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4876

The study of economics is important to every society because it

 

  • A. helps producers to know what to produce
  • B. restore equilibrium between producers and consumers
  • C. enables individuals to satisfy all their wants
  • D. helps in the utilization of scarce resources
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4877

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewellery costing $20, $10, $7 and $3 respectively. The
opportunity cost of buying the pair of shoes is the

 

  • A. dress
  • B. jewellery
  • C. handbag and jewellery
  • D. dress and jewellery
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4878

The distinguishing function of an entrepreneur is

 

  • A. planning
  • B. control
  • C. risk-bearing
  • D. management
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
4879

When a commodity market operates without government interference, commodities are distributed through

 

  • A. the operation of price mechanism
  • B. retailers only
  • C. a central planning committee
  • D. government distribution agencies
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4880

One way of obtaining the median of a given data is to

 

  • A. arrange the data in either ascending or descending order and find what item divides the set in two equal parts
  • B. arrange the data in descending order and add each item to the least
  • C. sum the value and divide by the number of items
  • D. arrange the data in ascending order and subtract each item from the mean
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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