Post Utme Economics Past Questions and Answers

Question 801:

Given that fixed cost is #500.00 variable cost is N1.500.00 and output is 40 units. what will be the average cost of producing one unit?

A. #12.50
B. #37.50
C. # 50.00
D. #500.00

Question 802:

Economics is founded on the principle that ____________

A. Human wants are more than human wants
B. Material things are more than human wants
C. Human wants are limitless while the means to satisfy them are limited
D. Human needs are easy to define

Question 803:

The capital economic system is characterized by all the following except ____________

A. Primate ownership of the means of production
B. Equitable distribution of income and wealth
C. Capital accumulation
D. Markets and prices co-ordinate economic activities

Question 804:

If the equation relating consumption (C) to income \((Y)\) is \(\mathrm{C}=\mathrm{N} 7.500+0.2 \mathrm{Y}\), then ____________

A. Consumption is inversely related to income
B. Consumption is the independent variable and income is the dependent variable
C. If income is \(\mathrm{N} 15.000\). the consumption is \(\mathrm{N} 10.500 D. if consumption is \(\mathrm{N} 30.000\). then income is \(\mathrm{N} 10.000\)

Question 805:

Which of the following statements is correct? The Central Bank ____________

A. Prints the country's currency
B. Handles 2 the collection of debis owned to the government
C. Lends money to businessmen
D. Issues the country's currency