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Economics Past Questions and Answers

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Economics Questions

Question 2056:

An increase in demand without a corresponding change in supply will lead to

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A A decrease in equilirium price and increase in equilibrium quantity
B An increase in equilibrium price and quantity
C A decrease in equilibrium price and quantity
D An increase in equilibrium price and a decrease in equilibrium quantity

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Question 2057:

An increase in the price of a commodity will result in

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A A decrease in the quantity demanded
B An increase in demand
C An increase in quantity demanded
D A decrease in demand

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Question 2058:

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

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A 66.7
B 0.5
C 1.5
D 2.0

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Question 2059:

One of the assumptions of the cardinal approach is

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A Diminishing marginal rate of substitution
B The consistency and transitivity of choice
C That total utility depends on the quantity of the commodities consumed
D Unstable marginal utility of money

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Question 2060:

Utility is the satisfaction derived from the

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A Distribution of goods and services
B Use of goods and services
C Demand of goods and services
D Production of goods and services

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