Economics is the study of how to

A. choose between alternatives, given limited resources

B. regulate the money that is in circulation in a country

C. be prudent in the use of available resources

D. improve the standard of living of the society at large

E. arrange our needs in order of usefulness before satisfying them

Scarcity in economics arises because

A. the resources availoable are adequate

B. individuals have limited time

C. resources are limited in supply

D. human beigns have limited wants

E. individual wants are equal to the resources available

The real cost of a commodity is

A. the cost of the alternative that has to be sacrificed for it

B. the alternative that has to be forgone in order to purchase it

C. its market price

D. the alternative cost involved when the opportunity of buying the commodity is missed

E. the sacrifice that is made after buying the commodity

Public corporation in West Africa are set up to

A. make maximum profit

B. provide jobs for the people

C. provide welfare service for the people

D. show that the government can do business

E. compete with private enterprises

Supply in Economics means making

A. goods and services available to consumers

B. goods available to the market at a given price and at a given period

C. available the goods and services which consumers require

D. craete goods

E. import goods

An inferior goods is one

A. that is too bad for consumption

B. whose price is lower than the price of other goods

C. that is easily perishable

D. whose demands fall when the income of its consumer increases

E. that is not durable

Price elasticity of demand is define as the

A. responsiveness of demand to change in price

B. responsiveness of price to change in demand

C. increase in demand resulting form a rise in price

D. unit decrease in price resulting from a a fall in demand

E. unit increase in quantity demanded when price rises

The rural area of West Africa lack industries because

A. rural people are not meant to work in industries

B. rural people are uneducated

C. of inadequate infrastructure

D. of low population density

E. they are not suitable for industries