Post Utme University of Ibadan Economics Past Questions and Answers

Question 6:

The following are the conditions that must be fulfilled for price ____________ determination EXCEPT

A. Market merger
B. Market segmentation
C. Demand elasticities differentiation
D. Product
E. None of the above

Question 7:

The main function of price mechanism is to ____________

A. Limit consumer demand
B. Enable producers make profits
C. Allocate scarce resources among competing ends
D. Ensure consumer sovereignty
E. Achieve excess capacity

Question 8:

When government intervenes in price-setting, the regulated price is usually ____________

A. Higher than the last price
B. Lower than the last price
C. Higher than the equilibrium price
D. Lower than the equilibrium price
E. Higher than the ceiling price

Question 9:

A firm achieves least cost in production by substituting factors until

A. Their factor prices are equal
B. Their marginal products are equal to the factor prices
C. Their marginal products are each equal to zero
D. The ratios of their marginal product equals the ratio of their prices
E. None of the above

Question 10:

A production possibility curve shows ____________

A. How much of resources a society uses to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in an economy
D. The various combinations of the commodities that can be produced
E. All of the above