Post Utme Economics Past Questions and Answers

Question 351:

Budget deficit is the amount by which ____________

A. Total expenditure exceeds revenue
B. Recurrent expenditure exceeds revenue
C. Capital expenditure exceeds revenue
D. Recurrent expenditure exceeds capital expenditure

Question 352:

Bisi needs a book costing #10. If Bisi buys the book instead of a hat, the opportunity cost of his choice is ____________

A. The cost of the book
B. The cost of the hat
C. The book
D. The hat

Question 353:

Below equilibrium, the gap between aggregate demand and the full employment level of income is called the ____________

A. Inflationary gap
B. Income gap
C. Unemployment
D. Deflationary gap

Question 354:

A scale of preference is a list ____________

A. Of all satisfied wants arranged in order of magnitude
B. Individual to make a rational choice
C. Of consumer's wants arranged in order of importance
D. That enables the consumer to make a wise decision about his choice

Question 355:

A rightward shift in production possibility frontier may be due to ____________

A. Use of inferior inputs
B. Inefficiency
C. Improvement in production techniques and practices
D. Change in the product mix