Post Utme Economics Past Questions and Answers

Question 776:

Which of the following is an example of invisible item on balance of payments account?

A. Aviation
B. Import and export
C. Merchandize
D. Bullion
E. Tariffs

Question 777:

The best index for international comparison of standard of living is the ____________

A. Gross national produce
B. Net national income
C. Per capita in come
D. Gross national income.

Question 778:

Which of the following statements is false?

A. Ends in economics are the resources with which it can attain our goals
B. Tables and graphs are focus of arithmetic technique used in economics to present ideas pictorially
C. Three basic questions every economy must anto produce A and B are substitutes if the supply of a to produce
D. A and B are substitutes if the supply of a increases.

Question 779:

the price of \(\mathrm{B}\) will tend to increase \(\mathrm{C}=\mathrm{N} 7.500+0.2 \mathrm{Y}\), the ____________

A. Consumption is inversely related to income
B. Consumption is the independent reable and income is the dependent variable is N15,00
C. The consumption is \(\mathrm{N} 10,500
D. \(\mathrm{N} 30,000\), then income is \(\mathrm{N}10,000\)

Question 780:

Which of the following best describes a perfectly inelastic demand function?

A. The quantity demanded is insensitive to changes in price
B. Price is insensitive to change in quantity demanded
C. Price and quantity demanded changes by some percentage
D. The demand function is horizontal