2017 NATIONAL
OPEN UNIVERSITY ANSWERS TO TMA
1 Change in input price, government policy, organizational change may lead to_.
higher cost of production for a firm
2 Income and substitution effects are better use in explaining the link between_ and _.
demand and price
3 Quantity of a commodity purchased by an individual or family or group of people at different prices at a given time and place is known as the _.
demand for such commodity
4 Goods and services usually referred to as _are produced by firms while household individuals are the _ of the commodities.
‘Commodities’ , consumers
5 In a _ economy, the economic decision are made based on _, _ and _ of that society.
traditional; believes, norms, religion and customs
6 In a controlled economy, it is the _ that makes the economic decision and it is solely done, meaning that there are no _ initiatives.
government, private sector
7 Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy_mechanism
through the price
8 In Mixed economy, economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the_ and _ sectors in the economy.
government and the pr ivate
9 _ and _work together to answer basic economic problems in relation to the resources in the society and its _
Individual and institutions, scarcity
10 An economic system consists of _, _ and their interaction in the process of answering basic_.
individual, institutions; economic problems
11 _ have its influence on human behavior which determines their decisions in answering basic
Social institutions, economic problem
12 In Market economy, _ are made by the invisible hand of market forces.
decisions, invisible hand
13 Thorough evaluation and rating of_ from most valued to least valued is a required step in arriving at a _ of what to produce.
goods and services, decision
14 Human wants are unlimited and ever dynamic due to ever changing _ and needs for _which are limited.
demands, resources
15 There is the need to strike a balance between _ and _ human wants.
scarce resources and unlimited, insatiable
16 In making a decision, we implicitly compare the _ of our _ over the other one.
costs and benefits, choices
17 Capitalist Economy is usually an _ while the aim of a _ is social control
occupational freedom, Socialist Eco nomy
18 The term rationality is somewhat deceptive according to _
Friedman (1990)
19 The decisions made by _ , _ and _are vital to their survival.
individuals, corporations and governments
20 Famous economists includes all except
TMA 2
1 The total demand for goods and services in an economy is known as:
aggregate demand
2 Goods and services usually referred to as _
commodities
3 Microeconomics is not concerned with the behaviour of:
aggregate demand.
4 Macroeconomics deals with:
economic aggregates.
5 Which of these is NOT a factor of production?
A bank loan.
6 In economics the central problem is_
scarcity.
7 Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the _.
price mechanism
8 Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of_ economies
Controlled or Planned
9 Controlled or Planned economies are usually associated with _ where government determines the wages of workers, the prices of goods and services and level of output.
Socialism and Communism
10 In a controlled economy, it is the _ that makes the economic decision and it is solely done meaning that there are no _ sector initiatives
government / private
11 The direct exchange of goods and services with other goods and services is known_
barter
12 in Nigeria, people of Abeokuta is known for the _cloth business while the Oke-ogun people continue to produce the _traditional attires
‘adire’ / ‘ofi’
13 The economies of all the countries except _ are believed to be traditional
England
14 _ emerge to resolve the conflict between individual objectives.
social institutions
15 Human wants are _and ever dynamic due to ever changing demands and needs for resources which are limited.
unlimited
Q16 As far as basic economics is concerned, it assumes that people act _ so as to gain the most benefit for themselves especially when benefit is compared with the associated costs
rationally
17 There is usually a _ between the two choices an individual makes
trade-off
18 _ is the study of the overall functioning of an economy such as basic economic growth, unemployment, or inflation, etc.
macroeconomics
19 The study of individuals, their economic decisions making, and how those decisions intermingle is called _
microeconomics
20 The field and discipline of economics is divided into two main areas, leveled to _
individuals and the society
1 The total demand for goods and services in an economy is known as:
aggregate demand
2 Goods and services usually referred to as _
commodities
3 Microeconomics is not concerned with the behaviour of:
aggregate demand.
4 Macroeconomics deals with:
economic aggregates.
5 Which of these is NOT a factor of production?
A bank loan.
6 In economics the central problem is_
scarcity.
