Post Utme Economics Questions
Question 21:
Given Demand function: Qd = 5P + 10; Supply function: Qs = 7P — 5. The
equilibrium quantity is
- A 50
- B 55
- C 75.5
- D 47.5
- E 55.5
Question 22:
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 23:
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 can be
conveniently stored - C Excess demand is positive
- D Demand and supply curves intersect
- E Excess demand is negative
Question 24:
Which of the following is NOT an
advantage of localization of industries?
- A Reaping of external economies
- B Development of a pool of skilled labour for the industry
- C Development of subsidiary industries
- D Development of organized markets
- E Growth of conurbations
Question 25:
The crucial factors which determines the location of petroleum refineries in Nigeria are availability of raw materials and
- A Capital
- B Political consideration
- C Nearness to source of power
- D Labour
- E Availability of seaports