Post Utme Economics Past Questions and Answers

Question 361:

Terms of trade simply means the price ____________

A. Ratio of import to export
B. Ratio of export multiplied by import
C. Ratio of export to import
D. Ratio of export multiplied by price ratio of import

Question 362:

In perfect competition, the marginal cost curve intersects the average cost curve ____________

A. From below at its lowest point
B. From above at its lowest point
C. From below before the lowest point
D. At the zero point

Question 363:

International trade takes place because of differences in ____________

A. Production cost
B. Language
C. Government
D. Currency

Question 364:

One major aim of a cartel is ____________

A. Increase production
B. Regulate output through quota system
C. Have a joint account
D. Share profits equally

Question 365:

Which of the following does not hinder the efficient distnbution of goods in West Afnca?

A. Inadequate transportation network
B. Inadequate storage facilities for agricultural goods
C. Inadequate credit facilities for potential distributors
D. Government participation in the distributive trade