Post Utme Economics Questions
Question 96:
The law of diminishing returns often operates in the ____
- A Long run
- B Short run
- C Medium term
- D Small scale production
- E None of the above
Question 97:
The main economic objective behind the production of goods and services in an economy is to ____
- A Maximise profits
- B Satisfy human wants
- C Become self-reliant
- D Create job opportunities
- E Make people wealthy
Question 98:
The residual of production which accrues to the ownership of land after all other expenses have been met is called ____
- A Wages
- B Profit
- C Rent
- D Interest
- E Discount
Question 99:
Average fixed cost is ___
- A Average total cost less the sum of average variable cost
- B Half the sum of all costs
- C Total fixed cost divided by the level of output
- D Total fixed cost plus marginal cost
- E Total variable cost divided by output
Question 100:
Average fixed cost is a rectangular
hyperbola, ____
- A Since unit cost increases as output
increases - B Unit cost increases as output decreases
- C Unit cost decreases as output increases
- D Unit cost remains the same as output increases
- E None of the above