Post Utme Economics Past Questions and Answers

Question 561:

Economic activities are undertaken to solve the problem of ____________

A. Consumption
B. Opportunity cost
C. Production
D. Scarcity

Question 562:

Government revenue from the groundnut industry is from ____________

A. Licenses
B. Rents
C. Royalties
D. Taxes

Question 563:

Among principles of taxation propounded by Adam Smith was that ____________

A. A tax should be impossible to evade
B. A tax should be convenient to pay
C. No tax should be impossible to evade
D. There should be no taxation without representation

Question 564:

The Central Bank controls credits in the economy through the use of ____________

A. Legal lender
B. Travelers
C. Foreign exchange instruments
D. Open market operations

Question 565:

Wholesalers are often criticized because the ____________

A. Help to break the bulk
B. Final producers
C. Increase prices
D. Provide after-scale services.