Post Utme Economics Past Questions and Answers

Question 26:

The additional output obtained by using one more unit of a factor is called ____________

A. Marginal income
B. Additional product
C. Marginal revenue
D. Average product
E. Marginal physical product

Question 27:

The amount of labour a producer hires relative to other factor input depends on the ____________

A. Price of labour or its wage
B. Price of labour, machinery and other inputs
C. Price of machinery
D. Price of other inputs
E. Type of machinery

Question 28:

The concept of economic efficiency primarily refers to ____________

A. Obtaining the maximum output from available resources at the lowest possible cost
B. Conservation of our beg petroleum resources
C. Equity in the distribution of the nation's wealth
D. Producing without waste
E. None of the above

Question 29:

The law of diminishing returns often operates in the -

A. Long run
B. Short run
C. Medium term
D. Small scale production
E. None of the above

Question 30:

The main economic objective behind the production of goods and services in an economy is to ____________

A. Maximise profits
B. Satisfy human wants
C. Become self-reliant
D. Create job opportunities
E. Make people wealthy