Post Utme Economics Past Questions and Answers

Question 596:

What type of relationship exist between consumer's income and inferior goods?

A. Positive
B. Negative
C. Constant
D. No relationship
E. None of the above

Question 597:

Whenever minimum price is set, there is always ____________

A. Excess demand
B. Excess supply
C. Equilibrium quantity
D. Satisfaction of consumer

Question 598:

Which of the following is necessary assumption in drawing a demand curve?

A. Prima facie
B. Quid pro quo
C. Ceteris paribus
D. Laisse faire

Question 599:

Which of the following is likely to be regarded as free good?

A. Fridge in a poor man's house
B. Clothes
C. Fishes in the ocean
D. Food given to students without paying

Question 600:

Which of the following is not true of production?

A. Miners discover gold
B. Goods are sold
C. Utility is created
D. Hunters removed antelope skin for making shoe