Post Utme Economics Past Questions and Answers

Question 176:

One of the major consequences of urban-biased development programs in Nigeria is that they ____________

A. Led to rapid rural-urban migration
B. Led to unprecedented urban wealth
C. Transformed rural areas into urban centres
D. Increased the level of specialized manpower in the cities
E. Led to increase in number of schools

Question 177:

An increase in discount rate is an indication of a central banks intention to pursue ____________

A. An expansionary monetary policy
B. A disciplined monetary policy
C. A dynamic monetary policy
D. A contractionary monetary policy
E. None of the above

Question 178:

One of the problems arising from the localization of industries is ____________

A. High prices of output
B. The exportation of output
C. The scarcity of foreign exchange
D. Structural unemployment
E. Cyclical unemployment

Question 179:

An important factor hindering the rapid development of the ____________

A. Rural-urban migration
B. Excessive demand for finished products
C. Inadequate infrastructural facility
D. The dominance of the oil sector
E. All the above

Question 180:

Given that the total fixed cost is ₦1000, total variable cost ₦2,500 and the output 100 units.
The average cost of producing one unit is ____________

A. ₦60
B. ₦45
C. ₦35
D. ₦30