Post Utme Economics Past Questions and Answers

Question 51:

Product homogeneity is one of the characteristics of ____________

A. Perfect competition
B. Monopoly
C. Monopolistic competition
D. Oligopoly
E. Competition

Question 52:

Which of the following is compatible with a firm in a purely competitive market?

A. Demand is inelastic
B. Demand is infinitely elastic
C. Marginal cost is falling
D. Price is greater than marginal cost
E. Price is less than marginal cost

Question 53:

The difference between gross national product and net national product is equal to ____________

A. Gross investment
B. Net investment
C. Net foreign income
D. Capital depreciation
E. Net and gross

Question 54:

The difference between the Gross Domestic Product and the Gross National Product is the beg ____________

A. Allowance for total depreciation
B. Total interest payments
C. Total tax and interest payments
D. Net income from abroad
E. None of the above

Question 55:

The multiplier is defined as ____________

A. The ratio of the change in income to the change in investment
B. The change in investment divided by the change in income
C. 1 /MPC
D. 1 /(1-M P S)
E. Process of multiplying initial increase in income