Post Utme Economics Past Questions and Answers

Question 531:

The term “disposable income” refers to ____________

A. Personal income minus tax
B. Personal income
C. Personal income plus tax
D. Personal income expenditure

Question 532:

Economics is classified as a social science because ____________

A. It is scientific in all its approaches
B. It is concerned with the problem of scarcity of resources
C. It is concerned with money and how to managed it
D. It is concerned with the material problems of the human society.

Question 533:

If in production, the quantity of one factor is increased while the quantity of the factor with which it is combined is not, we should expect ____________

A. Increasing venture to scale
B. Decreasing returns to scale
C. Constant returns to scale
D. Increasing marginal physical output

Question 534:

A stock exchange is ____________

A. A market where stocks for company equipment are exchanged
B. A market where stocks of company equipment are converted into cash
C. A market where company shares and government bond are bought and sold
D. All of the above

Question 535:

Which of the following factors is likely to influence the quantity of a good that a person will buy at a particular time ____________

A. The price of the good
B. The person’s income
C. The prices of related goods
D. All of the above