Post Utme Economics Questions
Question 56:
Industries contribute to national
economic development because they
- A Utilize local raw material
- B Employ an increasing number of labour
- C Provide recreational facilities
- D Use modern machines which replace human labour
- E All of the above
Question 57:
Infant industries are ____
- A Baby food and baby clothing factories
- B Those which are introducing new products
- C Cases of arrested development
- D Industries temporarily protected by tariffs barriers until mature enough to compete on world markets
- E Industries that are allowed to remain permanent cases of adolescence
Question 58:
The export-promotion strategy is aimed at producing ____
- A Consumer goods originally imported
- B Machinery for industries
- C More goods for exports
- D More goods for domestic consumption
- E Increasing export of goods needed in
developed countries
Question 59:
Long run cost is U-shaped because of the operation of
- A Economies of scale on the left-hand side and diseconomies of scale on the right-hand side
- B Diseconomies of scale on the left- and right-hand sides
- C Economies of scale on the left- and right-hand sides
- D Constant return to scale
- E Diseconomies of scale of the left-hand side and economies of scale of the right-hand side
Question 60:
Marginal cost is the cost
- A The lowest cost of producing goods
- B The cost of production of the most efficient
firm in an industry - C The cost of production of the most
inefficient firm in an industry - D The cost of production of the last unit of goods produced by a firm
- E The cost of production at which minimum profit is obtained by the firm