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Question 22 Economics (UI) | UI Post UTME
A
government authorities  
B
price system  
C
banking system  
D
central planning bureau  
E
revenue allocation formula  
Explanation.
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Correct Option:
B
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Question 23 Economics (UI) | UI Post UTME
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  
Explanation.
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Correct Option:
D
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Question 24 Economics (UI) | UI Post UTME
A
the reduction in the power of sellers  
B
the enthronement of consumer sovereignty  
C
the dismantling of barriers to trade  
D
the perfectly elastic price for every transaction  
E
the intersection of demand and supply curves  
Explanation.
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Correct Option:
B
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Question 25 Economics (UI) | UI Post UTME
A
market merger  
B
market segmentation  
C
demand elasticities  
D
product differentiation  
E
none of the above  
Explanation.
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Correct Option:
A
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Question 26 Economics (UI) | UI Post UTME
A
limit consumer demand  
B
enable producers make profits  
C
allocate scarce resources among competing ends  
D
ensure consumer sovereignty  
E
achieve excess capacity  
Explanation.
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Correct Option:
C
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Question 27 Economics (UI) | UI Post UTME
A
higher than the last price  
B
lower than the last price  
C
higher than the equilibrium price  
D
lower than the equilibrium price  
E
higher than the ceiling price  
Explanation.
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Correct Option:
D
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Question 28 Economics (UI) | UI Post UTME
A
their factor prices are equal  
B
their marginal products are equal to the factor prices  
C
their marginal products are each equal to zero  
D
the ratios of their marginal product equals the ratio of their prices  
E
none of the above  
Explanation.
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Correct Option:
B
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Question 29 Economics (UI) | UI Post UTME
A
how much of resources a society uses to produce a particular commodity  
B
the rate of inflation  
C
the rate of unemployment in an economy  
D
the various combinations of the commodities that can be produced  
E
all of the above  
Explanation.
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Correct Option:
D
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Question 30 Economics (UI) | UI Post UTME
A
use of inferior inputs  
B
inefficiency  
C
improvement in production techniques and practices  
D
changes in the product mix  
E
changes in consumer taste  
Explanation.
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Correct Option:
C
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