Post Utme Economics Past Questions and Answers

Question 781:

The reason for the law of demand can best be explained in terms of ____________

A. Supply
B. Complementary goods
C. The rationing function of prices
D. Diminishing marginal unity

Question 782:

The demand curve for the pure monopolists is ____________

A. Perfectly price elastic
B. Perfectly price inelastic
C. Downsloping
D. Upsloping

Question 783:

Which of the following statements is correct?
The Central Bank.

A. Prints the country's currency
B. Handles the collection of debts owed to the government
C. Lends money to businessmen
D. Issues the country's currency.

Question 784:

Which of the following is not a basic assumption underling the theory of consumer behaviour ____________

A. Consumers prefer more to less
B. Consumers are rational
C. Consumers are ivilling to make choices
D. Consumers make consistent choices

Question 785:

Which of the following equations is the correct one about Net National Product (NNP)?

A. NNP = Gross National Product (GNP) - Depreciation
B. NNP \(=\) Gross National Product \((G N P)+Net\) incomes from abroad
C. NNP \(=\) Gross Domestic Product \((G D P)\) - Depreciation
D. NNP = Gross Domestic Product (GDP) - Net incomes from abroad.