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

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. $MPC=\frac{1}{1-MPC}=\frac{1}{MPS}$
D. $MPC=\frac{\text{ Total savings }}{\text{ Total incomes }}$

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