Post Utme Economics Questions
Question 86:
Economic efficiency means ____
- A Obtaining maximum output from available resources
- B Equitable distribution of nation’s resources
- C Carrying out production without any waste
- D Producing the maximum output from available resources at the lowest possible cost
- E Efficient utilisation of the nation’s
resources.
Question 87:
External economies are
- A The advantages accruing to firm as a result of its expansion
- B The advantages accruing to one firm as a result of the existence of other firms in the same locality
- C Benefits derived by a firm as a result of its own external economies policy
- D Economies reaped only by firms that are externally focused
- E Bound to increase the cost of production
Question 88:
If a firm doubles its output and its costs increase by 60%, the firm is experiencing
- A Increasing costs
- B Economies of scale
- C Decreasing returns
- D Decreasing costs
- E None of the above
Question 89:
In economics, production is complete when
- A Goods are produced in the factories
- B Goods are sold to the wholesaler
- C Goods and services are produced by the government
- D Prices are fixed for goods and services
- E Goods and services finally reach the
consumer
Question 90:
In the study of economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are ____
- A Profitable to the production process
- B Purchased for the purpose of production
- C Combined in the production process
- D Produced adequately for the production process
- E Brought into factory