the average cost per unit?","o":["₦250","₦125","₦50,000","₦145"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 4 units is ₦3,400. What is the average cost per unit?","o":["₦850","₦1,700","₦854","₦13,600"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 12 units is ₦1,500. What is the average cost per unit?","o":["₦125","₦18,000","₦137","₦250"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 15 units is ₦2,700. What is the average cost per unit?","o":["₦180","₦360","₦195","₦40,500"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦3,300. What is the average cost per unit?","o":["₦165","₦66,000","₦185","₦330"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦3,700. What is the average cost per unit?","o":["₦1,852","₦7,400","₦1,850","₦3,700"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦1,100. What is the average cost per unit?","o":["₦55","₦110","₦22,000","₦75"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 17 units is ₦1,700. What is the average cost per unit?","o":["₦117","₦28,900","₦100","₦200"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦2,400. What is the average cost per unit?","o":["₦250","₦480","₦240","₦24,000"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦4,400. What is the average cost per unit?","o":["₦440","₦450","₦44,000","₦880"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦4,400. What is the average cost per unit?","o":["₦22,000","₦880","₦1,760","₦885"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 4 units is ₦2,400. What is the average cost per unit?","o":["₦9,600","₦1,200","₦604","₦600"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦1,300. What is the average cost per unit?","o":["₦130","₦13,000","₦140","₦260"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 4 units is ₦3,000. What is the average cost per unit?","o":["₦754","₦1,500","₦750","₦12,000"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦700. What is the average cost per unit?","o":["₦352","₦700","₦1,400","₦350"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦1,400. What is the average cost per unit?","o":["₦70","₦90","₦28,000","₦140"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 8 units is ₦2,400. What is the average cost per unit?","o":["₦300","₦19,200","₦308","₦600"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 20 units is ₦3,700. What is the average cost per unit?","o":["₦370","₦74,000","₦185","₦205"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 9 units is ₦3,600. What is the average cost per unit?","o":["₦800","₦409","₦32,400","₦400"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 8 units is ₦3,200. What is the average cost per unit?","o":["₦25,600","₦400","₦408","₦800"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦2,500. What is the average cost per unit?","o":["₦500","₦12,500","₦505","₦1,000"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦4,200. What is the average cost per unit?","o":["₦2,102","₦2,100","₦4,200","₦8,400"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦1,500. What is the average cost per unit?","o":["₦300","₦150","₦15,000","₦160"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 8 units is ₦2,800. What is the average cost per unit?","o":["₦22,400","₦350","₦358","₦700"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 2 units is ₦4,000. What is the average cost per unit?","o":["₦4,000","₦8,000","₦2,000","₦2,002"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 4 units is ₦4,700. What is the average cost per unit?","o":["₦2,350","₦1,175","₦1,179","₦18,800"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 3 units is ₦3,900. What is the average cost per unit?","o":["₦1,300","₦1,303","₦2,600","₦11,700"],"a":0,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦500. What is the average cost per unit?","o":["₦200","₦2,500","₦100","₦105"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 10 units is ₦3,300. What is the average cost per unit?","o":["₦660","₦340","₦33,000","₦330"],"a":3,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 12 units is ₦2,100. What is the average cost per unit?","o":["₦350","₦175","₦25,200","₦187"],"a":1,"t":"Theory of Production","d":"Medium"},{"q":"A firm's total cost of producing 5 units is ₦2,100. What is the average cost per unit?","o":["₦840","₦10,500","₦420","₦425"],"a":2,"t":"Theory of