The study of economics becomes necessary because of the

A. large population size of the world

B. scarcity of resources

C. opportunity cost of goods and services

D. needs to satisfy every desire of man

The concept of opportunity cost is also referred to as

A. social cost

B. real cost

C. fixed cost

D. variable cost

Choice is necessitated by

A. demand and supply

B. cost of production

C. production possibility curve

D. scarcity of resources

A type of unemployment which occurs due to technological progress is called

A. frictional unemployment

B. residual unemployment

C. structural unemployment

D. mass unemployment

All the following are features of market economies except

A. competition among producers

B. demand and supply force guiding production decision

C. that profit motive is paramount

D. public ownership of capital

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A. capital economic system

B. command economic system

C. combined economic system

D. traditional

In a capitalist economy, resources are

A. collectively owned

B. jointly owned

C. privately owned

D. communally owned

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A. market economy

B. socialist economy

C. welfare economy

D. Traditional economy

The main objective of setting up a private business organization is to

A. protect the interest of the owners

B. promote exports

C. provide infrastructure

D. maximize profits

The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

A. 2 Naira

B. 4 Naira

C. 6 Naira

D. 20 Naira