Post Utme Economics Questions
Question 111:
A rightward shift in the production possibility frontier may be due to ____________
- A Use of inferior inputs
- B Inefficiency
- C Improvement in production techniques and practices
- D Changes in the product mix
- E Changes in consumer taste
Question 112:
Direct payment incurred for producing a commodity is called ____________
- A Implicit cost
- B Real cost
- C Opportunity cost
- D Due cost
- E Explicit cost
Question 113:
Diseconomies of scale can be caused by the following EXCEPT
- A Managerial inefficiency
- B Increased resource-cost
- C Large market
- D Inefficient business environment
- E Technology
Question 114:
Diseconomies of scale operates when ____________
- A Doubling inputs brings about more than proportionate increase in output
- B Doubling inputs leads to a doubling of output
- C Doubling input brings about less than proportionate increase in output
- D Decrease in profit
- E Increase in revenue
Question 115:
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.