Post Utme Economics Questions
Question 366:
Price elasticity of demand measures:
- A Relationship between income and expenditure
- B Increase in production cost only
- C Responsiveness of quantity demanded to price change
- D Change in supply caused by taxation
Question 367:
Which goods commonly have inelastic demand?
- A Luxury jewelry
- B Necessity goods
- C Expensive perfumes
- D Fashion accessories
Question 368:
A perfectly elastic demand curve is:
- A Downward sloping steeply
- B Vertical
- C Upward sloping fully
- D Horizontal
Question 369:
Cross elasticity of demand measures:
- A Response of demand for one good to price change of another good
- B Government response to inflation
- C Relationship between income and savings
- D Response of supply to production cost
Question 370:
One major importance of national income is:
- A Measuring economic performance
- B Measuring voting behavior
- C Determining rainfall patterns
- D Predicting weather conditions