Post Utme Economics Past Questions and Answers

Question 91:

The greatest proportion of government revenue in Nigeria comes from ____________

A. Export of raw materials
B. Income taxes on individuals and businesses
C. Custom duties and excise taxes
D. Loans and grants from industrially advanced countries

Question 92:

Privatization of governmentowned companies means the ____________

A. Relinquishing of government's equity participation to private individuals
B. Recapitalization of government- owned companies
C. Joint participation of government and private individuals
D. Commercialization and deregulation of the economy

Question 93:

Gains from trade depend on ____________

A. Comparative advantage
B. Absolute advantage
C. Distributive cost advantage
D. Absolute cost advantage

Question 94:

A country's import price index by 1995 was 50 and her index of export price was 70 , calculate the terms of trade ____________

A. \(20 \%\)
B. \(71 \%\)
C. \(120 \%\)
D. \(140 \%\)

Question 95:

Which of the following best describes the production function?

A. It indicates the best output to produce
B. It relates naira inputs to naira outputs
C. It relates physical outputs to physical inputs
D. It indicates the best way to combine factors to produce any given output