Post Utme Economics Past Questions and Answers

Question 396:

The central economic system in every society is ____________

A. To maintain in the world
B. To prevent riot in our city
C. The scarcity of economic resources

Question 397:

The production possibility curve shows ____________

A. How much of the resources of the society are used to produce a particular commodity
B. The various alternative combinations of two commodities that can be produced
C. The rate of unemployment in the economy

Question 398:

The demand schedule shows the relationship between the quantities demanded of a commodity over a given period of time and ____________

A. The price of the commodity
B. The tastes of consumers
C. The money income of consumers.

Question 399:

In order to induce producers to supply more of a commodity, a higher commodity price must be paid because producers usually face ____________

A. Decreasing production costs
B. Economies of scale
C. Increasing production cost.

Question 400:

The intersection of the market demand and supply curves for a commodity determines ____________

A. The equilibrium price of the commodity
B. The pointy of neither surplus nor shortage for the commodity
C. All of the above