Post Utme University of Uyo Economics Past Questions and Answers

Question 1:

The three major agents of an economic system are the ____________

A. Consumer, workers and producers
B. Markets, telecommunication and banks
C. Schools, hospital and universities
D. Individuals, firm and government

Question 2:

Which of the following is not an advantage of tabular presentation of data?

A. Enables easy location of required figures
B. Makes for easy comparison of figures
C. Occupies more space than mathematical equation
D. Shows whether the figures are increasing or decreasing

Question 3:

The problem of scarcity is reduced by ____________

A. Controlling consumptions of goods and services
B. Producing everything needed by consumers
C. Ensuring efficient allocation of resources
D. Restricting consumer choices and tastes

Question 4:

Which of the following factors of production consists of man made goods

A. Land
B. Labour
C. Capital
D. Entrepreneur

Question 5:

A major limiting factor of mass production is ____________

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials