Post Utme Economics Past Questions and Answers

Question 831:

A dratver of a cheque is the ____________

A. Person who is 10 be paid
B. Bank on which the cheque is drawn
C. Person who writes out the cheque
D. Bank official who certifies the payment

Question 832:

The liability of a sole trade is ____________

A. Indeterminate
B. Unlimited
C. Limited
D. Transferable

Question 833:

Which of the following is not a member of OPEC?

A. Indonesia
B. Iran
C. Venezuela
D. Egypt

Question 834:

The creation of utility can be referred to as ____________

A. Value added
B. Profit marginalization
C. Production
D. Entrepreneurship

Question 835:

Suppose a consumer's income increases from \(\mathbf{y} 30.000\) to N36,000
As a result. the consumer increases her purchase of compact discs (CDS) from 25 CDS to 30 CDS. What is consumer's income elasticity of demand for CDS?

A. \(0.5\)
B. \(1.0\)
C. \(1.0\)
D. \(1.5\)