The definition of economics that embodies the fundamental problems and basic concepts of economics was given by Lionel Robbins, who defined economics as the science that studies human behavior as a

Here are the solutions to the questions: 1) The definition of economics that embodies the fundamental problems and basic concepts of economics was given by Lionel Robbins, who defined economics as the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. C) Lionel Robbins 2) In economics, scarcity arises because human wants are insatiable, meaning they are unlimited, while resources are limited. B) Human wants are insatiable 3) Step 1: Sum the given scores. 40 + 50 + 30 + 20 + 10 = 150 Step 2: Divide the sum by the number of scores (5) to find the mean. Mean = (150)/(5) = 30 C) 30 4) The fundamental problem of economics is the scarcity of resources relative to unlimited human wants. C) Scarcity of resources 5) The term for the value of the next best alternative given up when a choice is made is opportunity cost. D) opportunity cost 6) The study of individual economic units, such as households, firms, and industries, is known as Microeconomics. C) Microeconomics 7) An advantage of the median over the mean is that it is not affected by extreme values (outliers), making it a more robust measure of central tendency in skewed distributions. C) It is not affected by extreme values 8) The concept that shows the relationship between price and quantity demanded is demand. It illustrates how much of a good or service consumers are willing and able to purchase at different prices. B) demand 9) Step 1: Calculate the mean (x) of the scores. x = (7+5+3+4+6)/(5) = (25)/(5) = 5 Step 2: Calculate the absolute deviation of each score from the mean. |7-5|=2 |5-5|=0 |3-5|=2 |4-5|=1 |6-5|=1 Step 3: Sum the absolute deviations and divide by the number of scores to find the mean deviation. Mean Deviation = (2+0+2+1+1)/(5) = (6)/(5) = 1.2 C) 1.2 10) The efficiency of labor can be significantly affected by the school leaving age, as it determines the level of education and skills acquired by the workforce. D) school leaving age 11) A combination of firms producing similar goods and services is referred to as an industry. A) An industry 12) Coins, commodity money, and paper money are all types of money. Call money is a short-term loan arrangement between banks, not a type of money itself. B) call money 13) Step 1: Identify the price in the base year (1983) and the current year (1984). Price in 1983 (base year) = N10 Price in 1984 (current year) = N14 Step 2: Calculate the price index using the formula: Price Index = (Price in current yearPrice in base year) × 100 Price Index = ((14)/(10)) × 100 = 1.4 × 100 = 140 D) N140 14) A key feature of public enterprises is that they are often established with the primary goal of maximizing the welfare of citizens, rather than solely focusing on profit maximization. D) it is aimed at maximizing the welfare of the citizens 15) The Land Use Decree of 1978 in Nigeria was promulgated to encourage proper productive and efficient use of land, aiming to rationalize land ownership and management. D) encourage proper productive and efficient use of land Send me the next one 📸