Post Utme University of Port Harcourt Economics Past Questions and Answers

Question 11:

The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the ____________

A. Role of supply and demand
B. Role of material incentive
C. Existence of buyers and sellers
D. Role of money

Question 12:

A firm with marginal cost equal to its marginal revenue will produce the equilibrium output if it is in ____________

A. Pure competition only
B. Pure monopoly only
C. Monopolistic competition only
D. Any type of market

Question 13:

If the price elasticity of demand for a certain commodity is less than unity, then ____________

A. An increase in the price of the commodity will raise the total revenue of the producer
B. An increase in price leaves the total revenue unchanged
C. A decrease in price leaves the total revenue of the supplier unchanged
D. A decrease in price leaves the total revenue constant

Question 14:

Wheat grows best in ____________

A. Tropical climate
B. Temperature climate
C. Equatorial climate
D. Hot desert

Question 15:

A demand which is positively related to price is true of ____________

A. Normal goods
B. Giffen goods
C. Ostentatious goods
D. Capital goods