Post Utme University of Calabar Economics Past Questions and Answers

Question 16:

When the demand for a commodity ts inelastic. who bears the greater burden of the indirect tax?

A. The producer
B. The goverment
C. The retailer
D. The consumer

Question 17:

The indicator of the value of money in the market is ____________

A. The general pnce level
B. Effective supply
C. The equilibrium pace
D. Effective demand

Question 18:

Which of the following is not charactenstic of a perfect competition?

A. Many sellers and buyers are in the market
B. There is perfect knowledge of the market situation
C. Supply and demand are equal
D. There is no discnmination

Question 19:

The pnce of a commodity is determined by the ____________

A. Supplier
B. Consumer
C. Quantity of goods demanded
D. Interaction of demand and supply

Question 20:

In which of the following economic systems is the consumer referred to as ,The King"?

A. Planned economy
B. Mixed economy
C. Traditional economy
D. Free Market economy