Post Utme Economics Past Questions and Answers

Question 481:

Price elasticity of demand is expressed as ____________

A. Percentage change in price
B. Percentage change in quantity demanded
C. Percentage change in quantity demand
D. Percentage change in income

Question 482:

Demand curve is positively adopted because ____________

A. Supply always exceeds demand
B. Demand always exceeds supply
C. Price is an incentive to consumers
D. Price is an incentive producers.

Question 483:

In a regulated market price is determined by ____________

A. Consumers
B. Producers
C. Auction
D. Government

Question 484:

Production takes place when ____________

A. Output is transformed into input
B. Machines replaces human effort
C. Input is transformed into output
D. There is specialization and division of labour

Question 485:

In developing countries, it is easier to obtain necurate national income estimates through the ____________

A. GNP
B. GDP
C. NDP
D. NNP