Post Utme Economics Past Questions and Answers

Question 126:

If the increase in the price of yams is used to estimate the inflation rate, this isan example of ____________

A. Deductive reasoning
B. Inductive reasoning
C. Normative reasoning
D. Positive reasoning

Question 127:

Use the data below to answer questions
54, 35, 62, 79, 83, 36, 62, 42, 62, 42.

Calculate the mean ____________

A. 45.5
B. 55.7
C. 55.8
D. 65.8

Question 128:

Use the data below to answer questions
54, 35, 62, 79, 83, 36, 62, 42, 62, 42.

What is the modal score?

A. 36
B. 42
C. 54
D. 62

Question 129:

A major determinant of demand for a luxury good is ____________

A. The price of the good
B. Price of other goods
C. The income of consumers
D. Taste and fashion

Question 130:

As long as marginal utility is positive, total utility must be ____________

A. Negative
B. Increasing
C. Zero
D. Decreasing