Basic Economic Concepts

The table below shows the production possibilities for an economy producing Good X and Good Y:

What is the opportunity cost of increasing the production of Good X from 20 units to 30 units, expressed in units of Good Y?

A student receives a cash gift of ₦5,000 and must choose between buying a prescribed Economics textbook and purchasing a new pair of shoes, both priced at ₦5,000. If the student decides to buy the textbook, what is the opportunity cost of this decision?

In his 1932 essay, Lord Lionel Robbins provided a widely accepted definition of economics. Which of the following best describes economics according to his definition?

Match each basic economic concept on the left with its correct definition or role in consumer decision-making on the right.

A high school student in Ibadan receives an allowance of $\text{₦}10,000$ and must choose between purchasing a prescribed Economics textbook and attending a weekend tutorial class. She decides to buy the textbook. Within the scope of basic economic concepts, what does the unchosen tutorial class represent, and why?

A high school graduate in Ibadan has saved ₦50,000 and must choose between enrolling in a digital skill bootcamp costing ₦50,000 or purchasing a laptop for ₦50,000 to start a graphic design business. If she decides to enroll in the bootcamp, which of the following best describes the fundamental economic evaluation of her decision within the scope of microeconomics?

Ada has ₦5,000 and must choose between buying a set of past examination questions or a new school bag, both priced at ₦5,000. If she decides to purchase the past examination questions, what is the opportunity cost of her decision?

Complete the following statement on the scope and methodology of economic analysis.

Match each basic economic problem of society on the left with its corresponding fundamental economic decision on the right.

A student with a limited budget of $\text{N}12,000$ constructs a scale of preference listing four items in descending order of priority: Textbooks ($\text{N}7,000$), School Shoes ($\text{N}5,000$), Scientific Calculator ($\text{N}4,000$), and School Bag ($\text{N}5,000$). Match each aspect of the student's economic decision on the left with its corresponding concept or interpretation on the right.

A consumer with a limited budget constructs a scale of preference to allocate income among several competing items. Based on the economic principles of urgency and necessity, in what order should the consumer rank these items from highest priority (most urgent) to lowest priority (least urgent)?

An economist compiled a list of daily wages (in Naira) paid to five casual workers in a agricultural processing firm as follows: $₦1,200$, $₦1,500$, $₦1,500$, $₦1,800$, and $₦2,000$. What is the modal wage of the workers?

The table below shows the Production Possibility Schedule for an agricultural firm in Enugu producing Palm Oil and Rice using a fixed set of resources:

If the firm reallocates its resources to move production from Combination R to Combination S, what is the opportunity cost per additional ton of Palm Oil produced, and what underlying economic process does this movement represent?

A farmer with an available capital of $\text{N}250,000$ lists his pressing farm needs in order of priority as follows:

1. Purchase of high-yield seeds ($\text{N}250,000$)
2. Construction of an irrigation channel ($\text{N}200,000$)
3. Hiring additional farm labor ($\text{N}150,000$)
4. Installation of solar pest repellers ($\text{N}100,000$)

If the farmer allocates his entire budget to satisfy the highest priority item on his scale of preference, what is the opportunity cost of his decision?

The daily agricultural output (in tonnes) of a cassava farm over five consecutive days was recorded as 12, 15, 18, 15, and 20. What is the mean daily output of the farm in tonnes?

Match each basic economic problem of society on the left with the economic mechanism or principle that primarily determines its resolution on the right.

A commercial farm in Kaduna operates with fixed total resources of $10$ hectares of arable land and $120$ worker-hours of labor per day. Producing $1$ ton of maize requires $1$ hectare of land and $12$ worker-hours of labor. Producing $1$ ton of yams requires $0.5$ hectares of land and $20$ worker-hours of labor. Initially, the farm devotes all its resources to maximize maize production, harvesting $10$ tons of maize per day. If the farm owner decides to reallocate resources to produce $3$ tons of yams per day, what is the opportunity cost of this decision expressed in tons of maize foregone?

A commercial farming enterprise in Oyo State uses its fixed land and labor resources to produce Cassava and Yam. The table below presents its monthly production possibility schedule:

What is the opportunity cost of increasing Yam production from $45$ bags to $80$ bags, expressed in bags of Cassava foregone?

In a state government budget presentation, a total expenditure of $₦720\text{ million}$ is represented on a pie chart. The sectorial allocation for Education is represented by an angle of $120^\circ$ and Infrastructure by $90^\circ$. If the remaining budget is allocated between Health and Agriculture in the ratio $3:2$ respectively, what is the total monetary amount allocated to Health?

Kemi, a fashion designer in Ogun State, earns $₦80,000$ monthly from her tailoring shop. She decides to close her shop for one month to attend an advanced design training program. The program tuition is $₦50,000$ and training materials cost $₦20,000$. What is the opportunity cost of Kemi's decision to attend the training program?