Post Utme Economics Past Questions and Answers

Question 306:

The price Mechanism ____________

A. Regulate supply and demand
B. Rations the consumers
C. Rewards the 'producers
D. Allocates scarce resources
E. Does all of the above

Question 307:

Utility of a commodity means ____________

A. Its usefulness
B. Power to satisfy a want
C. Price of the commodity
D. Satisfaction derived from the production of a commodity
E. Its adaptability

Question 308:

Which of the following is not a measure for controlling inflation?

A. Reduction in money supply
B. Wage restraint and wage freeze
C. Reduction in taxes and increase in government spending
D. Price control
E. Credit restriction

Question 309:

One of the disadvantages of division of labour is that ____________

A. There is a saving of time
B. It results in workers acquiring greater skill at their jobs
C. There is a greater risk of unemployment
D. It makes possible the use of machinery
E. It makes the worker less fatigued by his work

Question 310:

Progressive income tax can be expressed as ____________

A. Tax that falls as income rises
B. Tax that rises as income falls
C. Tax that is independent of income
D. Tax that rises as income rises
E. Tax that is neutral to income