Post Utme Economics Past Questions and Answers

Question 791:

Which of these factors does not cause a change in demand?

A. Income
B. Population
C. Price of other commodities
D. Price of the commodity itself

Question 792:

When the demand for a commodity is inelastic. total reventue will fall if ____________

A. Price is increased
B. Price remains constant
C. Price is reduced
D. The commodity is a luxury

Question 793:

An economic system in which most capital goods are owned by individuals and private firms is known as ____________

A. Planned economy
B. Capitalist economy
C. Mixed economy
D. Socialist economy

Question 794:

Which of the following is the most liquid asset to a commercial bank?

A. Cash
B. Money at call
C. Stocks and shares
D. Treasury bills

Question 795:

At every point on an indifference curve the ____________

A. Total utility is decreasing
B. Level of utility is constant
C. Level of utility is increasing
D. Consumer is satisfied