Post Utme Mountain Top University 2017 Commerce Question 26

Practice objective / multiple choice question 26 from the 2017 Post Utme Mountain Top University Commerce examination.

Post Utme Mountain Top University 2017 Commerce Objective / Multiple Choice
Question 26 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2017 • COMMERCE • objective

The concept of 'Giffen Goods' in economics is associated with the law of demand. Which of the following is a characteristic of Giffen Goods?

Answer Options

A. The demand for Giffen Goods increases as income increases.
B. The demand for Giffen Goods decreases as income decreases.
Correct Answer C. The demand for Giffen Goods increases as income decreases.
D. The demand for Giffen Goods decreases as income increases.
Correct Answer
C
Correct Option:
The demand for Giffen Goods increases as income decreases.

About This Question

This is Post Utme Mountain Top University 2017 Commerce Question 26. It is one of the objective questions from the 2017 Post Utme Mountain Top University Commerce examination.

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