Post Utme Economics Past Questions and Answers

Question 96:

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the ____________

A. Interest rate
B. Returns on capital
C. Alternate capital forgone
D. Shadow price of foreign exchange

Question 97:

Which of the following reward is associated with entrepreneurship as a factor of production?

A. Salaries
B. Profits
C. Interests
D. Rents

Question 98:

In a market economy, the question of what, how and for whom to produce are solved by the ____________

A. Elected representative of the people
B. Planning committee
C. Price mechanism
D. Government

Question 99:

At any given level of output, a firm's total variable cost equals ____________

A. Total cost less marginal cost
B. Total cost less total fixed cost
C. Total cost less average cost
D. Average variable cost and marginal variable cost

Question 100:

\begin{tabular}{|l|l|}
\hline Age groups (years) & Distribution \\
\hline Above 60 & 30 \\
\hline \(15-60\) & 45 \\
\hline \(0-14\) & 25 \\
\hline
\end{tabular}

The estimated dependency ratio of the population shown above is ____________

A. \(11: 9\)
B. \(9: 11\)
C. \(7: 3\)
D. \(3: 7\)