Post Utme Economics Questions
Question 101:
When the supply of a commodity is fixed, its price elasticity of supply is said to be ____________
- A Perfectly elastic
- B Perfectly inelastic
- C Undefined
- D Elastic
- E Inelastic
Question 102:
Given Demand function: Q_{d}=5 P+10; Supply function: Q_{s}=7 P-5.
The equilibrium quantity is ____________
- A 50
- B 55
- C 75.5
- D 47.5
- E 55.5
Question 103:
In market economies, resources are allocated through the ____________
- A Government authorities
- B Price system
- C Banking system
- D Central planning bureau
- E Revenue allocation formula
Question 104:
In the operation of market forces, the market is in equilibrium at the point where ____________
- A Demand and supply curve intersects in more than one point
- B The excess in the market
- C Excess demand is positive curves intersect
- D Demand and supply can be conveniently stored
- E Excess demand is negative
Question 105:
The basic feature of a market economy is ____________
- A The reduction in the power of sellers the enthronement of consumer sovereignty
- B The dismantling of barriers to trade
- C The perfectly elastic price for every transaction
- D The intersection of demand and supply curves