ECONOMICS POST UTME PAST QUESTIONSAndroid Question Bank (POST UTME) School Portal NG ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS0% ECONOMICS POST UTME (APP) ECONOMICS POST UTMEECONOMICS POST UTMEPractice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College ofMedicine, College of Technology and College of Education and pass your examination.Download School Portal NG Official Android App 1 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? only individuals and firms make choice an economist is not interested in the moral judgment of any choice so made the process of making a choice involves opportunity cost usually choice is made from a consumer scale preference 2 / 50 Category: ECONOMICS POST UTMEThe ordinalist approach to the theory of consumer behaviour is based on the following assumption except that: utilities are measurable in monetary value the consumer’s taste, habit and income are consistent the consumer acts rationally there are only two commodities existing in the market and their prices are known 3 / 50 Category: ECONOMICS POST UTMEWhich of the following defines Economics most comprehensively? Organization of industries and services to produce utility Buying and selling of goods and services Study of economic agents in allocation of goods and services Study of human behaviour in the allocation of scarce resources 4 / 50 Category: ECONOMICS POST UTMEIt is impossible to satisfy all human wants because: of income inequality human wants are unlimited available resources are limited money income is limited 5 / 50 Category: ECONOMICS POST UTMEMUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Utility maximization equation Equilibrium equation Total utility equation Marginal utility equation 6 / 50 Category: ECONOMICS POST UTMEIn event of shortage in supply of a commodity in the market under a planned economy, the allocation of the available commodity will be carried out by: the government the producer group of consumers price mechanism 7 / 50 Category: ECONOMICS POST UTME“Economics is a science which studies human behaviour as relationship between ends and scarce means, which have alternative uses”. ‘Ends’ here refers to: demand output wants resources 8 / 50 Category: ECONOMICS POST UTMEBasic extractive activities are classified as: manufacturing production technical production primary production secondary production 9 / 50 Category: ECONOMICS POST UTMEThe term Laissez-faire is associated with: a welfare state a controlled economy a civil society a free enterprise 10 / 50 Category: ECONOMICS POST UTMEThe meaning of scale of preference is: a list of consumers wants, arranged in order of importance the preparation of a list of goods and services that satisfy wants the consumer budget the consumer preference for cheap goods 11 / 50 Category: ECONOMICS POST UTMEMr. Tola needs a book and a calculator that cost N70 each. If he buys the book instead of the calculator, the opportunity cost of his choice is: calculator N140 Book N70 12 / 50 Category: ECONOMICS POST UTMEIn economic analysis, a statement is said to be normative when it: observes economics variables combines A to C relates to value judgment is concerned with what is 13 / 50 Category: ECONOMICS POST UTMEOne of the fundamental differences between capitalist and a socialist state is that while: the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all there is equality in distribution of wealth in the socialist state, it is not so in a capitalist economy taxes are levied in a socialist economy; there is no taxation in capitalist economy in the former, price mechanism guides the allocation of resources, it is the government agency that performs this function in the latter 14 / 50 Category: ECONOMICS POST UTMEUse the information below to answer question belowThe raw data scores of 10 students of St. Okoro College who took part in Nov/Dec. 2005 G.C.E in Economics are given below. The pass mark is 40%. 34 45 25 49 1559 64 34 40 71 The quantities of apple supplied by a farmer in a week are shown below: 9, 14, 4, 15, 18The mean deviation of this data is: 2.2 4.4 60 12 15 / 50 Category: ECONOMICS POST UTMEA good example of a free good is: mineral resources education air security 16 / 50 Category: ECONOMICS POST UTMEThe study of the economic behaviour of individual decision making unit in a free enterprise economy is called: economic system microeconomics market system macroeconomics 17 / 50 Category: ECONOMICS POST UTMEThe graph of the function C = a + bY is: Quadratic Linear Simultaneous Exponential 18 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a classification of economic activities? Construction Secondary Primary Tertiary 19 / 50 Category: ECONOMICS POST UTMEA consumer’s decision to purchase more of a product, with constant income will imply that: more of another product will be bought of other product(s) will be bought no product will be bought subsequently the consumer is rational 20 / 50 Category: ECONOMICS POST UTMEIrrespective of economic system adopted, which of the following is not an economic problem? techniques of production to be adopted equal distribution of economic how to ensure economic efficiency for whom to produce goods and services 21 / 50 Category: ECONOMICS POST UTMEIn a market economy, the main function of price to: ensure equitable distribution of resources allocate resources to both consumer and producers in an efficient manner ration the available goods among consumers determine the value of each assets 22 / 50 Category: ECONOMICS POST UTMEThe profit of a monopolist can be eliminated where price equals MC AC AFC AVC 23 / 50 Category: ECONOMICS POST UTMEThe following are the arguments for capitalism EXCEPT: there is exploitation of consumers since the producers are out to maximize profit there is freedom of consumption and production it disallows monopoly of economic power its profit motive leads to increased efficiency in production 24 / 50 Category: ECONOMICS POST UTMEThe knowledge of Economics enables an individual to: be investment conscious be careful in the spending of his income derive maximum