Post Utme Economics Questions
Question 301:
Explicit costs involve:
- A Unpaid family labour only
- B Hidden sacrificed opportunities
- C Direct monetary payments
- D Future expected expenses
Question 302:
Which cost remains important during shutdown decisions?
- A Sunk production cost
- B Historical accounting cost
- C Average fixed cost
- D Variable production cost
Question 303:
In the long run:
- A Fixed costs remain unchanged
- B All factors become variable
- C Production must stop fully
- D Output cannot be increased
Question 304:
Economies of scale occur when:
- A Average cost falls with expansion
- B Fixed cost increases sharply
- C Output falls continuously
- D Revenue becomes negative
Question 305:
One example of implicit cost is:
- A Payment of workers wages
- B Purchase of raw materials
- C Payment of electricity bills
- D Owner using personal building