Post Utme Economics Past Questions and Answers

Question 136:

To protect farmers during a bumper harvest, the government usually ____________

A. Sets a maximum price
B. Releases products from the buffer stock
C. Sells the excess to consumers
D. Sets a minimum price

Question 137:

Contractionary monetary policy is used to ____________

A. Control inflation
B. Bridge the deflationary gap
C. Expand the output level
D. Deregulate the economy

Question 138:

The output approach to measuring national income is based on the computation of ____________

A. Final output
B. Factor cost
C. Value added
D. Profits earned

Question 139:

Economic goods are termed scare goods when ____________

A. Not available in sufficient quantities to satisfy all wants for them
B. Not produced in sufficient quantities to satisfy the effective demand for them
C. Of high quality
D. Of primary importance in satisfying needs of a society

Question 140:

It is important to measure the national income of a country because ____________

A. It is a major determinant of the standard of living
B. It reveals hazards or development like pollution and congestion
C. It reveals the distribution of the citizens' saving foreign hank
D. Its size determine, the extent of political stability