satisfaction from the use of his resources avoid the purchase of harmful goods 25 / 50 Category: ECONOMICS POST UTMEThe Nigerian economy can best be described as a: capitalist economy socialist economy mixed economy mono-product economy 26 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a good method of data presentation and interpretation? maps tables Charts graphs 27 / 50 Category: ECONOMICS POST UTMEWhat is the first thing to do if Biola simultaneously needs computer, a laser printer and a scanner and he has money to buy only one of these items? seek advice from economic experts prepare a scale of preference check how much money he has determine the opportunity cost 28 / 50 Category: ECONOMICS POST UTMEThe economic system in which resources are privately owned is known as: socialism communism capitalism democracy 29 / 50 Category: ECONOMICS POST UTMEThe concept of economic efficiency basically implies: a wasteless economy equity in the distribution of the nation’s wealth conservation of economic resources obtaining the maximum output from available resources at the lowest cost 30 / 50 Category: ECONOMICS POST UTMEAn increase in the demand for pen raises the demand for ink. This type of demand is called: complementary demand derived demand composite demand competitive demand 31 / 50 Category: ECONOMICS POST UTMEWhich of the following is not strictly included in the study of economics? production whether a product is harmful consumption distribution 32 / 50 Category: ECONOMICS POST UTMEUse the information below to answer question belowThe raw data scores of 10 students of St. Okoro College who took part in Nov/Dec. 2005 G.C.E in Economics are given below. The pass mark is 40%. 34 45 25 49 1559 64 34 40 71 What is the mean score of the students’ marks? 43.6 41.1 38.2 46.3 33 / 50 Category: ECONOMICS POST UTMEThe demand for a commodity not directly for immediate consumption but for the production of another commodity is: joint demand derived demand competitive demand composite demand 34 / 50 Category: ECONOMICS POST UTMEAnother term for opportunity cost is: implicit cost real cost alternative cost money cost 35 / 50 Category: ECONOMICS POST UTMEWhich of the following countries does not practice capitalism? United States of America Britain Nigeria Tanzania 36 / 50 Category: ECONOMICS POST UTMEIn Ekiti State, the demand curve for rice in every household is downward sloping because: every household has access to the market there is excess supply the higher the price of rice, the lower the quantity of rice to be demanded rice is produced in the state 37 / 50 Category: ECONOMICS POST UTMEThe sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as: total utility average utility time utility marginal utility 38 / 50 Category: ECONOMICS POST UTMEThe responsiveness of demand to a change in income is termed: cross elasticity of demand price elasticity of demand income elasticity of demand money income index 39 / 50 Category: ECONOMICS POST UTMEIn market economy, the economy questions of what, how and for whom to produce are solved by: planning committee government agencies chief economic advisers price mechanism 40 / 50 Category: ECONOMICS POST UTMEDemand in Economics is synonymous with: wants back with ability to pay wants of the consumer at a time all goods demanded in the market at a time needs of a rational consumer 41 / 50 Category: ECONOMICS POST UTMEThe decision on what to produce is a problem in: a free-enterprise economic system only all economic system developing economic systems a centrally planned economic system only 42 / 50 Category: ECONOMICS POST UTMEIf you do not have to make any sacrifice in order to get a particular thing then its real cost is: one infinite its price zero 43 / 50 Category: ECONOMICS POST UTMEA socialist economy is characterized by the: equal access to public utilities government ownership and private control of means of production use of capital-intensive method of production public ownership and control of factor of production 44 / 50 Category: ECONOMICS POST UTMEWhich of the following would not be included in the fundamental principle of a free enterprise economy? government control factor of production private ownership of factors of production government encourages competitive capitalism within the legal framework of the country the right to make private profit 45 / 50 Category: ECONOMICS POST UTMEFor a free commodity, a rational consumer will continuously increase his consumption until: his marginal utility equal the price he would have paid he decides to stop he attains the highest marginal utility level his marginal utility becomes zero 46 / 50 Category: ECONOMICS POST UTMEAdvance stage of socialism is referred to as: capitalism quasi-socialism communism feudalism 47 / 50 Category: ECONOMICS POST UTMEA rational consumer will adjust his spending pattern so that: the total amount of money he spends on each item is the same the marginal utility he gets from the last naira spent on each item is the same the marginal utility he gets from the last unit of each item is the same the total utility he gets from each item is the same 48 / 50 Category: ECONOMICS POST UTMEWhat determines how the factors of production are to be allocated among different production activities in a planned economy? private needs individual ability to pay private needs equity principle 49 / 50 Category: ECONOMICS POST UTMEIf y represents tons of cocoa that a farmer produce, find the range of cocoa in tons that satisfies the following inequality 250 < 2y – 400: y > 150 y < 75 y > 325 y > 75 50 / 50 Category: ECONOMICS POST UTMEWith regard to the benefit of socialism, which of the alternatives is not correct? it ensures production of essential goods it is more efficient since resources are not wasted on producing surplus consumers are charged fair prices for goods they purchase there is disincentive to hard work because private property is not allowed Your score is 0% Restart quiz SUBSCRIBE BELOW FOR A GIVEAWAYFirst name or full name Email Do You Like Our Lesson? 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