Post Utme Economics Past Questions and Answers

Question 256:

The PAYE (Pay As You Earn) in Nigeria is an example of ___________

A. Indirect lax
B. Progressive tax
C. Regressive tax
D. Community tax
E. Flat-rate tax

Question 257:

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is ___________

A. 2: 2
B. 2: 1.5
C. 1.5: 4
D. 1.5: 2
E. 0.5: 1.5

Question 258:

Under perfect competition, the long-run equilibrium requires

A. MR = MG
B. MR = AC = AR
C. MR > MC
D. MR = AR = AC
E. AR = AC

Question 259:

Given that the total fixed cost is # 1,000. Total variable cost #2,500 and the output, 100 units. Find the average total cost of producing one unit.

A. #60
B. #45
C. #35
D. #30
E. #40

Question 260:

A capital market differs from the money market in that in the former

A. Ioan sought is shop term
B. Ioan repayment is guaranteed
C. Loan sought is long term
D. The percentage of interest charge is more
E. None of the above