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
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- 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
- In economics, scarcity arises because human wants are insatiable, meaning they are unlimited, while resources are limited.
- B) Human wants are insatiable
- Step 1: Sum the given scores.
Divide the sum by the number of scores (5) to find the mean.
$$ \text{Mean} = \frac{150}{5} = 30 $$- C) 30
- The fundamental problem of economics is the scarcity of resources relative to unlimited human wants.
- C) Scarcity of resources
- The term for the value of the next best alternative given up when a choice is made is opportunity cost.
- D) opportunity cost
- The study of individual economic units, such as households, firms, and industries, is known as Microeconomics.
- C) Microeconomics
- 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
- 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
- Step 1: Calculate the mean () of the scores.
Calculate the absolute deviation of each score from the mean.
$$ |7-5|=2 $$ $$ |5-5|=0 $$ $$ |3-5|=2 $$ $$ |4-5|=1 $$ $$ |6-5|=1 $$Sum the absolute deviations and divide by the number of scores to find the mean deviation.
$$ \text{Mean Deviation} = \frac{2+0+2+1+1}{5} = \frac{6}{5} = 1.2 $$- C) 1.2
- 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
- A combination of firms producing similar goods and services is referred to as an industry.
- A) An industry
- 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
- Step 1: Identify the price in the base year (1983) and the current year (1984).
Calculate the price index using the formula
$$ \text{Price Index} = \left(\frac{\text{Price in current year}}{\text{Price in base year}}\right) \times 100 $$ $$ \text{Price Index} = \left(\frac{14}{10}\right) \times 100 = 1.4 \times 100 = 140 $$- D) N140
- 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
- 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
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