Post Utme Joseph Ayo Babalola University 2023 Economics Question 3

Practice objective / multiple choice question 3 from the 2023 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2023 Economics Objective / Multiple Choice
Question 3 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2023 • ECONOMICS • objective

The Nigerian government has introduced a new policy to increase the production of rice. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of rice by 15%. What is the likely effect of this policy on the overall demand for rice?

Answer Options

A. The demand for rice will increase by 10%
Correct Answer B. The demand for rice will decrease by 5%
C. The demand for rice will remain the same
D. The demand for rice will increase by 15%
Correct Answer
B
Correct Option:
The demand for rice will decrease by 5%

About This Question

This is Post Utme Joseph Ayo Babalola University 2023 Economics Question 3. It is one of the objective questions from the 2023 Post Utme Joseph Ayo Babalola University Economics examination.

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