Post Utme Economics Past Questions and Answers

Question 241:

The three important parts of the definition of economies are _____________

A. People, firms and government
B. People, firms and equipment
C. Agents, choices and scarcity
D. Agents, choices and money

Question 242:

The term agents refer to _____________

A. Consumers, producers, voters, government etc
B. Women, children, men, teenagers etc
C. People who solve legal matters for other individuals
D. People who handle the financial future for sports, stars and celebrities

Question 243:

The term choices refers to _____________

A. Economic choices such as: what to buy, when and where to buy it, etc
B. Non-economic choices, such as: who to marry, how many children to have etc
C. Both of the above
D. Neither of the above

Question 244:

The term scarcity refers to _____________

A. Areas of the world where water is unavailable
B. Agents not having the ability to get everything they want
C. The problem of under- production of an individual good
D. Agents not having the ability to produce

Question 245:

Scarcity can come from limited resources. These limited resources can be _____________

A. Money
B. Time
C. Technology
D. All of the above