3RD TERM SS2 TASK 1

The marginal utility curve is a ______ graph

• positive

• middle

• negative

• equal

Form utility is made possible through _____

• transportation

• storage

• preservation

• processing

The marginal utility values represents ____

• The price an individual is willing to pay for more

• the total utility consumed

• the satisfaction derived after consumption

• the real value of the total demand

A consumer is in equilibrium when ___________

• the marginal utility is equal to the unit price of the product

• the total utility is equal to the average product price

• the marginal utility is constant

• consumption is saturated

Human wants in economics are

• limited

• scarce

• unlimited

• in grades

The two most important problems of the society are

• opportunity cost and demand

• price and cost

• scarcity and choice

• demand and supply

Which of the following can not be described as land

• forest

• diamond

• roads

• crude oil

The introduction of tariffs and quotas

• reduce the price of imports

• increases the demand for locally made goods

• discourages domestic industries from becoming efficient

• reduces the prices of locally made goods

In a centrally planned economy, what to produce is

• determined by the forces of demand and supply

• driven by profit motive

• determined by consumers

• the responsibility of state's bureaucrats

In developing countries, a larger percentage of the labour force is employed in the

• trade sector

• tertiary sector

• primary sector

• secondary sector