Production","d":"Medium"},{"q":"A firm earns a total revenue of ₦64,000 and incurs a total cost of ₦10,000. Its profit is","o":["₦54,000","₦55,000","₦-54,000","₦74,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦82,000 and incurs a total cost of ₦18,000. Its profit is","o":["₦64,000","₦-64,000","₦65,000","₦100,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦86,000 and incurs a total cost of ₦12,000. Its profit is","o":["₦-74,000","₦98,000","₦74,000","₦75,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦50,000 and incurs a total cost of ₦6,000. Its profit is","o":["₦44,000","₦45,000","₦-44,000","₦56,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦83,000 and incurs a total cost of ₦14,000. Its profit is","o":["₦97,000","₦69,000","₦70,000","₦-69,000"],"a":1,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦40,000 and incurs a total cost of ₦15,000. Its profit is","o":["₦55,000","₦-25,000","₦25,000","₦26,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦65,000 and incurs a total cost of ₦18,000. Its profit is","o":["₦-47,000","₦83,000","₦48,000","₦47,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦22,000 and incurs a total cost of ₦19,000. Its profit is","o":["₦4,000","₦3,000","₦41,000","₦-3,000"],"a":1,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦66,000 and incurs a total cost of ₦6,000. Its profit is","o":["₦72,000","₦-60,000","₦60,000","₦61,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦58,000 and incurs a total cost of ₦17,000. Its profit is","o":["₦42,000","₦75,000","₦41,000","₦-41,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦49,000 and incurs a total cost of ₦19,000. Its profit is","o":["₦30,000","₦-30,000","₦68,000","₦31,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦48,000 and incurs a total cost of ₦5,000. Its profit is","o":["₦53,000","₦-43,000","₦43,000","₦44,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦47,000 and incurs a total cost of ₦15,000. Its profit is","o":["₦33,000","₦-32,000","₦62,000","₦32,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦88,000 and incurs a total cost of ₦14,000. Its profit is","o":["₦75,000","₦102,000","₦-74,000","₦74,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦31,000 and incurs a total cost of ₦12,000. Its profit is","o":["₦-19,000","₦43,000","₦20,000","₦19,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦70,000 and incurs a total cost of ₦18,000. Its profit is","o":["₦-52,000","₦88,000","₦52,000","₦53,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦84,000 and incurs a total cost of ₦9,000. Its profit is","o":["₦76,000","₦-75,000","₦75,000","₦93,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦52,000 and incurs a total cost of ₦6,000. Its profit is","o":["₦58,000","₦-46,000","₦46,000","₦47,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦75,000 and incurs a total cost of ₦8,000. Its profit is","o":["₦-67,000","₦67,000","₦68,000","₦83,000"],"a":1,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦50,000 and incurs a total cost of ₦7,000. Its profit is","o":["₦43,000","₦44,000","₦-43,000","₦57,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦73,000 and incurs a total cost of ₦11,000. Its profit is","o":["₦63,000","₦84,000","₦-62,000","₦62,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦78,000 and incurs a total cost of ₦7,000. Its profit is","o":["₦85,000","₦72,000","₦71,000","₦-71,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦55,000 and incurs a total cost of ₦17,000. Its profit is","o":["₦72,000","₦39,000","₦-38,000","₦38,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦51,000 and incurs a total cost of ₦13,000. Its profit is","o":["₦39,000","₦38,000","₦-38,000","₦64,000"],"a":1,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦79,000 and incurs a total cost of ₦10,000. Its profit is","o":["₦-69,000","₦89,000","₦70,000","₦69,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦72,000 and incurs a total cost of ₦5,000. Its profit is","o":["₦77,000","₦-67,000","₦67,000","₦68,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦88,000 and incurs a total cost of ₦18,000. Its profit is","o":["₦70,000","₦71,000","₦-70,000","₦106,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦74,000 and incurs a total cost of ₦8,000. Its profit