Post Utme Economics Questions
Question 1:
_____is the term that describes the cost of one product in terms of forgone production/acquisition of others.
- A Marginal cost
- B Production/acquisition cost
- C Optimum cost
- D Opportunity cost
- E Implicit cost
Question 2:
An activity does not have a cost when
- A The activity does not require the giving up of any other activity or thing
- B The government pays for it
- C It is carried out by a non-governmental organisation
- D It is not priced
- E It is easy to undertake.
Question 3:
Choices arise on account of ____
- A Numerous wants
- B Enough money to undertake effective demand
- C Scale of preference
- D Human wants being numerous but the time, money and influence to satisfy them are limited.
- E Needs
Question 4:
Economics is best defined as ____
- A The study of allocation of resources to satisfy human wants
- B The study of human behaviour in the process of buying and selling
- C Study of how nations grow and improve their welfare
- D The study of how to allocate scarce
resources to satisfy human wants - E All of the above.
Question 5:
Economics may be described as ____
- A The study of demand and supply of things in our environment
- B The study of production and distribution
- C The study of human behaviour in the allocation of scarce resources
- D The study of the employment of labour, capital, land and capital
- E The study of money and banking.