Economics Post UTME Past Questions | OAU Post UTME
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Question 1
The Consumer Price Index (CPI) measures the prices paid
Options
A)
for farm tractors
B)
for goods and services purchased by a typical household
C)
for goods and services bought by companies
D)
none of the above
Related Lesson: Additional Price Indices: PPI, GDP Deflator, and More | Inflation
Post CommentQuestion 2
If the real market price of a product is ₦20 per unit and in this market the government places a price ceiling at ₦30 per unit, what will happen?
Options
A)
people will buy the product at ₦30
B)
there will be surplus of the product in the market
C)
government price ceiling will not be effective
D)
government can put price ceiling below or above equilibrium price
Related Lesson: Key Concepts and Summary | Demand and Supply
Comments (1)Question 3
A rational consumer, does not
Options
A)
think marginally
B)
intentionally make himself or herself worse off
C)
try to maximize net benefit from consuming goods and services
D)
ever consume the wrong amount
Related Lesson: Key Concepts and Summary | Public Economy
Comments (1)Question 4
The participation rate is the
Options
A)
ratio of those working to those looking for work
B)
ratio of the unemployed to the labour force
C)
ratio of the labour force to the population
D)
ratio of the employed to the labour force
Related Lesson: Labor Force Participation Rate | Unemployment
Post CommentQuestion 5
A utility function is homothetic if
Options
A)
the marginal utility depends on the average of the goods
B)
the total utility depends on the sum of the goods
C)
the marginal rate of substitution for the function depends only on the ratio of the amount of the two goods
D)
the MRS for the function depends on the total quantities of the two goods
Related Lesson: The Aggregate Production Function | Economic Growth
Post CommentQuestion 6
A pricing behavior in which a firm charges different prices to different consumers for the same good or service is known as
Options
A)
uniform pricing behavior
B)
price discrimination
C)
market separability
D)
price differentiation
Related Lesson: Monopoly Price Discrimination | Market Structures
Post CommentQuestion 7
_____ is a market for the sale and purchase of existing securities
Options
A)
primary markets
B)
money market
C)
secondary market
D)
capital market
Related Lesson: The Money Market | Financial Institutions
Post CommentQuestion 8
The demand curve for a commodity is more elastic
Options
A)
the greater the number of goods substitutes available
B)
the greater the proportion of income spent on the commodity
C)
the longer the period of time considered
D)
all of the above
Related Lesson: Determinants of Price Elasticity of Demand | Theory of Demand
Post CommentQuestion 9
The velocity of money measures
Options
A)
the use of each unit of money in purchasing final output
B)
the average use of money in purchasing final output
C)
the average use of money by consumers in purchasing consumers goods
D)
the average use of money by the business sector
Related Lesson: Unpredictable Movements of Velocity | Monetary Policy and Bank Regulation
Post CommentQuestion 10
In computation of GDP, the following are not included except
Options
A)
all final goods produced and sold within the country
B)
all used good or goods sold outside of traditional market
C)
all produce from home gardens that is grown and consumed by household
D)
all the farm products that farmers exchange among themselves without ever being sold
Related Lesson: The Problem of Double Counting | The Macroeconomic Perspective
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