Post Utme Economics Past Questions and Answers

Question 771:

If an increase in income induces a reduction the demand for beans, beans can be referred to as ____________

A. A normal good
B. An inferior good
C. A substitute
D. A dash
E. A giffen good

Question 772:

Optimum population is desirable because it enables an economy to attain maximum ____________

A. Per capita income
B. Per capital output
C. Per capital real income
D. Per capital revenue
E. Growth rate

Question 773:

Marginal cost curve intersects average cost curve ____________

A. Front above as its lowest point
B. F omit below before the lowest point
C. From below at its lowest point
D. From below after the lowest point
E. Obtaining time maximum.

Question 774:

The concept of economic efficiency refers to ____________

A. Obtaining the maximum output front available resources at the lowest possible cost
B. Conservation of natural gas and oil deposits
C. Equity in the distribution of national resource
D. Producing without waste
E. The limited wants unlimited resources dilemma

Question 775:

A major factor aflecting the value of money is the ____________

A. Price level
B. Banking habit
C. Transaction motive
D. Divisible nature of money
E. Transferability