ECO332
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1. The Income elasticity of essential goods is usually ___
Zero
Less than zero
Greater than 1
Less than 1
2. Unlike accounting profit, economic profit takes into account both the imputed costs and __ costs
Implicit
Explicit
Transportation
Black market
3. The areas of business issues to which economic theories can be directly applied is divided into two broad categories, and they are operational and
Environment issues
Internal issues
Biological issues
Physical issues
4. All the expenses incurred to carry out a business is referred to as ___
Business costs
Accounting costs
Economics costs
Market costs
5. Economic profit makes provision for depreciation, necessary minimum payment to shareholders and ___
Pension
Damages
Insurable risks
Risks
6. If company XYZ plans to launch a new product called ZZ Milk in the face of other competitors, the company’s decision makers may need to investigate and analyse the production related issues and the ___
Quantity of milk produced by their competitors
Size of warehouse to get
Sales prospects and problems
Number of marketers to employ
7. All of the given options are factors affecting market demand for a product except ___
Producers Income
Consumers taste and preferences
Price of related goods
Price of the product
8. Average cost can be defined as the ratio between total cost (TC) and ___
Marginal output
Quantity produced
Quantity sold
Total price
9. Demand for a commodity that arises on its own out of a natural desire to consume or possess the commodity is called ___
Autonomous demand
Individual demand
Market demand
Derived demand
10. For a business owner to obtain maximum profit, ___ major condition(s) must be fulfilled
1
2
3
4
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