Post Utme Economics Past Questions and Answers

Question 41:

Given Demand function: \(Q_{d}=5 P+10\); Supply function: \(Q_{s}=7 P-5\). If the price is at N 5, the excess demand is

A. 35
B. 30
C. 10
D. 5
E. 65

Question 42:

If an increase in the price of a commodity leads to an increase in total revenue, then it follows that the demand for the commodity is ____________

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

Question 43:

If the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is ____________

A. Static
B. Infinitely elastic
C. Externally determined
D. Perfectly inelastic
E. Perfectly elastic

Question 44:

The impact of a change in the price of commodity A on the quantity demanded of commodity B is best explained using the concept of ____________

A. Price-elasticity of demand
B. Cross-price elasticity of demand
C. Income elasticity of demand
D. Elasticity of substitution
E. A price elasticity of demand for B

Question 45:

The change that is due to a movement from one supply curve to another along the same price is called ____________

A. Change in supply
B. Change in quantity supplied
C. Elasticity change
D. Control price effect
E. Change in equilibrium quantity