Post Utme Economics Past Questions and Answers

Question 496:

Which of the following best describes the subject matter of the principles of economics

A. Resource allocation in the economy
B. Decision making by households
C. Chose making by government
D. Purchase of resources by society

Question 497:

Resources allocation means ____________

A. Which goods and services to produce with available land, labour and capital
B. Spending of income by society
C. Purchase of resources by society
D. Spending of income by individuals

Question 498:

Scarcity of economy means ____________

A. Shortage of a particular good
B. Few buggy whips are manufactured
C. Society’s desire wants exceed satisfying capacity of resources
D. Much money in the economy

Question 499:

In a capital economy resources are allocated by ____________

A. Tradition
B. Command
C. Market
D. Government

Question 500:

Plan on going to a N500 football match instead of studying for an exam. The total opportunity cost of the match

A. Depends on my score in the exams
B. Is N500
C. Is what else I could have purchased with N500 plus the study time forgone
D. Is the examination