UI Post UTME Economics Past Questions

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The act of combining factor inputs in order to obtain specific output is known as

Production that takes place within the production possibility curve is said to be

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

In economics, production is complete when

If a firm doubles its output and its costs increase by 60%, the firm is experiencing

External economies are

Economic efficiency means

Diseconomies of scale operate when

Diseconomies of scale can be caused by the following EXCEPT

Direct payment incurred for producing a commodity is called

A rightward shift in the production possibility frontier may be due to

A production possibility curve shows

For a fixed output, when a firm can adjust and uses both of two production factors, the usual least-cost rule is reached when

When the government sets a binding maximum price, called a price ceiling, that price is

The main function of price mechanism is to

Which of the following is NOT a usual requirement for successful third-degree price discrimination?

The basic feature of a market economy is

In the operation of market forces, the market is in equilibrium at the point where

In market economies, resources are allocated through the

Given Demand function: Q\(_d\) = 5P + 10; Supply function: Q\(_s\)= 7P – 5. The equilibrium quantity is

2 3 4 5

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