Post Utme Joseph Ayo Babalola University 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2023 Economics Objective / Multiple Choice
Question 1 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2023 • ECONOMICS • objective

The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of fertilizers by 20%. What is the likely effect of this policy on the overall \cost of production for farmers?

Answer Options

A. The \cost of production will decrease by 10%
Correct Answer B. The \cost of production will increase by 5%
C. The \cost of production will remain the same
D. The \cost of production will decrease by 15%
Correct Answer
B
Correct Option:
The \cost of production will increase by 5%

About This Question

This is Post Utme Joseph Ayo Babalola University 2023 Economics Question 1. It is one of the objective questions from the 2023 Post Utme Joseph Ayo Babalola University Economics examination.

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