Post Utme Economics Past Questions and Answers

Question 726:

\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}

The equilibrium price is ____________

A. N40
B. N30
C. N10
D. None of the above

Question 727:

Supply is said to be inelastic when the coefficient of elasticity of supply is ____________

A. \(2.5\)
B. \(0.5\)
C. Zero
D. Infinity

Question 728:

Price legislation can be defined as ____________

A. How price fluctuates in the market
B. How prices are controlled in the market
C. How to avoid inflation
D. How the government fixes the prices of essential commodities

Question 729:

Utility maximization occurs when one of the following conditions is attained ____________

A. \(M U=\frac{\Delta T U}{\Delta Q}\)
B. \(\frac{M U_{r}}{P_{r}}=\frac{M U_{1}}{P_{r}}\)
C. \(\frac{P_{1}}{M U_{1}}=\frac{P_{1}}{M U_{1}}\)
D. \(\frac{M U_{v}}{M U_{y}}=\frac{P_{n}}{M U_{n}}\)

Question 730:

In economics, the pleasure, happiness. or satisfaction received from a product is called ____________

A. Marginal cost
B. Rational outcome
C. Status fulfillment
D. Utility