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Question 41 Economics (UI) | UI Post UTME
A
marginal income  
B
additional product  
C
marginal revenue  
D
average product  
E
marginal physical product  
Explanation.
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Correct Option:
E
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Question 42 Economics (UI) | UI Post UTME
A
price of labour or its wage  
B
price of labour, machinery and other inputs  
C
price of machinery  
D
price of other inputs  
E
type of machinery  
Explanation.
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Correct Option:
B
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Question 43 Economics (UI) | UI Post UTME
A
obtaining the maximum output from available resources at the lowest possible cost  
B
conservation of our petroleum resources  
C
equity in the distribution of the nation’s wealth  
D
producing without waste  
E
none of the above  
Explanation.
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Correct Option:
A
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Question 44 Economics (UI) | UI Post UTME
A
long run  
B
short run  
C
medium term  
D
small scale production  
E
none of the above  
Explanation.
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Correct Option:
B
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Question 45 Economics (UI) | UI Post UTME
A
maximise profits  
B
satisfy human wants  
C
become self-reliant  
D
create job opportunities  
E
make people wealthy  
Explanation.
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Correct Option:
A
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Question 46 Economics (UI) | UI Post UTME
A
wages  
B
profit  
C
rent  
D
interest  
E
discount  
Explanation.
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Correct Option:
C
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Question 47 Economics (UI) | UI Post UTME
A
average total cost less the sum of average variable cost  
B
half the sum of all costs  
C
total fixed cost divided by the level of output  
D
total fixed cost plus marginal cost  
E
total variable cost divided by output  
Explanation.
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Correct Option:
C
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Question 48 Economics (UI) | UI Post UTME
A
since unit cost increases as output increases  
B
unit cost increases as output decreases  
C
unit cost decreases as output increases  
D
unit cost remains the same as output increases  
E
none of the above  
Explanation.
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Correct Option:
C
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Question 49 Economics (UI) | UI Post UTME
A
economies of scale on the left hand side and diseconomies of scale on the right hand side  
B
diseconomies of scale on the left and right hand sides  
C
economies of scale on the left and right hand sides  
D
constant return to scale  
E
diseconomies of scale of the left hand side and economies of scale of the right hand side  
Explanation.
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Correct Option:
A
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Question 50 Economics (UI) | UI Post UTME
A
the lowest cost of producing goods  
B
the cost of production of the most efficient firm in an industry  
C
the cost of production of the most inefficient firm in an industry  
D
the cost of production of the last unit of goods produced by a firm  
E
the cost of production at which minimum profit is obtained by the firm  
Explanation.
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Correct Option:
D
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