Post Utme Economics Past Questions and Answers

Question 736:

If the production possibilities curve were a straight down sloping line. this would suggest that ____________

A. It is possible to produce more of both products
B. Resources are perfectly shiftable between the production of these two goods C. both products are equally capable of satisfying consumer wants
C. The two products have identical prices

Question 737:

Productive efficiency refers to ____________

A. The use of the leastcost method of production
B. The production of the product-mix most wanted by society
C. The full employment of all available resources
D. Production at some points inside of the production possibilities curve.

Question 738:

Which of the following statements is correct?

A. If demand increases and supply decreases, equilibrium price will fall
B. If supply increases and demand decreases. equilibrium price will fall
C. If demand decreases and supply increases. equilibrium price will rise
D. If supply declines are demand remains constant. equilibrium price will fall

Question 739:

If depreciation exceeds gross investment ____________

A. The economy's stock of capital may be either growing or shrinking
B. The economy's stock of capital growing
C. Net investment is zero
D. The economy's stock of capital is shrinking.

Question 740:

Assuming the total population is 100 million. the civilian labor force is 50 million. and 47 million workers are employed. the unemployment rate is ____________

A. \(3 \%\)
B. \(6 \%\)
C. \(7 \%\)
D. \(5.3 \%\)