Post Utme Economics Past Questions and Answers

Question 151:

If at \(10 \mathrm{k}\) per \(\mathrm{Kg}, 1000 \mathrm{Kg}\) of yam were purchased and at \(5 \mathrm{k}\) per \(\mathrm{Kg}, 1500 \mathrm{Kg}\) were purchased, the resultant point elasticity of demand is ____________

A. 0.33
B. \(0.0001\)
C. \(1.00\)
D. \(10.00\)

Question 152:

If a wage increase is granted to a cement manufacturer's worker, the supply curve of cement will ____________

A. Move to the right
B. Move to the left
C. Move to the opposite side
D. Move to nowhere

Question 153:

The elasticity of supply of perishable goods is ____________

A. Inelastic
B. Elastic
C. Unitary
D. Zero

Question 154:

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

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

Question 155:

A possible factor which limits the extent of growth of a firm is the ____________

A. Existence of a monopoly
B. Bureaucratic delays in decision-making
C. Use of by-products
D. Unwillingness to share ownership and control