Post Utme Economics Questions
Question 91:
Production that takes place within the production possibility curve is said to be ____
- A Inefficient
- B Possible
- C With increased output
- D X-efficient
- E Pareto-compliant
Question 92:
The act of combining factor inputs in order to obtain specific output is known as ____
- A Factor procurement
- B Manufacturing
- C Investment
- D Industrialisation
- E Production
Question 93:
The additional output obtained by using one more unit of a factor is called ____
- A Marginal income
- B Additional product
- C Marginal revenue
- D Average product
- E Marginal physical product
Question 94:
The amount of labour a producer hires relative to other factor input depends on the
- A Price of labour or its wage
- B Price of labour, machinery and other
inputs - C Price of machinery
- D Price of other inputs
- E Type of machinery
Question 95:
The concept of economic efficiency
primarily refers to
- A Obtaining the maximum output from available resources at the lowest possible cost
- B Conservation of our petroleum resources
- C Equity in the distribution of the nation’s wealth
- D Producing without waste
- E None of the above