Post Utme Economics Past Questions and Answers

Question 206:

The table below gives the market demand schedule for commodity X.
If the price of a commodity X falls from ₦40.00 to ₦30.00, what is the price elasticity of demand?

\begin{tabular}{|l|l|}
\hline Price (N) & Quantity (million unit) \\
\hline 60 & 100 \\
\hline 50 & 140 \\
\hline 40 & 220 \\
\hline 30 & 260 \\
\hline 20 & 300 \\
\hline 10 & 340 \\
\hline
\end{tabular}

A. 0.62
B. 0.73
C. 1.00
D. 1.50

Question 207:

A school girl who needs a book and a mirror, each costing five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time, Determine the real cost of her book.

A. The five naira she spent on the book
B. Five-naira real cash value
C. The mirror
D. The book

Question 208:

E. None or the above
In estimating the national income of a country, lite three approaches usuallyadopted are ____________

A. Expenditure, value-added and output
B. Income, final product and output
C. Expenditure, income and output
D. Avoidance of double counting, final expenditure and value-added

Question 209:

The diagram above shows the total utility curve. At the point \(M\), marginal utility ____________

A. Is zero
B. Diminishes
C. Is unity
D. Increases

Question 210:

The effect of emigration on a country's population, all other things remaining equal is to ____________

A. Increase its size
B. Cause overpopulation
C. Increase its growth rate
D. Reduce its size