Post Utme Economics Past Questions and Answers

Question 716:

In Economics, human wants are usually described as ____________

A. Many
B. Insatiable
C. Limited
D. Numerous

Question 717:

Basic economic problems of society include the following except ____________

A. What to produce
B. How to produce
C. Where to produce
D. For whom to produce

Question 718:

The value of money is measured in terms of price index as follows ____________

A. Prince index \(=\frac{\text { price in the current year }}{\text { Price in the previous year }} \times 100 \%\)
B. Price index \(=\frac{\text { price in the previous year }}{\text { price in the current year }} \times 100 \%\)
C. Princeindex \(=\frac{\text { Price in the current year }}{\left(\begin{array}{c}\text { velocity of circulation } \\ \text { of money }\end{array}\right)} \times 100 \%\)
D. Princeindex \(=\frac{\text { prince in the base year }}{\text { Prince in the current year }} \times 100 \%\)

Question 719:

Marginal propensity to consumer (MPC) is calculated using one of the following formulae ____________

A. \(\mathrm{MPC}=\frac{\text { Change in saving }}{\text { change in income }}\)
B. \(\mathrm{MPC}=\frac{\text { Change in consumption }}{\text { Change in income }}\)
C. \(M P C=\frac{1}{1-M P C}=\frac{1}{M P S}\)
D. \(M P C=\frac{\text { Total savings }}{\text { Total incomes }}\)

Question 720:

Which of the following is TRUE of Marginal cost?

A. It is a cost incurred by the firm on variable inputs
B. It is the cost of producing one extra unit of a commodity at any output level
C. It is the sum of the fixed cost and variable cost
D. It is referred to as overhead cost