Economic phase 2

The total satisfaction a consumer derive from consuming a given product is called

• Utility

• Production

• Demand

• Supply function

Given demand function to be 12+2P what is the quantity demand at a price of #4?

• 20 units

• 8 units

• 4 units

• 30 units

When a price is fixed above equilibrium, it is.

• Excess Supply

• Excess Demand

• Equilibrium point

• All of the above

A point where demand and supply meet at a given price and quantity is called

• Equilibrium point

• Excess point

• Shift in Supply

• Change in Demand

An extra satisfaction a consumer from additional unit of a product is called.

• Total Utility

• Marginal Utility

• Average Utility

• None of the above

The formula for calculating Total utility is.

• Average Utility X Output

• Marginal Utility X Output

• Change in T.u/Change in ouput

• Total utility/Output

A market where wages and other Condition of employment are determined is called.

• Labour Force

• Labour Market

• Capital Market

• Money Market

A geographical Location where buyers and sellers are in close contact to exchange goods at a price determined by interaction force of demand and supply is

• Market

• Labour Market

• Capital Market

• All of the above

When government take over the ownership, control and management of business from the hand of private individual it is called.

• Privatisation

• Nationalisation

• Commercialisation

• Indigenous

The following are types of utility except

• Time

• Place

• Form

• Total Utility