Post Utme Economics Past Questions and Answers

Question 451:

A major function of the price mechanism is that it determines the ____________

A. Allocation of resources
B. Amount of national savings
C. Population of the country
D. Number of goods and services

Question 452:

Which of the following determinants of supply cannot be predicted easily?

A. Price of the commodity
B. New techniques of production
C. National emergencies
D. Mobility of labour

Question 453:

Small scale enterprises are important in a country because ____________

A. They usually produced goods for the dependants
B. They provide after sales only to the rich
C. The prices of their products are fixed
D. They render personalized services to the consumers

Question 454:

Which of the following is regarded as fixed cost?

A. Expenditure on raw materials
B. Expenditure on fuel
C. Expenditure on power
D. Rent and land

Question 455:

A business outfit is said to be a public limited company when it ____________

A. Is owned by government
B. Operates as a public corporation
C. Is Rup by the public
D. Sells its shares to members of the public