Post Utme Economics Past Questions and Answers

Question 581:

One objective of the Organisation of petroleum Exporting Countries (OPEC) is to ____________

A. Harmonise and stabilize oil prices
B. Ensure excess supply of oil to consuming countries
C. Subsidise oil prices in member countries
D. Assist member countries to exploit oil resources

Question 582:

Which of the following is not emphasized in a production possibility curve?

A. Scarcity of resources
B. Economic development
C. Inefficiency in the use of resources
D. Unemployment of labour

Question 583:

A doivnward sloping demand curve means that ____________

A. Total revenue declines as price is lowered
B. Demand falls as output rises
C. Demand falls as output falls
D. Price must be lowered to sell more.

Question 584:

In the long-run. A firm must shut down if its average revenue is ____________

A. Greater than average cost
B. Less than average variable cost
C. Equal to the minimum average cost
D. Equal to the average cost.

Question 585:

"The larger a firm, the lower its cost of production" This statement explains the ____________

A. Law of diminishing returns
B. Concept of economics of scale
C. Law of comparative cost advantage
D. Theory of division of labour