Post Utme Economics Past Questions and Answers

Question 201:

The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal

A. Utility
B. Productivity
C. Rate of substitution
D. Revenue

Question 202:

If the cost of production for a firm continues to increase as its output rises, the firm said to be experiencing

A. Large scale production
B. Profit maximization
C. Economies of scale
D. Diseconomies of scale

Question 203:

The three major groups of government revenue are

A. Investments income, direct lax and indirect tax
B. Import duties, excise duties and export duties
C. Company tax, personal income tax and import duties
D. Company tax, import duties and excise tax

Question 204:

Short-run period in production is a period short for a firm to be able to change its ____________

A. Scale of production
B. Total revenue
C. Variable inputs
D. Total outputs

Question 205:

Given that the total fixed cost is ₦1,000 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