Post Utme Economics Past Questions and Answers

Question 266:

The price of a commodity is determined by the ____________

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

Question 267:

A normal demand curve ____________

A. Is concave to the point of origin
B. Is convex to the point of origin
C. Is parallel to x-axis
D. Is parallel to y - axis
E. Slopes upwards form left to right

Question 268:

An economic system in which most capital goods are owned by individual and private firms is known as ____________

A. Mixed economy
B. Planned economy
C. Capitalist economy
D. Traditional economy
E. Civilized economy

Question 269:

The coefficient of price elasticity of demand is zero when demand is ____________

A. Fairly elastic
B. Perfectly inelastic
C. Fairly inelastic
D. Unitary elastic
E. Perfectly elastic

Question 270:

Which of the following factors is not important in deciding the location of an industry?

A. The native language of the people
B. Availability of suitable labour
C. Sources of cheap power and raw materials
D. Proximity to the location of similar industry
E. Proximity to the market