Post Utme Economics Past Questions and Answers

Question 186:

When the importation of a commodity is limited to a definite quantity, the trade control means used is known as ____________

A. Exchange control
B. Tax relief
C. Devaluation
D. Quotas

Question 187:

A firm operating at full capacity will experience rising short-run total costs when ____________

A. Prices of its variable inputs rise
B. Prices of its variable inputs fall
C. There is change in management
D. Labour productivity increases

Question 188:

The distinction between onshore and offshore operation lies in the ____________

A. Location of sites
B. Output generated
C. Size of production
D. Techniques of production

Question 189:

The burden of a government tax on a commodity whose demand is inelastic will ____________

A. Be borne only by the government
B. Fall more heavily on consumers
C. Be shared equally between consumers and producers
D. Fall more heavily on producers

Question 190:

A major advantage of industrialization is that it ____________

A. Leads to self-reliance
B. Curbs inflation
C. Leads to growth and development
D. Improves the terms of trade