Post Utme Economics Past Questions and Answers

Question 601:

Which of the following economists is against the principle of Laissez faire?

A. Adam Smith
B. Alfred Marshal
C. David Ricardo
D. Lord Keynes

Question 602:

Which of the following is used by a rational consumer when making economic decisions?

A. Total utility
B. Marginal utility
C. Marginal production
D. Total production

Question 603:

Which of the following is the most mobile factor of production?

A. Capital
B. Labour
C. Land
D. Machines

Question 604:

Which of the following is about producing at the lowest possible average money cost?

A. Lowest opportunity cost
B. Productive efficiency
C. Economies of scale
D. Technical efficiency

Question 605:

A good whose quantity demanded is indirectly related to consumer's income is ____________

A. Inferior good
B. Substitute good
C. Normal good
D. Complementary good