Post Utme Economics Past Questions and Answers

Question 226:

If P = ½ (Qs + 15), what is the quantity supplied at ₦9.00?

A. 1.5
B. 3.0
C. 12.0
D. 33.0

Question 227:

A public liability company is run on a daily basis by ____________

A. The chief executive
B. The shareholders
C. The board of directors
D. Financial consultants

Question 228:

The term balance of trade can be defined as the?

A. Relation between value of exports and value of imports over a given period of time
B. Balance owed to the rest of the world in payment for imports
C. Price paid for imports in term of exports
D. Relation between payments of all kind made by a country to the rest of the world, over a given period of time

Question 229:

The main function of price mechanism is to ____________

A. Limit consumer demand
B. Enable producers make profit
C. Allocate scarce resources among competing needs
D. Ensure consumer sovereignty

Question 230:

Average Fixed Cost is ____________

A. Average Total Cost less the sum of Average Variable Cost
B. Half the sum of all costs
C. Total Fixed Cost divided by the level of output
D. Total Fixed Cost plus Marginal Cost