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

Question 724:

\begin{array}{|c|c|c|}
\hline Price N & Quantity demanded \((\mathrm{kg})\) & Quantity supplied \((\mathrm{kg})\) \\
\hline 50 & 20 & 100 \\
\hline 40 & 40 & 80 \\
\hline 30 & 60 & 60 \\
\hline 20 & 80 & 40 \\
\hline 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}{|c|c|c|}
\hline Price N & Quantity demanded \((\mathrm{kg})\) & Quantity supplied \((\mathrm{kg})\) \\
\hline 50 & 20 & 100 \\
\hline 40 & 40 & 80 \\
\hline 30 & 60 & 60 \\
\hline 20 & 80 & 40 \\
\hline 10 & 100 & 20 \\
\hline
\end{array}

Excess demand arises at prices ____________

A. N20
B. N40
C. N10 and N20