Post Utme University of Port Harcourt Economics Past Questions and Answers

Question 6:

A perfect example of a public good is ____________

A. Air
B. Education
C. Defence
D. Transport

Question 7:

If one orange cost 20k and one kilogram of beef cost #10, the opportunity cost of beef is ____________

A. #50
B. #10
C. #5
D. #9.30

Question 8:

One of the major advantages of specialization is that ____________

A. The worker becomes a tender of machines
B. It causes more employment of labour
C. Less machinery is required for production
D. The worker wastes less time between operation

Question 9:

The cross-elasticity of demand between complementary good is ____________

A. Unitary
B. Positive
C. Zero
D. Negative

Question 10:

In a particular competitive market, the firm is in long-run equilibrium at the output where ____________

A. Marginal cost is minimum
B. Average cost is minimum
C. Total revenue is maximum
D. Marginal revenue is maximum