Post Utme Economics Past Questions and Answers

Question 391:

The bank of industry is ____________

A. A commercial bank
B. A development bank
C. An industrial bank
D. A merchant bank

Question 392:

Scarcity in Economics mean that resources ____________

A. Are not enough to share among the producers of goods and services
B. Needed to satisfy human wants are limited
C. Are never enough to share among consumers of goods and services
D. Required to meet our essential wants are unlimited

Question 393:

For each additional unit of a commodity we produce ____________

A. The more we must give up for the second commodity
B. The greater the amount we must consume
C. The more we face decreasing cost of production.

Question 394:

In a free enterprise economy the three fundamental economic question of what, how and for who to produce are answered by

A. The technique of production
B. The price mechanism
C. Government action

Question 395:

Economic studies individuals and organizations in society engaged in the ____________

A. Production of goods and services
B. Exchange of good and services
C. All of the above