Post Utme Economics Past Questions and Answers

Question 606:

Which of the following is not a feature of market economy?

A. Private property right
B. Definitive objective
C. Competition
D. Profit motive

Question 607:

The Consumer Price Index (CPI) measures the prices paid ____________

A. For farm tractors
B. For goods and services purchased by a typical household
C. For Good and Services bought by companies
D. None of the above

Question 608:

If the real market price of a product is \(\mathrm{N} 20\) per unit and in this market the government places a price ceiling at N30 per unit, what will happen?

A. People will buy the product at \(N 30\)
B. There will be surplus of the product in the market
C. Government price ceiling will not be above equilibrium
D. Price above equilibrium price

Question 609:

A rational consumer, does not ____________

A. Think marginally
B. Intentionally make himself or herself worse off
C. Try to maximize net benefit from consuming goods and services
D. Ever consume the wrong amount

Question 610:

The participation rate is the ____________

A. Ratio of those working to those looking for work
B. Ratio of the unemployed to the labour force
C. Ratio of the labour force to the population
D. Ratio of the employed to the labour force