is","o":["₦82,000","₦-66,000","₦66,000","₦67,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦52,000 and incurs a total cost of ₦13,000. Its profit is","o":["₦-39,000","₦40,000","₦39,000","₦65,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦44,000 and incurs a total cost of ₦11,000. Its profit is","o":["₦33,000","₦55,000","₦-33,000","₦34,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦61,000 and incurs a total cost of ₦5,000. Its profit is","o":["₦56,000","₦57,000","₦-56,000","₦66,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦64,000 and incurs a total cost of ₦19,000. Its profit is","o":["₦83,000","₦46,000","₦-45,000","₦45,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦65,000 and incurs a total cost of ₦15,000. Its profit is","o":["₦-50,000","₦51,000","₦80,000","₦50,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦25,000 and incurs a total cost of ₦16,000. Its profit is","o":["₦41,000","₦10,000","₦9,000","₦-9,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦21,000 and incurs a total cost of ₦8,000. Its profit is","o":["₦14,000","₦29,000","₦-13,000","₦13,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦44,000 and incurs a total cost of ₦14,000. Its profit is","o":["₦31,000","₦58,000","₦30,000","₦-30,000"],"a":2,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦69,000 and incurs a total cost of ₦17,000. Its profit is","o":["₦52,000","₦86,000","₦53,000","₦-52,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦82,000 and incurs a total cost of ₦7,000. Its profit is","o":["₦76,000","₦89,000","₦-75,000","₦75,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦23,000 and incurs a total cost of ₦17,000. Its profit is","o":["₦7,000","₦40,000","₦-6,000","₦6,000"],"a":3,"t":"Theory of Production","d":"Easy"},{"q":"A firm earns a total revenue of ₦55,000 and incurs a total cost of ₦18,000. Its profit is","o":["₦37,000","₦38,000","₦-37,000","₦73,000"],"a":0,"t":"Theory of Production","d":"Easy"},{"q":"Total cost rises from ₦4,800 to ₦5,500 when output increases from 8 to 9 units. Find the marginal cost per unit.","o":["₦700","₦800","₦611","₦1,400"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦3,000 to ₦7,500 when output increases from 5 to 10 units. Find the marginal cost per unit.","o":["₦1,000","₦4,500","₦750","₦900"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,700 to ₦5,700 when output increases from 3 to 8 units. Find the marginal cost per unit.","o":["₦712","₦700","₦600","₦3,000"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,700 to ₦3,400 when output increases from 9 to 10 units. Find the marginal cost per unit.","o":["₦700","₦340","₦800","₦1,400"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,800 to ₦3,100 when output increases from 7 to 10 units. Find the marginal cost per unit.","o":["₦300","₦200","₦310","₦100"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦5,600 to ₦6,400 when output increases from 8 to 12 units. Find the marginal cost per unit.","o":["₦300","₦200","₦533","₦800"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦1,400 to ₦5,400 when output increases from 7 to 12 units. Find the marginal cost per unit.","o":["₦4,000","₦900","₦450","₦800"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦6,300 to ₦6,900 when output increases from 7 to 10 units. Find the marginal cost per unit.","o":["₦300","₦690","₦200","₦600"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦8,000 to ₦10,500 when output increases from 8 to 13 units. Find the marginal cost per unit.","o":["₦500","₦2,500","₦807","₦600"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦4,000 to ₦6,000 when output increases from 5 to 10 units. Find the marginal cost per unit.","o":["₦400","₦2,000","₦600","₦500"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦3,000 to ₦3,600 when output increases from 3 to 6 units. Find the marginal cost per unit.","o":["₦600","₦200","₦300","₦400"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦1,800 to ₦6,300 when output increases from 9 to 14 units. Find the marginal cost per unit.","o":["₦900","₦4,500","₦450","₦1,000"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦3,500 to ₦5,100 when output increases from 5 to 7 units. Find the marginal cost per unit.","o":["₦728","₦800","₦900","₦1,600"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦7,000 to ₦9,400 when output increases from 10 