Post Utme Economics Past Questions and Answers

Question 16:

A major trading problems facing ECOWAS is ____________

A. The absence of common currency
B. Political instability
C. High poverty level
D. Non-implementation of decisions
E. Trade-related political crisis in Ivory coast

Question 17:

____________ is the term that describes the cost of one product in terms of forgone production/acquisition of others.

A. Marginal cost
B. Production/acquisition cost
C. Optimum cost
D. Opportunity cost
E. Implicit cost

Question 18:

An activity does not have a cost when ____________

A. The activity does not require the giving up of any other activity or thing
B. The government pays for it
C. It is carried out by a non-governmental organisation
D. It is not priced
E. It is easy to undertake.

Question 19:

Choices arise on account of ____________

A. Numerous wants
B. Enough money to undertake beg effective demand
C. Scale of preference
D. Human wants being numerous but the time, money and influence to satisfy them are limited
E. Needs

Question 20:

Economics is best defined as ____________

A. The study of allocation of resources to satisfy human wants
B. The study of human behaviour in the process of buying and selling
C. Study of how nations grow and improve their welfare
D. The study of how to allocate scarce resources to satisfy human wants
E. All of the above