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Economics Past Questions and Answers

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Economics Questions

Question 1091:

The value of total output in the economy using the value added approach is

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A N57.00
B 37.00
C 20.00
D 15.00

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Question 1092:

In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when

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A \( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
B \(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
C P _x. MP _x = P _y. MP _y
D P _x P _y = MP _x. MP _y

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Question 1093:

Which of the following situations can give rise to economic problems?

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A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways

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Question 1094:

Which of the following situations can give rise to economic problems?

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A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways

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Question 1095:

Scale of preference refers to?

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A Consumers preference for luxury goods
B The household monthly income
C List of goods and servicesin order of priority
D Budget perparation without paying due regard to priority

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