Post Utme Economics Questions
Question 141:
Which of the following statement describes a mixed economy?
- A The government and the private sector interact in solving the basic economic problems
- B The invisible hand solves the basic economic problem
- C The government produces and distributes all goods and services
- D Society answers the "what", 'how' and for 'whom' questions only through the market system
Question 142:
If a good is an inferior good, ____________
- A It is also necessarily a griffin good
- B The quantity of the good demand varies inversely with its good price
- C Its income elasticity of
- D The poor buy the good only out of habit
Question 143:
Total revenue is always equal to ____________
- A Marginal revenue multiplied by the quantity sold
- B Average revenue plus marginal revenue
- C Marginal revenue multiplied by marginal cost
- D Average revenue multiplied by the quantity sold
Question 144:
A perfect example of a public good is ____________
- A Air
- B Education
- C Defence
- D Transport
Question 145:
If one orange cost 20k and one kilogram of beef cost #10, the opportunity cost of beef is ____________
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