CLASS QUIZ

Who is the social prefect in bloombreed? Divine or Daniella

• Sarah

• Daniella

• Divine

• Michael

Is Divine the head girl? True or False

• Maybe

• False

• Not sure

• True

Who is Mr. Daniel?

• A historical figure from the 18th century

• A fictional character in a book

• A famous scientist

• The CEO of a tech company

Smash or pass between Religious Studies and Economics

• Religious Studies is always the better choice

• Economics is the only logical option

• It doesn't matter, both are equally valuable

• Personal preference, no correct answer

If the price of a cloth is 300 naira, calculate the following: TR, AR, and determine the profit.

• TR = 400naira * Quantity sold, AR = TR / Quantity sold, Profit = TR - Cost

• TR = 200naira * Quantity sold, AR = TR / Quantity sold, Profit = TR - Cost

• TR = 300naira / Quantity sold, AR = TR * Quantity sold, Profit = TR - Cost

• TR = 300naira * Quantity sold, AR = TR / Quantity sold, Profit = TR - Cost

What is the concept of demand and supply in economics?

• It is the idea that consumers demand more products when the supply is low, and vice versa.

• The concept of demand and supply is related to the balance of trade between countries.

• Demand and supply refers to the government's control over the production and distribution of goods.

• The relationship between the quantity of a good that producers are willing to sell at various prices and the quantity that consumers are willing to buy.

Explain the law of diminishing marginal utility.

• As a person consumes more units of a specific product, the additional satisfaction or utility derived from each additional unit decreases.

• The law of diminishing total utility states that as a person consumes more units of a specific product, the total satisfaction or utility derived from all units consumed decreases.

• The law of constant marginal utility states that the additional satisfaction or utility derived from each additional unit remains constant regardless of the quantity consumed.

• The law of increasing marginal utility states that as a person consumes more units of a specific product, the additional satisfaction or utility derived from each additional unit increases.

What is the difference between microeconomics and macroeconomics?

• Microeconomics focuses on agriculture, while macroeconomics focuses on manufacturing.

• Microeconomics focuses on individual economic agents, while macroeconomics focuses on the economy as a whole.

• Microeconomics deals with small businesses, while macroeconomics deals with large corporations.

• Microeconomics studies supply and demand, while macroeconomics studies international trade.

Define opportunity cost in economics.

• The cost of the chosen alternative

• The total cost of all available options

• The value of the next best alternative that is given up when a decision is made.

• The cost of producing one additional unit of a good

Explain the concept of inflation and its impact on the economy.

• Inflation is the increase in the prices of goods and services over time, which reduces the purchasing power of money and can lead to a decrease in the standard of living.

• Inflation only affects the prices of luxury items and has no impact on the overall economy.

• Inflation has no impact on the economy and is just a natural fluctuation in prices.

• Inflation is the decrease in the prices of goods and services over time, which increases the purchasing power of money and leads to an increase in the standard of living.