Post Utme Economics Past Questions and Answers

Question 111:

If \(X\) represents the factors of production and \(Y\) represents the price factor, which of the following sets of association is correct?

A. (land, rent), (capital, wage), (labour, profit)
B. (land, interest), (capital, profit), (labour, wage)
C. (land, wage), (capital, interest), (labour, rent)
D. (land, rent), (capital, interest), (labour, wage)

Question 112:

If at \(10 \mathrm{k}\) per \(\mathrm{kg}, 1000 \mathrm{~kg}\) of yam were purchased and at \(5 \mathrm{k}\) per kg, 1500kg were purchased, the resultant point elasticity of demand is ____________

A. 0.33
B. 0.0001
C. 1
D. 10,000

Question 113:

A situation in which all inputs are doubled and output also doubles is known as ____________

A. Constant proportions
B. Constant returns
C. Increasing returns to scale
D. Constant returns to scale

Question 114:

Economic goods are termed scarce goods when they are ____________

A. Not available in sufficient quantities to satisfy all wants for them
B. Not produced in sufficient quantities to satisfy the effective demand for them
C. Of high quality
D. Of primary importance in satisfying the needs of society

Question 115:

Which of the following situations will give rise to economic problems?

A. Unlimited human wants
B. Wants of varying importance
C. Limited means for satisfying wants
D. Means used in different ways