Post Utme Economics Past Questions and Answers

Question 711:

The following are advantages of socialism except ____________

A. Equitable distribution of resources
B. Absence of exploitation
C. Equitable distribution of income
D. Promotion of high standard of living

Question 712:

Marginal Product (MP) is best defined as ____________

A. Total product No of labour
B. Change in total product , Change in variable factor
C. Total product , Fixed factor
D. Average product , No of labour

Question 713:

Which of the following is NOT a limitation to division of labour and specialization ____________

A. The size of the market
B. Availability of capital
C. Interdependence among the workers
D. The nature of the product

Question 714:

The following are the advantages of internal economies of large scale production except ____________

A. Financial economics
B. Administrative economics
C. Technical economies
D. Market preference

Question 715:

The basic concepts of Economics are ____________

A. Choice, scarcity, resources and efficiency
B. Wants, scarcity, choice and scale of preference and opportunity cost
C. Wants. scarcity and choice
D. Wants, choice. scale of preference and opportunity cost