Post Utme Economics Past Questions and Answers

Question 696:

A stock variable is measured ____________

A. Over a period
B. At a point
C. Consistently
D. Intermittently

Question 697:

When lump-sum tax is paid by a producer. it means that ____________

A. The tax is paid proportional to the quantity of output produced
B. The tax is paid regardless of volume of output
C. The tax is paid in arrears
D. The ta. is returned to the producer after the payment

Question 698:

Which the following is not correct ____________

A. Average variable cost equals average total cost minus average fixed cost
B. Average fixed cost equals average variable cost minus average total cost
C. Average total cost equals average variable cost plus average fixed cost
D. Average total cost minus average variable cost equal average fixed cost

Question 699:

Normal profit means ____________

A. All the accountant cost are covered but not all the economist cost
B. All the economist cost are covered but not all the accountant cost
C. More than economist cost are covered
D. None of the economist and accountant costs is covered

Question 700:

Which the following is not true of price mechanism ____________

A. Equilibrium price is determined by forces of demand and supply
B. Individual households and firms pursue personal interest
C. Producers and consumers are rational in decision making
D. Price control is prominent in the commodity and input markets