Post Utme Economics Past Questions and Answers

Question 421:

One characteristics of labour is that it is ____________

A. Fixed in demand
B. Fixed in supply
C. Mobile
D. Untrainable

Question 422:

When population is classified according to professions, it is called ____________

A. Geographical distribution of population
B. Age distribution of population
C. Sex distribution of population
D. Occupation distribution population

Question 423:

Revenue is the ____________

A. Total profit made after sales
B. Amount spent on purchases
C. Amount of goods produced
D. Total money realized from sales

Question 424:

The lower the price of commodity, the greater the quantity demanded. This is based on the assumption that consumer’s

A. Income is diminished
B. Income remains the same
C. Utility is diminished
D. Population is high

Question 425:

In a situation where demand is perfectly elastic, imposition of tax on a commodity to raise its price will result in ____________

A. Consumers increasing their demand for the product
B. Consumer’s demand for the product remaining unchanged
C. Consumers shifting completely to substitute products
D. Suppliers increasing the supply of the product