Economics can be best defined as the study of

A. how to spend the family income efficiently

B. how to find minimum cost of production

C. the interpretation of scarce resourceand date

D. how scarce resource can be used efficiently

E. why resource are scarce

Which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive

A. I and II only

B. I and III only

C. I, II and III only

D. I, II and IV only

E. II, III and IV only

It is general belief that inflation in West Africa is caused by all the factors listed below except

A. excessive bank lending

B. budget deficit

C. rising incomes

D. shortage supply

E. decrease in money supply

All the following are specific examples of indirect tax except

A. purchases tax

B. import duty

C. export duty

D. excise duty

E. poll tax

Demand in Economics is synonymous with

A. needs

B. wants of the consumer

C. all goods demanded in the market

D. wants supported with ability to pay

E. all consumers goods

All the following factors will cause a change in demand except

A. the consumer's income

B. the consumer's taste

C. a change in population size

D. a change in weather condition

E. the price of commodity

A rational consumer tends to do all the following except

A. buying more at a high price than at a low price

B. buying more at a low price than at a high price

C. buying at utility maximization

D. reacting to price changes

E. complying with the law of demand

A firm that charges different price of goods or services that have same technical qualities is called

A. a perfect competitor

B. a monopsony

C. an oligopoly

D. a discriminating monopoly

E. a duopoly