to 13 units. Find the marginal cost per unit.","o":["₦2,400","₦900","₦723","₦800"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦7,000 to ₦7,800 when output increases from 10 to 14 units. Find the marginal cost per unit.","o":["₦200","₦300","₦557","₦800"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦1,600 to ₦2,500 when output increases from 4 to 7 units. Find the marginal cost per unit.","o":["₦357","₦300","₦900","₦400"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,100 to ₦4,200 when output increases from 3 to 6 units. Find the marginal cost per unit.","o":["₦800","₦2,100","₦1,400","₦700"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦400 to ₦3,900 when output increases from 2 to 7 units. Find the marginal cost per unit.","o":["₦3,500","₦800","₦557","₦700"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦4,500 to ₦6,000 when output increases from 5 to 10 units. Find the marginal cost per unit.","o":["₦1,500","₦400","₦600","₦300"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦400 to ₦1,800 when output increases from 2 to 4 units. Find the marginal cost per unit.","o":["₦800","₦1,400","₦450","₦700"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦5,400 to ₦6,000 when output increases from 6 to 8 units. Find the marginal cost per unit.","o":["₦400","₦600","₦300","₦750"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦7,000 to ₦8,200 when output increases from 10 to 13 units. Find the marginal cost per unit.","o":["₦400","₦500","₦630","₦1,200"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,700 to ₦3,200 when output increases from 9 to 10 units. Find the marginal cost per unit.","o":["₦1,000","₦500","₦600","₦320"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦1,500 to ₦3,100 when output increases from 3 to 5 units. Find the marginal cost per unit.","o":["₦800","₦620","₦1,600","₦900"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦5,400 to ₦6,000 when output increases from 6 to 9 units. Find the marginal cost per unit.","o":["₦300","₦666","₦200","₦600"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦8,000 to ₦9,200 when output increases from 8 to 11 units. Find the marginal cost per unit.","o":["₦400","₦836","₦1,200","₦500"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦3,000 to ₦5,000 when output increases from 6 to 10 units. Find the marginal cost per unit.","o":["₦2,000","₦600","₦1,000","₦500"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦6,400 to ₦7,200 when output increases from 8 to 12 units. Find the marginal cost per unit.","o":["₦800","₦600","₦200","₦300"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦800 to ₦1,400 when output increases from 2 to 5 units. Find the marginal cost per unit.","o":["₦280","₦300","₦200","₦600"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦6,000 to ₦6,200 when output increases from 10 to 11 units. Find the marginal cost per unit.","o":["₦400","₦563","₦300","₦200"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦10,000 to ₦11,800 when output increases from 10 to 12 units. Find the marginal cost per unit.","o":["₦1,000","₦900","₦1,800","₦983"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,400 to ₦3,200 when output increases from 6 to 7 units. Find the marginal cost per unit.","o":["₦800","₦900","₦1,600","₦457"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦2,000 to ₦4,400 when output increases from 2 to 6 units. Find the marginal cost per unit.","o":["₦2,400","₦700","₦733","₦600"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦800 to ₦2,000 when output increases from 4 to 8 units. Find the marginal cost per unit.","o":["₦400","₦250","₦1,200","₦300"],"a":3,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦4,500 to ₦6,000 when output increases from 9 to 12 units. Find the marginal cost per unit.","o":["₦1,500","₦500","₦1,000","₦600"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦8,000 to ₦8,900 when output increases from 10 to 13 units. Find the marginal cost per unit.","o":["₦684","₦300","₦400","₦900"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦9,000 to ₦9,500 when output increases from 10 to 15 units. Find the marginal cost per unit.","o":["₦100","₦633","₦200","₦500"],"a":0,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦1,400 to ₦2,000 when output increases from 2 to 3 units. Find the