Post Utme Economics Past Questions and Answers

Question 121:

The effect of changes in the condition of demand on a demand schedule with the price constant is a ____________

A. Movement along the demand curve
B. Deflation of the demand curve
C. Hyperbola formation by the demand curve
D. Shift of the demand curve

Question 122:

If \(a\) demand curve that intersects a price inelastic supply curve shifts rightward, ____________

A. The equilibrium price and quantity increase
B. Only the price will increase
C. Only the quantity will increase
D. The price will remain constant

Question 123:

The average product of labour in a given period is obtained by dividing the ____________

A. Number of workers by the total product
B. Total product by the number of hours actually worked
C. Change in total product by change in the total number of workers
D. Total product by the number of workers

Question 124:

If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing ____________

A. Large scale production
B. Profit maximization
C. Economies of scale
D. Diseconomies of scale

Question 125:

The production possibility curve can be used to explain the underlying concepts of ____________

A. Scale of preference and choice
B. Opportunity cost and choice
C. Wants and means
D. Opportunity cost and scale of preference