Post Utme Economics Past Questions and Answers

Question 346:

In perfect competition, every firm is a price ____________

A. Maker
B. Taker
C. Giver
D. Bidder

Question 347:

If price falls below the equilibrium point, ____________

A. Demand will equal supply
B. Demand will be greater than supply
C. Supply will be greater than demand
D. Supply will become indeterminate

Question 348:

If one orange costs 20k and one kilogram of beef cost N10,opportunity cost of one kilogram of beef is __________

A. ₦50
B. ₦10
C. ₦5
D. ₦9.50

Question 349:

Increase in the price of a commodity leads to increase in total revenue, then it means that the demand for the commodity is ____________

A. Elastic
B. Normal
C. Inelastic
D. Abnormal

Question 350:

Capitalism often encourages ____________

A. Private ownership of the means of production
B. Deconcentration of political and economic power in the same hands
C. A centrally planned economy
D. Public ownership of all forms of enterprises
E. Anarchy