Post Utme Economics Questions
Question 6:
From an economics point of view, an
activity does not have cost when
- A Someone else pays for it
- B The returns are greater than costs
- C The choice involves given up nothing
- D Government pays for it
- E It is paid for from gift
Question 7:
Opportunity cost is a term which describes.
- A Initial cost of setting up a business venture
- B A study of the ways man devices to satisfy his unlimited wants from limited resources
- C Cost of one product in terms of forgone production of others
- D The mandatory equivalent of the utility of a commodity
- E Cost related to an optimum level of
production
Question 8:
Scarcity in economics means ____
- A A period of scarce things
- B When things are costly to acquire
- C Monopolisation of available resources by a few
- D Nationalisation of natural resources suchas petroleum in Venezuela
- E None of the above.
Question 9:
Which of these is the real cost of satisfying any want in the sense of the alternative that has to be forgone?
- A Variable cost
- B Opportunity cost
- C Total cost
- D Prime cost
- E Marginal cost
Question 10:
Economic analyses and conclusions can be divided into
- A Consumption and production
- B Positive and normative
- C Microeconomics and macroeconomics
- D Demand and supply
- E None of the above