Post Utme Economics Past Questions and Answers

Question 116:

\begin{tabular}{|l|l|}
\hline Population (Millions) & Food production (million tonnes) \\
\hline 50 & 220 \\
\hline 70 & 210 \\
\hline 90 & 225 \\
\hline 100 & 275 \\
\hline
\end{tabular}

In the table above, what is the optimum population in million?

A. 50
B. 70
C. 90
D. 100

Question 117:

An accurate census is important to a country because it helps ____________

A. In solving unemployment problem
B. To ensure equitable population distribution relative to natural resources
C. In deciding on creation of more local government
D. In providing sound basis for formulating development policy

Question 118:

Circular flow of income defines the ____________

A. Relationship between end and means in the economic system
B. Allocation of income to various members of the household
C. Flow of goods, services and money amongst the various macro-section of the economy
D. Microeconomic relationships in economic analysis

Question 119:

In the long run, all production factors are ____________

A. Fixed
B. Semi-fixed
C. Variable
D. Semi-variable

Question 120:

The advantages which firms obtain directly from expanding their operations are referred to as ____________

A. Internal economies of scale
B. External economies of scale
C. Economies of localization
D. Economies of resource allocation