Post Utme Economics Questions
Question 106:
The following are the conditions that must be fulfilled for price ____________ determination EXCEPT
- A Market merger
- B Market segmentation
- C Demand elasticities differentiation
- D Product
- E None of the above
Question 107:
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 108:
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 109:
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
Question 110:
A production possibility curve shows ____________
- A How much of resources a society uses to produce a particular commodity
- B The rate of inflation
- C The rate of unemployment in an economy
- D The various combinations of the commodities that can be produced
- E All of the above