Post Utme Economics Past Questions and Answers

Question 616:

In computation of GDP. the following are not included except ____________

A. All final goods produced and sold within the country
B. All used goods or goods sold outside of traditional market
C. All produce from home gardens that is grown and consumed by household
D. All the farm products that farmers exchange among themselves without ever being sold

Question 617:

The short-run equilibrium for a monopolist is achieved when ____________

A. Price equals MC
B. Price equals MR
C. MR equal MC
D. MR equal AR

Question 618:

When excess production results in loss leading to retrench. ment of workers in a particular firm, we have unemployment ____________

A. Structural
B. Residual
C. Voluntary
D. Cyclical

Question 619:

Which of the following determines price in a capitalist economy?

A. Government
B. Invisible
C. Producer
D. Consumer

Question 620:

Which approach do economists use to compute national output by adding up all the final goods and revenues produced in a country during a year calculated as a market price ____________

A. Value Added A pproach
B. Expenditure A pproach
C. Product Approach
D. National Savings Approach