Post Utme Economics Past Questions and Answers

Question 816:

A producer sustains a loss in the short run if ____________

A. Marginal revenue is less than price
B. Price is less than average cost
C. Marginal cost is less than marginal revenue
D. Average variable cost is less than average cost

Question 817:

The situation in which the total amount of government spending exceeds total revenues is called

A. Balanced budget
B. Budge surplus
C. Budget deficit
D. Fiseal surplus

Question 818:

Middlemen in an economy perform the function of ____________

A. Protection
B. Hoarding
C. Distribution
D. Exchange

Question 819:

Line E in the diagram below represents ____________

A. Total cost
B. Variable cost
C. Average cost
D. Fixed cost

Question 820:

The only essential attribute of a good currency is ____________

A. Scarcity
B. Homogeneity
C. Acceptability
D. Cognoscibility