Post Utme Economics Past Questions and Answers

Question 476:

Which of the following correctly illustrates the chain of distribution?

A. Manufacturer wholesaler retailer consumer
B. Consumer retailer wholesaler manufacturer
C. Wholesaler manufacturer retailer consumer
D. Distributor consumer wholesaler manufacturer

Question 477:

Rent and interest are rewards to ____________

A. Labour and capital respectively
B. Land only
C. Capital only
D. Land and capital respectively

Question 478:

Diminishing returns occur in the short run when there is a reduction in the ____________

A. Average product of the fixed factor
B. Total product of the variable factor
C. Total product of the fixed factor
D. Marginal product of the variable factor

Question 479:

In production, factory buildings are regarded as ____________

A. Variable costs
B. Average cost
C. Marginal cost
D. Fixed cost

Question 480:

A movement along the same demand curve is caused by the ____________

A. Price of the product
B. Price of other products
C. Income of the consumer
D. Taste of the consumer