Post Utme Economics Past Questions and Answers

Question 251:

How many development plans did Nigeria have between 1960 and 1984 ?

A. One
B. Two
C. Four
D. Five
E. Six

Question 252:

The act of combining factor inputs in order to obtain specific output is known as ___________

A. Factor procurement
B. Manufacturing
C. Investment
D. Industrialization
E. Production

Question 253:

Which of the following is not a part of the fixed costs of a limited liability company?

A. Interest on loans
B. Rent on buildings
C. Depreciation reserves
D. Management expenditure
E. Wages

Question 254:

If the price of commodity X falls from # 40.00 to # 30.00. What is the price elasticity of demand?

A. #0.62
B. #0.73
C. #1.00
D. #1.50

Question 255:

If a firm doubles its output and its costs increase by 60% the firm is experiencing ___________

A. Increasing costs
B. Economics of scale
C. Decreasing returns
D. Decreasing costs
E. None of the above