Post Utme Economics Past Questions and Answers

Question 236:

One of the economic problems of Nigeria today arises from ____________

A. The over utilization of natural resources
B. In availability of mineral resources
C. Inadequate manpower
D. Output is not profitable

Question 237:

The short-run period in the produce is defined as a period when ____________

A. There is at least one fixed factor
B. All cost is of production must be covered
C. The output cannot be varied
D. Current output is not profitable

Question 238:

The shape of a production possibility frontier is determined by the ____________

A. Increasing relative costs
B. Returns to scale
C. Diminishing returns to a fixed factor
D. Increasing returns to a variable factor

Question 239:

In a planned economy, what shall be produced is determined primarily by ____________

A. What the customers wants
B. Government decisions
C. Price mechanism
D. The fallen of consumer spending

Question 240:

In a small-scale business, the fixed cost is # 5000, variable cost is #15000 and the output is 500 units. What will be the unit cost of the goods?

A. #400
B. #80
C. #40
D. #20