Economics Past Questions and Answers

Which of the following sets fully represents factors of production?

A Sunlight, machinery, man , land,
B Land, labour, capital, enterprise, technology
C Capital, technology, idaes, markets, land
D Land, water, weather
E Money, market , middlemen

Question 7:

Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

A One unit of shelter
B Three units of shelter
C One third of a unit of shelter
D Six units of shelter
E Two units of shelter

Question 8:

The concept of economic efficiency primary refers to?

A Obtaining the maximum output from available resources at the lowest cost
B Conservation of our petroleum resources
C Equity in the distribution of the nation's wealth
D Producing without waste
E The limited wants-unlimited resources dilemma

Question 9:

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

A The productivity of labour
B The law of diminishing marginal utility
C The law diminishing returns
D The concept of factor intensity
E Labour intensive production

Question 10:

A Nigerian household's demand curve for semovita is downward because?

A The demand for semovita is high
B The loal markets are flooded with semovita
C It is produced in Nigeria
D Every household can afford to buy semovita
E Higher prices attract lower quantities while lower prices attract larger quantities