Post Utme Economics Past Questions and Answers

Question 676:

Money that a government has required to be accepted in settlement of debts is ____________

A. Commodity money
B. Currency value
C. Barter
D. Legal tender

Question 677:

Which of the following is one of the responsibilities of the Central Bank of Nigeria?

A. Issuing new bond to finance public sector borrowing requirements
B. Auditing the various agencies and departments of government
C. Loaning money to other countries that transact business with Nigeria
D. Assisting banks that are in financial position

Question 678:

The law of comparative cost and absolute cost advantage are not the same is that ____________

A. Former require that one of the countries has absolute advantage in the two goods but latter does not
B. Former requires one country to have at least absolute advantage in one of the trading goods over the other country but latter does not.
C. Former does not require any of the country to have absolute advantage in any of the two goods but latter require that one of the countries should have absolute advantage in all the goods
D. Former does not require any of the country to have absolute advantage in any of the two goods bus latter require that one of the countries should have absolute advantage in at least one of the goods.

Question 679:

When demand for a product is price inelastic the following can happen ____________

A. Consumers suffer the entire increase in tax on the producl
B. Producer suffers the entire increase in tax on the product
C. Produces suffers larger proportion of the increase in tax on the product
D. Consumers suffer larger proportion of the increase in tax on the product

Question 680:

Disposable income means ____________

A. Income that is lost after tax has been removed
B. Income that could be spent when tax has been removed
C. Income that tax authority mandated to be given to charity when tax has been removed
D. Income to be disposed secretly for future spending after tax has been removed