Post Utme Economics Questions
Question 76:
The basic feature of a market economy is ____
- A The reduction in the power of sellers
- B The enthronement of consumer
sovereignty - C The dismantling of barriers to trade
- D The perfectly elastic price for every
transaction - E The intersection of demand and supply curves
Question 77:
The following are the conditions that must be fulfilled for price determination EXCEPT ___
- A Market merger
- B Market segmentation
- C Demand elasticities
- D Product differentiation
- E None of the above
Question 78:
The main function of price mechanism is to ____
- A Limit consumer demand
- B Enable producers make profits
- C Allocate scarce resources among
competing ends - D Ensure consumer sovereignty
- E Achieve excess capacity
Question 79:
When government intervenes in price-setting, the regulated price is usually
- A Higher than the last price
- B Lower than the last price
- C Higher than the equilibrium price
- D Lower than the equilibrium price
- E Higher than the ceiling price
Question 80:
A firm achieves least cost in production by substituting factors until
- A Their factor prices are equal
- B Their marginal products are equal to the factor prices
- C Their marginal products are each equal to zero
- D The ratios of their marginal product equals the ratio of their prices
- E None of the above