Post Utme Economics Past Questions and Answers

Question 521:

An increase in minimum wages in a country is likely to cause

A. Voluntary unemployment in the short run
B. A fall in the general price level
C. A fall in the demand for labour
D. All of the above

Question 522:

If Mr. A earns 30,000 and pays N3000 in tax, while Mr. B earns N10,000 and pays N5000 in tax we say that the tax system is ____________

A. Progressive
B. Proportional
C. Regressive
D. None of the above

Question 523:

A product is said to be a normal good if ____________

A. People consume more of it as they become richer
B. The demand for it falls as income rise
C. There are substitutes for it
D. There are no substitutes for it

Question 524:

Which of the following situations is likely to arise from a rapid increase in population?

A. A civil war
B. An increase in the output of goods and services
C. A strong labour force
D. Food shortage

Question 525:

The practice of selling a product to different groups of customers at different prices is called ____________

A. Product differentiation
B. Price differentiation
C. Price discrimination
D. Price manipulation