Post Utme Economics Past Questions and Answers

Question 571:

The difference between the gross domestic product (GDP) and gross national product (GNP) is ____________

A. Depreciation
B. Transfer payment
C. Net income from abroad
D. Direct taxes

Question 572:

Frictional unemployment occurs when ____________

A. There is a change in the technique of production
B. Job seekers lack information where jobs exist
C. Bad weather prevent work from progressing
D. Job seekers have disabilities

Question 573:

Which of the following is not a strong basis for trade union's demand for higher wages? The ____________

A. Company is making higher profit
B. Productivity of the workers has increased
C. Members of the union have high qualifications
D. Commodity produced by the ivorkers is very essential

Question 574:

The formula \(\mathrm{Y}=\mathrm{C}+1+\mathrm{G}+(\mathrm{X}-\mathrm{M})\) will be appropriate for measuring national income using the ____________

A. Income approach
B. Expenditure approach
C. Output approach
D. Factor approach.

Question 575:

The opportunity cost of a worker going to the university is ____________

A. Tuition, fees and books
B. Boarding and lodging
C. The wages given up to attend university
D. Transportation and entertainment.