The most generally accepted definition of Economics was given by
Adam Smith
David Ricardo
Lord Robinson
Thomas Mathus
Sam Aluko
Correct answer is C
No explanation has been provided for this answer.
In a socialist economic system, decisions relating to the fundamental economic problems are taken by
Academician
Government
Individuals
Judiciary
Manufacturers
Correct answer is B
No explanation has been provided for this answer.
Competitive demand
Complementary demand
Composite demand
Independent demand
Correct answer is B
Complementary demand occurs when the demand for a particular product leads to the demand for a related but different product. It is also known as joint demand. For instance, the demand for computer systems would lead to a corresponding demand for software because computers cannot function without software.
When there is a change in the prices of computers, it will also affect the prices of software.
II & III only
I & II only
I, II & III only
II only
III only
Correct answer is B
No explanation has been provided for this answer.
To an individual, the term cost will include expenditure on the following EXCEPT
Clothing
Entertainment
Housing
Payment of school fees
Settling national debts
Correct answer is E
No explanation has been provided for this answer.