Post Utme Economics Past Questions and Answers

Question 656:

Suppose the Consumer Price Index (CPI) in 1989 is \(124.0\) and the CPI in 1990 is 130.7. the CPI expressed as a percentage is ____________

A. 6.7 %
B. 5.4 %
C. 7.6 %
D. 4.5 %

Question 657:

In the short -run, all of the following are applicable except ____________

A. Output may be increased by changing all factors by the same proportion
B. Diminishing returns
C. There are sunk cost
D. The total cost curve is the same as the total variable cost curve

Question 658:

The sum of MPS and MPC is ____________

A. Greater than 1 but less than infinity
B. Greater than 0 but less than 1
C. Equal to 1
D. None of the above

Question 659:

For a perfectly competitive market, the shape of the is horizontal while the ____________

A. Industry's demand curve/industry's supply curve
B. Firm's supply curvelindustry's demand curve
C. Firm's demand curve/industry's demand curve
D. Industry's demand curve/firm's demand curve

Question 660:

Demand for money is ____________

A. Composite demand
B. Derive demand
C. Joint demand
D. C and B