Post Utme Economics Questions
Question 116:
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 117:
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 118:
In economics, production is complete when ____________
- A Goods are produced in the factories
- B E 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 119:
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
Question 120:
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