Post Utme Economics Past Questions and Answers

Question 621:

Microeconomics is concerned with ____________

A. The aggregate or total levels of income, employment and output
B. A detailed examination of specific economic units that make up the economic system
C. Positive economics, but not normative economics
D. The establishing of an overall view of the operation of the economic system.

Question 622:

A budget line describes ____________

A. A person's production possibilities
B. A person's production opportunities
C. The shape of the person's demand curve
D. The limits to a person's consumption possibilities

Question 623:

Marginal Utility is the ____________

A. Pleasure or satisfaction from consuming a particular quantity of a good
B. Average utility per unit consumed
C. Change in total utility that results from a one unit change in the quantity of a good consumed
D. Quantity of goods that a consumer prefers

Question 624:

In the short-run. firms increase output by ____________

A. Increasing the amount of labour used
B. Decreasing the size of their plant
C. Increasing the size of their plant
D. Decreasing the amount of labour used

Question 625:

Which of the following leads to an initial increase in the aggregate demand of an economy?

A. An increase in the price of energy
B. A decrease in consumer wealth
C. An increase in investment
D. An increase in the wage rate