Post Utme Economics Past Questions and Answers

Question 101:

Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?

A. The infrastructural facilities in the cities
B. Declining fertility of rural farmlands
C. Rural electrification programme
D. Higher living standards in urban areas

Question 102:

The necessity of choice is due to the fact that ____________

A. Human wants are insatiable
B. Customers like to maximize satisfaction
C. Resources are abundant
D. Consumers are selective

Question 103:

What is meant by labour supply?

A. Number of people in working population
B. Number of men and hours they work
C. Number of hours during which the middle-aged persons work
D. Number of workforces multiplied by the hours they worked

Question 104:

Any payment to a factor of production in excess of what is necessary to keep its present employment is known as ____________

A. Real income
B. Profit
C. Economic rent
D. Real wage

Question 105:

The market where there are many differentiated products is called ____________

A. Monopoly
B. Perfect competition
C. Monopolistic competition
D. Oligopoly