Post Utme Economics Past Questions and Answers

Question 401:

An upward shift in the market demand curve for a commodity results in which of the following changes in its equilibrium price and quantity?

A. The price rises and the quantity falls
B. The price falls and the quantity rises
C. The price and quantity both rise

Question 402:

Gross National Product is the market value of ____________

A. All transactions in an economy during a one-year-period
B. All goods and services exchanged in an economy during a one-year period
C. All final goods and services produced in an economy during a one-year period

Question 403:

An increase in government spending shifts aggregated demand schedule ____________

A. Upward by the increase in government spending
B. Downward by the increase in government spending
C. Upward by increase in government spending times the expenditure multiplier

Question 404:

What is the major cause of labour unrest?

A. Workers are not well cared for by employees
B. Workers are seasonally unemployed
C. Workers lack required skills

Question 405:

Inflation is a situation in which ____________

A. There is a decrease in the purchasing power of the monetary unit
B. There is a decrease in the general price level
C. Increase in the general price level exceeds increases in the rate of Economic growth