Post Utme University of Port Harcourt Economics Past Questions and Answers

Question 1:

The main economic objective behind the production of goods and services in any economy is to ____________

A. Maximize profit
B. Satisfy human wants
C. Become self-reliant
D. Job opportunities

Question 2:

In market economic resources are allocated through the ____________

A. Government authorities
B. Price system
C. Banking system
D. Central planning bureau

Question 3:

Which of the following statement describes a mixed economy?

A. The government and the private sector interact in solving the basic economic problems
B. The invisible hand solves the basic economic problem
C. The government produces and distributes all goods and services
D. Society answers the "what", 'how' and for 'whom' questions only through the market system

Question 4:

If a good is an inferior good, ____________

A. It is also necessarily a griffin good
B. The quantity of the good demand varies inversely with its good price
C. Its income elasticity of
D. The poor buy the good only out of habit

Question 5:

Total revenue is always equal to ____________

A. Marginal revenue multiplied by the quantity sold
B. Average revenue plus marginal revenue
C. Marginal revenue multiplied by marginal cost
D. Average revenue multiplied by the quantity sold