Post Utme Economics Past Questions and Answers

Question 821:

What happens to a supply curve when the variable(s) that are normally held constant are allowed to change?

A. The curve flattens out
B. There is a movement along the curve
C. The curve shifts
D. The curve becomes steeper

Question 822:

If the price of Pepsi decreases relative to the price of cole and 7 up the demand for ____________

A. Coke will decrease
B. 7up will decrease
C. Coke and 7up will increase
D. Coke and 7 up will decrease

Question 823:

Suppose wages paid by a firm increase what would reasonably be expected to happen to the equilibrium price and equilibrium quantity for the firm's output?

A. Price increases. quantity decreases
B. Price decreases. quantity decreases
C. Price decreases, quantity increases
D. Price increases. quantity increases

Question 824:

The multiplier is always the reciprocal of ____________

A. MPC
B. MPS
C. APC
D. APS

Question 825:

If the marginal propensity to save is \(0.4\) and consumption expenditure changes by \(\mathrm{N} 10\) million. the equilibrium level of income will change by ____________

A. N15.0 million
B. N4.0 million
C. N75.0 million
D. N40.0 million