7 Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the _.
price mechanism
8 Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of_ economies
Controlled or Planned
9 Controlled or Planned economies are usually associated with _ where government determines the wages of workers, the prices of goods and services and level of output.
Socialism and Communism
10 In a controlled economy, it is the _ that makes the economic decision and it is solely done meaning that there are no _ sector initiatives
government / private
11 The direct exchange of goods and services with other goods and services is known_
barter
12 in Nigeria, people of Abeokuta is known for the _cloth business while the Oke-ogun people continue to produce the _traditional attires
‘adire’ / ‘ofi’
13 The economies of all the countries except _ are believed to be traditional
England
14 _ emerge to resolve the conflict between individual objectives.
social institutions
15 Human wants are _and ever dynamic due to ever changing demands and needs for resources which are limited.
unlimited
Q16 As far as basic economics is concerned, it assumes that people act _ so as to gain the most benefit for themselves especially when benefit is compared with the associated costs
rationally
17 There is usually a _ between the two choices an individual makes
trade-off
18 _ is the study of the overall functioning of an economy such as basic economic growth, unemployment, or inflation, etc.
macroeconomics
19 The study of individuals, their economic decisions making, and how those decisions intermingle is called _
microeconomics
20 The field and discipline of economics is divided into two main areas, leveled to _
individuals and the society
TMA 3
1 Expectation of a rise in price of goods may force people into what is called _
panic buying
2 All except _ are referred to as complementary goods.
tea and coffee
3 The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the _ for the month.
market demand schedule
4 A rise in prices of goods and services will mean _ in quantity demanded.
a fall
5 _ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products.
Substitution effect
6 _ is the effect of a change in price on quantity demanded as a result of price changes which made them worse off
income effect
7 Those who manage; organize and coordinate and take decision in a firm are called _
entrepre neurs
8 The difference between the selling price and the cost price is known as the _.
profit
9 Allocated resources are transformed into what we call _ while the resources allocated are the _ to generate the product.
output / input
10 The role of firm is primarily to _.
produce
11 Firms and households are made up of people in the society who are performing different functions with different _
human behavior.
12 _ is defined as the rate at which a commodity is exchanged for money or other units of exchange.
price
13 The circular flow of goods and incomes shows the relationship between_
firms and household s
14 A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a_
production possibility curve.
15 Opportunity cost is_
that which we forgo, or give up, when we make a choice or a decision
16 Utility theory is one of the techniques we can utilize to measure _ behavior
consumer
17 A student chooses to study because the marginal benefit is greater than the_cost.
marg inal
18 Unemployment means that:
at the going wage rate, there are people who want to work but cannot find work.
19 A recession is:
a period during which aggregate output d eclines
20 Inflation is:
an increase in the overall price level
1 Expectation of a rise in price of goods may force people into what is called _
panic buying
2 All except _ are referred to as complementary goods.
tea and coffee
3 The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the _ for the month.
market demand schedule
4 A rise in prices of goods and services will mean _ in quantity demanded.
a fall
5 _ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products.
Substitution effect
6 _ is the effect of a change in price on quantity demanded as a result of price changes which made them worse off
income effect
7 Those who manage; organize and coordinate and take decision in a firm are called _
entrepre neurs
8 The difference between the selling price and the cost price is known as the _.
profit
9 Allocated resources are transformed into what we call _ while the resources allocated are the _ to generate the product.
output / input
10 The role of firm is primarily to _.
produce
11 Firms and households are made up of people in the society who are performing different functions with different _
human behavior.
12 _ is defined as the rate at which a commodity is exchanged for money or other units of exchange.
price
13 The circular flow of goods and incomes shows the relationship between_
firms and household s
14 A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a_
production possibility curve.
15 Opportunity cost is_
that which we forgo, or give up, when we make a choice or a decision
16 Utility theory is one of the techniques we can utilize to measure _ behavior
consumer
17 A student chooses to study because the marginal benefit is greater than the_cost.
marg inal
18 Unemployment means that:
at the going wage rate, there are people who want to work but cannot find work.
19 A recession is:
a period during which aggregate output d eclines
20 Inflation is:
an increase in the overall price level
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