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Economics Past Questions and Answers

Post Utme Economics Questions

Question 211:

\begin{array}{|l|l|l|l|l|l|l|l|l|}
\hline \(\mathrm{Q}\) & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline \(\mathrm{Mu}\) & 16 & 14 & 12 & 10 & 8 & 6 & 4 & 2 \\
\hline Mus & 11 & 10 & 9 & 8 & 7 & 6 & 5 & 4 \\
\hline
\end{array}

In the above. The price of commodity \(\mathrm{y}\) is \(\mathrm{N} 2\) and that of \(x\) is \(\mathrm{H} 1\) while the individual has an income of \(+12\). Determine the combination of the two commodities the individual should consume to maximize his utility

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A \(6 y\) and \(4 x\)
B \(3 y\) and \(6 x\)
C \(5 y\) and \(5 x\)
D \(3 y\) and \(3 x\)

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Question 212:

The production possibility function can illustrate one of the following

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A The principle of opportunity cosi and increasing opportunity costs.
B The distinction between micro and macrocconomics.
C Efficient, infeasible and inefficient production combinations.
D All of the above.

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Question 213:

The quantity demanded (Qd) of a soft drink brand \(X\) has decreased. This could be because ____________

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A X's consumers have had an increase in income
B The price of \(X\) has increased
C X's advertising is not as effective as in the past
D The price of rival brand \(Y\) has increased.

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Question 214:

Economics used the term 'utility' to mean ____________

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A The value of a product before it has been advertised
B The satisfaction obtains from a good or service
C Total satisfaction gained when consuming a given number of units
D The contribution a good or service makes to social welfare.

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Question 215:

If the cross-price elasticity of demand between two goods is negative, then the two goods are ____________

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A Unrelated goods
B Substitutes
C Complements
D Normal goods

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