Economics Past Questions and Answers

The population level that yields the maximum output when combined with available resources is known as

A Dependent population
B Maximum population
C Active population
D Productive population
E Optimum population

Question 12:

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

A Percentage change in the quantity of X divded by the percentage change in the price of Y
B Percentage change in the quantity of X divided by change in the price of Y
C Change in the quantity of X divided by change in the price of Y
D Percentage change in the quantity of X divided by the price Y
E Percentage change in the price of X divided by percentage change in the quantity of Y

Question 13:

For two substitution goods, the cross elastic of demand is?

A Greater than one but less than two
B Zero
C Negative
D Positive
E Infinity

Question 14:

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

A Excess supply
B Favouritism
C Bribery and corruption
D Bllack marketing
E Hoarding

Question 15:

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A Equal to marginal cost
B Greater than marginal cost
C Greater than average total cost
D Equal to marginal revenue
E Equal to toal revenue