marginal cost per unit.","o":["₦1,200","₦600","₦666","₦700"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦9,000 to ₦11,700 when output increases from 9 to 12 units. Find the marginal cost per unit.","o":["₦1,000","₦900","₦2,700","₦975"],"a":1,"t":"Theory of Production","d":"Hard"},{"q":"Total cost rises from ₦8,100 to ₦10,200 when output increases from 9 to 12 units. Find the marginal cost per unit.","o":["₦800","₦850","₦700","₦2,100"],"a":2,"t":"Theory of Production","d":"Hard"},{"q":"In an economy, consumption = ₦2,800m, investment = ₦1,900m, government spending = ₦2,100m, exports = ₦1,200m and imports = ₦500m. Calculate GDP.","o":["₦6,800m","₦7,500m","₦8,500m","₦8,000m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,200m, investment = ₦1,100m, government spending = ₦3,000m, exports = ₦900m and imports = ₦700m. Calculate GDP.","o":["₦8,900m","₦7,300m","₦7,500m","₦8,200m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,100m, investment = ₦1,000m, government spending = ₦1,000m, exports = ₦1,700m and imports = ₦400m. Calculate GDP.","o":["₦6,100m","₦7,400m","₦8,200m","₦7,800m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,100m, investment = ₦2,000m, government spending = ₦1,600m, exports = ₦1,700m and imports = ₦1,000m. Calculate GDP.","o":["₦8,700m","₦9,400m","₦11,400m","₦10,400m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,400m, investment = ₦1,200m, government spending = ₦2,700m, exports = ₦1,800m and imports = ₦600m. Calculate GDP.","o":["₦11,100m","₦10,500m","₦9,300m","₦11,700m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,700m, investment = ₦800m, government spending = ₦1,200m, exports = ₦1,600m and imports = ₦700m. Calculate GDP.","o":["₦7,600m","₦8,300m","₦9,000m","₦6,700m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,100m, investment = ₦1,000m, government spending = ₦2,300m, exports = ₦1,500m and imports = ₦1,300m. Calculate GDP.","o":["₦11,200m","₦8,600m","₦9,900m","₦8,400m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,400m, investment = ₦900m, government spending = ₦2,600m, exports = ₦1,000m and imports = ₦1,100m. Calculate GDP.","o":["₦9,900m","₦11,000m","₦8,900m","₦8,800m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,900m, investment = ₦1,100m, government spending = ₦3,000m, exports = ₦1,900m and imports = ₦300m. Calculate GDP.","o":["₦9,600m","₦9,900m","₦10,200m","₦8,000m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,500m, investment = ₦900m, government spending = ₦2,700m, exports = ₦1,400m and imports = ₦700m. Calculate GDP.","o":["₦9,100m","₦11,200m","₦9,800m","₦10,500m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,600m, investment = ₦1,300m, government spending = ₦1,700m, exports = ₦1,500m and imports = ₦200m. Calculate GDP.","o":["₦8,900m","₦9,100m","₦9,300m","₦7,600m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,600m, investment = ₦2,000m, government spending = ₦2,700m, exports = ₦800m and imports = ₦600m. Calculate GDP.","o":["₦9,300m","₦10,700m","₦10,100m","₦9,500m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,000m, investment = ₦1,300m, government spending = ₦1,700m, exports = ₦1,100m and imports = ₦800m. Calculate GDP.","o":["₦8,300m","₦8,000m","₦9,100m","₦9,900m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,700m, investment = ₦2,000m, government spending = ₦1,600m, exports = ₦500m and imports = ₦1,100m. Calculate GDP.","o":["₦9,800m","₦8,700m","₦10,900m","₦9,300m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,100m, investment = ₦700m, government spending = ₦2,600m, exports = ₦1,300m and imports = ₦600m. Calculate GDP.","o":["₦8,300m","₦7,700m","₦6,400m","₦7,100m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,300m, investment = ₦1,300m, government spending = ₦1,700m, exports = ₦600m and imports = ₦1,200m. Calculate GDP.","o":["₦8,100m","₦6,900m","₦5,700m","₦6,300m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,200m, investment = ₦1,000m, government spending = ₦1,100m, exports = ₦2,000m and imports = ₦1,000m. Calculate GDP.","o":["₦6,300m","₦4,300m","₦5,300m","₦7,300m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,200m, investment = ₦1,200m, government spending = ₦1,500m, exports = ₦1,700m and imports = ₦1,200m. Calculate GDP.","o":["₦6,600m","₦7,800m","₦4,900m","₦5,400m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,400m, investment = ₦700m, government spending = ₦1,700m, exports = ₦1,100m and imports = ₦1,200m. Calculate GDP.","o":["₦6,900m","₦5,800m","₦8,100m","₦5,700m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,100m, investment = ₦600m, government spending = ₦1,500m, exports = ₦600m and imports = ₦1,500m. Calculate GDP.","o":["₦7,300m","₦4,300m","₦5,800m","₦5,200m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,100m, investment = ₦1,000m, government spending = ₦2,100m, exports = ₦500m and imports = ₦1,200m. Calculate GDP.","o":["₦7,900m","₦6,200m","₦6,700m","₦5,500m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,000m, investment = ₦1,700m, government spending = ₦1,800m, exports = ₦1,700m and imports = ₦300m. Calculate GDP.","o":["₦7,900m","₦8,200m","₦8,500m","₦6,500m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,200m, investment = ₦1,400m, government spending = ₦1,300m, exports = ₦1,900m and imports = ₦300m. Calculate GDP.","o":["₦9,500m","₦9,800m","₦7,900m","₦10,100m"],"a":0,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,600m, investment = ₦1,700m, government spending = ₦1,700m, exports = ₦1,900m and imports = ₦700m. Calculate GDP.","o":["₦9,000m","₦10,900m","₦11,600m","₦10,200m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦6,000m, investment = ₦1,200m, government spending = ₦1,000m, exports = ₦1,100m and imports = ₦900m. Calculate GDP.","o":["₦9,300m","₦8,200m","₦10,200m","₦8,400m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,100m, investment = ₦1,200m, government spending = ₦2,800m, exports = ₦1,300m and imports = ₦900m. Calculate GDP.","o":["₦8,400m","₦9,300m","₦7,100m","₦7,500m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,600m, investment = ₦800m, government spending = ₦1,100m, exports = ₦700m and imports = ₦1,500m. Calculate GDP.","o":["₦7,500m","₦6,700m","₦9,700m","₦8,200m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,600m, investment = ₦2,000m, government spending = ₦1,300m, exports = ₦800m and imports = ₦500m. Calculate GDP.","o":["₦9,200m","₦8,700m","₦7,900m","₦8,200m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,600m, investment = ₦1,000m, government spending = ₦2,800m, exports = ₦1,900m and imports = ₦1,000m. Calculate GDP.","o":["₦9,300m","₦8,300m","₦7,300m","₦6,400m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,100m, investment = ₦1,700m, government spending = ₦2,200m, exports = ₦800m and imports = ₦1,200m. Calculate GDP.","o":["₦8,000m","₦8,800m","₦10,000m","₦7,600m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦5,100m, investment = ₦1,400m, government spending = ₦2,300m, exports = ₦1,400m and imports = ₦800m. Calculate GDP.","o":["₦8,800m","₦11,000m","₦10,200m","₦9,400m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,600m, investment = ₦1,500m, government spending = ₦1,700m, exports = ₦1,400m and imports = ₦500m. Calculate GDP.","o":["₦7,700m","₦5,800m","₦7,200m","₦6,700m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,400m, investment = ₦1,200m, government spending = ₦2,700m, exports = ₦700m and imports = ₦900m. Calculate GDP.","o":["₦9,000m","₦9,900m","₦8,100m","₦8,300m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,900m, investment = ₦1,600m, government spending = ₦1,200m, exports = ₦1,500m and imports = ₦1,200m. Calculate GDP.","o":["₦8,200m","₦7,000m","₦9,400m","₦6,700m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,500m, investment = ₦1,400m, government spending = ₦1,100m, exports = ₦1,000m and imports = ₦700m. Calculate GDP.","o":["₦8,000m","₦7,300m","₦7,000m","₦8,700m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦4,100m, investment = ₦1,700m, government spending = ₦1,500m, exports = ₦1,200m and imports = ₦500m. Calculate GDP.","o":["₦8,500m","₦9,000m","₦7,300m","₦8,000m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,200m, investment = ₦1,400m, government spending = ₦1,500m, exports = ₦1,300m and imports = ₦300m. Calculate GDP.","o":["₦6,700m","₦5,100m","₦6,100m","₦6,400m"],"a":2,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦2,300m, investment = ₦600m, government spending = ₦2,900m, exports = ₦700m and imports = ₦300m. Calculate GDP.","o":["₦5,800m","₦6,500m","₦6,800m","₦6,200m"],"a":3,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,700m, investment = ₦1,300m, government spending = ₦1,800m, exports = ₦1,400m and imports = ₦700m. Calculate GDP.","o":["₦6,800m","₦7,500m","₦8,900m","₦8,200m"],"a":1,"t":"National Income","d":"Hard"},{"q":"In an economy, consumption = ₦3,500m, investment = ₦1,700m, government spending = ₦2,200m, exports = ₦700m and imports = ₦1,000m. Calculate GDP.","o":["₦7,400m","₦8,100m","₦7,100m","₦9,100m"],"a":2,"t":"National Income","d":"Hard"},{"q":"The study of how society allocates scarce resources is","o":["Economics","Sociology","Geography","Accounting"],"a":0,"t":"Economics","d":"Medium"},{"q":"The branch of economics that studies individual consumers and firms is","o":["Econometrics","Development economics","Microeconomics","Macroeconomics"],"a":2,"t":"Economics","d":"Medium"},{"q":"An increase in the price of a good, other things equal, leads to a","o":["Fall in quantity demanded","Rise in quantity demanded","Rise in demand","Fall in supply curve"],"a":0,"t":"Economics","d":"Medium"},{"q":"A rightward shift of the demand curve is caused by","o":["A fall in consumers' income","A rise in the good's own price","Increase in consumers' income (for a normal good)","A fall in the good's own price"],"a":2,"t":"Economics","d":"Medium"},{"q":"The point where the demand and supply curves intersect is the","o":["Surplus","Equilibrium","Elasticity point","Shortage"],"a":1,"t":"Economics","d":"Medium"},{"q":"A price set by government above the equilibrium price is a","o":["Tariff","Subsidy","Price floor","Price ceiling"],"a":2,"t":"Economics","d":"Medium"},{"q":"Which of these is a feature of perfect competition?","o":["Price control","One seller","Few sellers","Many sellers"],"a":3,"t":"Economics","d":"Medium"},{"q":"A market structure with few large sellers is","o":["Oligopoly","Monopoly","Monopsony","Perfect competition"],"a":0,"t":"Economics","d":"Medium"},{"q":"A market with one buyer is a","o":["Monopoly","Monopsony","Duopoly","Oligopoly"],"a":1,"t":"Economics","d":"Medium"},{"q":"Which of the following is a function of the Central Bank of Nigeria?","o":["Running supermarkets","Issuing currency","Selling insurance","Retail trading"],"a":1,"t":"Economics","d":"Medium"},{"q":"The currency of Nigeria is the","o":["Rand","Cedi","Naira","Shilling"],"a":2,"t":"Economics","d":"Medium"},{"q":"Nigeria is a member of OPEC because it is a major producer of","o":["Cocoa","Coal","Cotton","Crude oil"],"a":3,"t":"Economics","d":"Medium"},{"q":"Which of the following is a non-tax revenue source for government?","o":["Company income tax","Customs duties","Fees and fines","Value added tax"],"a":2,"t":"Economics","d":"Medium"},{"q":"An economic system where resources are owned by the state is","o":["Capitalism","Feudalism","Socialism","Mixed economy"],"a":2,"t":"Economics","d":"Medium"},{"q":"An economic system with both private and public ownership is","o":["Mixed economy","Communism","Barter economy","Socialism"],"a":0,"t":"Economics","d":"Medium"},{"q":"The oldest form of trade is","o":["Credit trade","E-commerce","Barter","Retail trade"],"a":2,"t":"Economics","d":"Medium"},{"q":"A graph showing the relationship between price and quantity demanded is the","o":["Supply curve","Lorenz curve","Cost curve","Demand curve"],"a":3,"t":"Economics","d":"Medium"},{"q":"Population growth rate is calculated using","o":["Income minus expenditure","Birth rate minus death rate (with migration)","Exports minus imports","Output minus input"],"a":1,"t":"Economics","d":"Medium"},{"q":"The law of diminishing returns states that adding more of a variable factor to fixed factors eventually","o":["Reduces additional output","Increases additional output","Doubles output","Has no effect"],"a":0,"t":"Economics","d":"Medium"},{"q":"Which of these is an example of a fixed cost?","o":["Raw materials","Rent of a factory","Wages of casual workers","Electricity used per unit"],"a":1,"t":"Economics","d":"Medium"},{"q":"Which of these is a variable cost?","o":["Rent","Raw materials","Salaries of permanent managers","Insurance premium"],"a":1,"t":"Economics","d":"Medium"},{"q":"The ratio of total output to total input is","o":["Inflation","Productivity","Elasticity","Liquidity"],"a":1,"t":"Economics","d":"Medium"},{"q":"The main objective of a trade union is to","o":["Collect taxes","Make profit","Print money","Protect the interests of workers"],"a":3,"t":"Economics","d":"Medium"}]}