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4836

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

 

 

  • A. elastic demand
  • B. perfectly elastic demand
  • C. fairly inelastic demand
  • D. perfectly inelastic demand
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4837

 

 

A budget is balanced when expected total revenue is

 

  • A. less than total expenditure
  • B. greater than total expenditure
  • C. greater than expected expenditure
  • D. equal to expected expenditure
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4838

The following are reasons for the failure of agricultural policies in West Africa except

 

 

  • A. vague policy statements
  • B. negation of policies
  • C. creation of agro-service stations
  • D. provision of obsolete implements
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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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4839

 

Another term for equilibrium price is

 

  • A. demand price
  • B. satisfactory price
  • C. market clearing price
  • D. price floor
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4840

Table I above illustrates the law of

 

 

  • A. diminishing returns.
  • B. diminishing marginal productivity.
  • C. diminishing marginal utility.
  • D. variable proportion.
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