Economics2013/2014
The total quantity supplied of books per week is represented by the function Qs = 70 + V2P. At a price of N8.00, the quantity supplied is
See more
2013/2014 ABU Post UTME Economics Past Questions
Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
Economics2013/2014
A firm in a perfectly competitive market is faced with a demand curve whose elasticity is
See more
Economics2013/2014
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in price is
See more
Economics2013/2014
If an increase in the price of a commodity leads to an increase in total revenue, then it means that the demand for this commodity is
See more
Economics2013/2014
Which of the following factors is an important determinant of the magnitude of price elasticity of demand?
See more
Economics2013/2014
If as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is
See more
Economics2013/2014
If at 20k per kg, 2000kg of yams were purchased, and at 10k per kg, 3000kg were purchased, the resultant point elasticity of demand is
See more
Economics2013/2014
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the
See more
Economics2013/2014
One of the following is not a property of an indifference curve
See more
Economics2013/2014
The law of diminishing marginal utility states that
See more
Economics2013/2014
For a consumer of two commodities, equilibrium is attained when
See more
Economics2013/2014
A consumer is said to be rational if
See more