Post Utme Economics Past Questions and Answers

Question 546:

A list of consumers’ wants arranged in order of priority is known as ____________

A. A budget
B. An opportunity cost
C. Scale of preference
D. Choice

Question 547:

The transfer of owners of a public enterprise to individuals and firms is called ____________

A. Commercialization
B. Nationalization
C. Privatization
D. Restructuring

Question 548:

The theory of comparative cost advantage is associated with ____________

A. Alfred Marshal
B. Adam Smith
C. David Ricardo
D. J . B . Say

Question 549:

Which of the following is not an objective of the organization of petroleum Exporting Countries (OPEC)?

A. Stabilization of oil prizes
B. Co-ordinating
C. Harmonizing oil prices
D. Stagnation of developed economics.

Question 550:

Economics development is defined as ____________

A. Outward shift of the production possibility curve
B. Availability of more goods and services
C. Growth in personal income
D. Growth in national income