Post Utme Economics Past Questions and Answers

Question 341:

Price can be defined as ____________

A. Standard of accounting
B. A medium of exchange
C. The cost of a product
D. The standard of accounting

Question 342:

Preye has the choice of buying either a house or a Peugeot car for ₦1.5m Plus ₦0.5m running cost. If he decides to buy the Peugeot car, his opportunity cost is ____________

A. ₦1.5m
B. ₦2.0m
C. The house
D. The car

Question 343:

Plywood industries are often located near the source of ____________

A. Finance
B. Labour
C. Power
D. Raw materials

Question 344:

Inflation in the Nigerian economy may be fuelled by increase in ____________

A. The dollar price of crude oil
B. Sale of company share
C. Government expenditure
D. Sale of the government bond

Question 345:

In which of the following economic systems is the consumer referred to as king?

A. Planned economy
B. Mixed economy
C. Traditional economy
D. Free market economy