Post Utme Economics Past Questions and Answers

Question 636:

When the government chooses to use resources to build a school, these resources are no longer available to build a highway. This choice illustrates the concept of ____________

A. Market mechanism
B. Opportunity cost
C. Trade by barter
D. Macroeconomics

Question 637:

The following can lead to change in supply, except ____________

A. Change in weather
B. Change in the Price of the product
C. Change in the price of related products
D. Change in attitude of producers

Question 638:

Zero price elastic demand of a commodity means that ____________

A. The product has no value when it comes to price evaluation
B. The product is a public goods, thus no price is to be paid to consume it
C. The quantity purchases of the product remain the same at all price level
D. The quantity purchases of the product can be changed to any level without any change in price

Question 639:

Perfect price elastic supply means ____________

A. No change in supply as price changes
B. Any change in price completely stops supply
C. Changes in price double supply
D. A change in price leads to proportionate change in supply

Question 640:

When disequilibrium between supply and demand has tendencies to be restored to another equilibrium point over a definite path of a time frame, the equilibrium is regarded as ____________

A. Dynamic and convergence equilibrium
B. Static and convergence equilibrium
C. State and divergence equilibrium
D. Dynamic and divergence equilibrium