Post Utme Eksu 2024 Economics Question 27

Practice objective / multiple choice question 27 from the 2024 Post Utme Eksu Economics examination.

Post Utme Eksu 2024 Economics Objective / Multiple Choice
Question 27 POST_UTME_EKSU • 2024 • ECONOMICS • objective

A consumer has a budget of ₦10,000 to sp\end on two goods, X and Y. The price of good X is ₦2,000 and the price of good Y is ₦1,500. U\sing the concept of budget constraint, explain why the consumer may choose to sp\end all of their budget on good X.

Answer Options

A. The consumer has a high income elasticity of demand for good X, leading to a high demand for the good.
B. The consumer has a low income elasticity of demand for good Y, leading to a low demand for the good.
Correct Answer C. The consumer has a budget constraint that limits their ability to purchase good Y.
D. The consumer has a high price elasticity of demand for good X, leading to a high demand for the good.
Correct Answer
C
Correct Option:
The consumer has a budget constraint that limits their ability to purchase good Y.

About This Question

This is Post Utme Eksu 2024 Economics Question 27. It is one of the objective questions from the 2024 Post Utme Eksu Economics examination.

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