Economics Past Questions And Answers
1431
A utility maximizing household will allocate its expenditure so that?
- A. more naira is spent on commodities with the highest utility
- B. less naira is spent on commodities with the lowest utility
- C. the utility of the last naira spent on each commodity is equal
- D. the amount spent on each commodity is equal
1432
The creation of utility can be referred to as
- A. value added
- B. profit maximization
- C. entreprenuership
- D. production
1433
A Nigerian household demand curve for semovita is downward sloping because
- A. the demand for semovita is high
- B. the local markets are flooded with semovita
- C. semovita is produced in Nigeria
- D. the higher the price of semovita, the lower the quantity demanded
1434
proportional tax refers to
- A. taxation of the rich only
- B. equal tax rate for all people
- C. unequal tax rate for all people
- D. taxation of civil servants only
1435
Technical progress that leads to a reduction in costs results in?
- A. an increase in equilibrium price and quantity
- B. a decrease in equilibrium price and quantity
- C. an increase in equilibrium price and decrease in equilibrium quantity
- D. a decrease in equilibrium price and increase in equilibrium quantity
1436
The trade unions in West Africa have achieved the following for the workers except
- A. increased wages
- B. better condition of services
- C. competitive determination of wage rate
- D. improved welfare facilities
1437
A consumer of a single commodity is in equilibrium when
- A. his marginal utility is equal to zero
- B. he can equate his demand with price
- C. he equates marginal utility and price
- D. he can equate his marginal and total utilities
1438
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
- A. 0.0
- B. 1
- C. 2
- D. 5
1439
If the population of a country is low and the Gross National Product is high, the per capita income will be
- A. high
- B. low
- C. average
- D. unitary
1440
When a generalization is made based on observed facts, it is
- A. inductive reasoning
- B. normative reasoning
- C. theoretical reasoning
- D. deductive reasoning