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The possible combination of two commodities yielding the same level of satisfaction is ______ curve.

Economics

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E

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Here are the answers to the questions:

  1. The possible combination of two commodities yielding the same level of satisfaction is ______ curve. The correct option is E. An indifference curve shows all combinations of two goods that give a consumer the same level of satisfaction or utility.

    • E) indifference
  2. Agricultural productivity means The correct option is C. Agricultural productivity refers to the increase in output per farmer or per unit of input (like land or labor).

    • C) increase in output per farmer.
  3. Central Bank of Nigeria was established in the year The correct option is C. The Central Bank of Nigeria (CBN) was established in 1958.

    • C) 1958.
  4. Millennium Development Goals (MDGs) was replaced by the Sustainable Development Goals (SDGs) in the year The correct option is C. The Millennium Development Goals (MDGs) officially concluded in 2015 and were replaced by the Sustainable Development Goals (SDGs) in 2015.

    • C) 2015.
  5. A market with a large number of firms selling closely related but different goods is The correct option is B. This describes monopolistic competition, where many firms offer similar but differentiated products.

    • B) monopolistic competition.
  6. The budget that occurs when government spending is less than government revenue in a given period of time is The correct option is A. When government revenue exceeds government spending, it results in a surplus budget.

    • A) surplus.
  7. Dumping in international trade means selling goods at a The correct option is A. Dumping occurs when a country or company exports a product at a price lower than its domestic price or its cost of production.

    • A) lower price at home than abroad. (Note: The common definition is selling abroad at a lower price than at home, or below cost. Option A is phrased as "lower price at home than abroad", which is the opposite of the standard definition of dumping. However, among the given options, it's the closest to describing a price discrepancy in international trade, implying a lower export price. If the question intended "lower price abroad than at home", then it would be a direct definition of dumping. Given the options, we select the one that implies a price difference in international trade.)
  8. Asian Tigers economies comprised of Singapore, Taiwan, Hong Kong and The correct option is A. The "Asian Tigers" or "Asian Dragons" are the highly developed economies of Hong Kong, Singapore, South Korea, and Taiwan.

    • A) South Korea.
  9. An arrangement of wants in order of their importance is The correct option is B. Arranging wants in order of their importance is referred to as a scale of preference.

    • B) scale of preference.
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