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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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4231

Goods are described as inferior if their demand

  • A. decreases as price falls
  • B. increases as income rises
  • C. decreases as income increases
  • D. increases as price increases
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4232

A consumer is in equilibrium when 

  • A. his market Supply is equal to his market demand
  • B. he maximizes his satisfaction from spending his income
  • C. the market is also in equilibrium
  • D. he has consumed all he wants
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4233

Goods that are abundant in supply usually have low

  • A. total utility
  • B. marginal utility
  • C. average utility
  • D. time utility
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4234

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

  • A. joint supply
  • B. competitive supply
  • C. market Supply
  • D. composite supply
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4235

If an increase in the supply of beef increased the supply of hides, then beef and hides are in
 

  • A. competitive supply
  • B. joint supply.
  • C. composite supply
  • D. joint demand 
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