Post Utme Economics Past Questions and Answers

Question 631:

Which of these will not be a typical consequence of an import tariff?

A. Producer surplus increases in the domestic market
B. Consumer surplus increases in the domestic market
C. Deadweight loss is created
D. Government revenue is created

Question 632:

Consumers are referred to as "the king" in which of these economic systems?

A. Planned economy
B. Mixed economy
C. Socialist economy
D. Free Market economy

Question 633:

The real cost of a commodity is ____________

A. The cost of the alternative that has to be sacrificed for it
B. The alternative cost involved when the opportunity of buying the commodity is mixed
C. Its market price
D. The alternative that has to be forgone in order to purchase it

Question 634:

Economic problems arise mainly as a result of ____________

A. Inaccurate statistical data
B. Excessive wastage of available resources
C. Lack of foresight on the part of resource users
D. Limitations in available resources.

Question 635:

The three (3) major agents of an economic system are the ____________

A. Consumers. workers and producers
B. Individuals, firms and government
C. Politicians, bankers and entrepreneur
D. Consumers. producers and government