Post Utme Economics Past Questions and Answers

Question 386:

Which of these are true of a perfect competition?

A. P=AR <MR
B. P>AR=MR
C. P>MR<AR
D. P>AR<MR

Question 387:

Which of the following factors is not important in deciding the location of an industry?

A. The native language of the people
B. Availabiity of suitable labour
C. Sources of cheap power and raw materials
D. Proximtty to the location of a similar industry

Question 388:

Which of the following items is NOT included in measuring national income by the income approach?

A. Wages and salaries
B. Students grants and scholarships
C. Profits of companies
D. Income earned by self-employed persons

Question 389:

When a nation is experiencing balance of payment surplus, it is in a better position to ____________

A. Increase her foreign exchange reserves
B. Increase her liabilities to foreigners
C. Reduce her foreign exchange reserves
D. Devalue her national currency

Question 390:

The necessity for the study of economics arises due to ____________

A. Need to satisfy every desire of man
B. Scarcity of resources
C. Large population size of the world
D. Opportunity cost of goods and services