Post Utme Economics Past Questions and Answers

Question 721:

Which of the following items is NOT a variable cost?

A. Cost of machine
B. Cost of electricity
C. Salaries and wages
D. Cost of raw materials

Question 722:

Which of the following is NOT true of a market demand schedule?

A. It is a schedule of all consumers of a commodity in a market
B. It is the aggregate demand schedule of all consumers of a commodity in a market
C. It is a table showing the different quantities of a commodity which a consumer would purchase at various prices.

Question 723:

Cross elasticity of demand can be measured using one of the following formulae

A. $\frac{\mathrm{\%}\text{ change in quantity demanded }}{\mathrm{\%}\text{ change in consumers income }}$
B. $\frac{\mathrm{\%}\text{ change in quantity demanded }}{\mathrm{\%}\text{ change in price }}$
C. $\frac{\text{ \% change in price of commodity }Y}{\mathrm{\%}\text{ change in quantity demanded of commodity }X}$
D. \% change in quantity demanded of commodity $X$ $\mathrm{\%}$ change in price of commodity $Y$

Question 724:

$$\begin{array}{|ccc|}\hline PriceN& Quantitydemanded\text{(}(\mathrm{kg})\text{)}& Quantitysupplied\text{(}(\mathrm{kg})\text{)}\\ 50& 20& 100\\ 40& 40& 80\\ 30& 60& 60\\ 20& 80& 40\\ 10& 100& 20\\ \hline\end{array}$$

At price $\mathrm{N}50$, there is an excess supply of ____________

A. $20\mathrm{kg}$
B. $100\mathrm{kg}$
C. $80\mathrm{kg}$
D. $40\mathrm{kg}$

Question 725:

$$\begin{array}{|ccc|}\hline PriceN& Quantitydemanded\text{(}(\mathrm{kg})\text{)}& Quantitysupplied\text{(}(\mathrm{kg})\text{)}\\ 50& 20& 100\\ 40& 40& 80\\ 30& 60& 60\\ 20& 80& 40\\ 10& 100& 20\\ \hline\end{array}$$

Excess demand arises at prices ____________

A. N20
B. N40
C. N10 and N20