0% ECONOMICS POST UTME (APP) ECONOMICS POST UTME ECONOMICS 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. 1 / 50 Category: ECONOMICS POST UTME Mr. 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: N140 N70 calculator Book 2 / 50 Category: ECONOMICS POST UTME If you do not have to make any sacrifice in order to get a particular thing then its real cost is: its price infinite one zero 3 / 50 Category: ECONOMICS POST UTME A good example of a free good is: security education mineral resources air 4 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: socialism communism democracy capitalism 5 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: economic system macroeconomics market system microeconomics 6 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: all goods demanded in the market at a time needs of a rational consumer wants of the consumer at a time wants back with ability to pay 7 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: determine the value of each assets allocate resources to both consumer and producers in an efficient manner ensure equitable distribution of resources ration the available goods among consumers 8 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: primary production secondary production manufacturing production technical production 9 / 50 Category: ECONOMICS POST UTME The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that: there are only two commodities existing in the market and their prices are known utilities are measurable in monetary value the consumer’s taste, habit and income are consistent the consumer acts rationally 10 / 50 Category: ECONOMICS POST UTME In 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: price mechanism group of consumers the producer the government 11 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: human wants are unlimited of income inequality available resources are limited money income is limited 12 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: he attains the highest marginal utility level his marginal utility equal the price he would have paid his marginal utility becomes zero he decides to stop 13 / 50 Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: competitive demand derived demand composite demand complementary demand 14 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AC AVC MC AFC 15 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: be investment conscious avoid the purchase of harmful goods be careful in the spending of his income derive maximum satisfaction from the use of his resources 16 / 50 Category: ECONOMICS POST UTME Which of the following would not be included in the fundamental principle of a free enterprise economy? the right to make private profit government control factor of production private ownership of factors of production government encourages competitive capitalism within the legal framework of the country 17 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: conservation of economic resources obtaining the maximum output from available resources at the lowest cost equity in the distribution of the nation’s wealth a wasteless economy 18 / 50 Category: ECONOMICS POST UTME Use 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: 4.4 12 60 2.2 19 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: quasi-socialism capitalism communism feudalism 20 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Construction Tertiary Primary Secondary 21 / 50 Category: ECONOMICS POST UTME A consumer’s decision to purchase more of a product, with constant income will imply that: no product will be bought subsequently the consumer is rational more of another product will be bought of other product(s) will be bought 22 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: 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 every household has access to the market 23 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? whether a product is harmful consumption distribution production 24 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: income elasticity of demand cross elasticity of demand money income index price elasticity of demand 25 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: all economic system a centrally planned economic system only a free-enterprise economic system only developing economic systems 26 / 50 Category: ECONOMICS POST UTME If 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 > 325 y > 75 y < 75 y > 150 27 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: equal access to public utilities public ownership and control of factor of production use of capital-intensive method of production government ownership and private control of means of production 28 / 50 Category: ECONOMICS POST UTME One of the fundamental differences between capitalist and a socialist state is that while: 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 there is equality in distribution of wealth in the socialist state, it is not so in a capitalist economy the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all 29 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: there is exploitation of consumers since the producers are out to maximize profit its profit motive leads to increased efficiency in production it disallows monopoly of economic power there is freedom of consumption and production 30 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: alternative cost implicit cost money cost real cost 31 / 50 Category: ECONOMICS POST UTME In 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 32 / 50 Category: ECONOMICS POST UTME In economic analysis, a statement is said to be normative when it: relates to value judgment observes economics variables combines A to C is concerned with what is 33 / 50 Category: ECONOMICS POST UTME MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Equilibrium equation Marginal utility equation Total utility equation Utility maximization equation 34 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? equal distribution of economic how to ensure economic efficiency techniques of production to be adopted for whom to produce goods and services 35 / 50 Category: ECONOMICS POST UTME What 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? prepare a scale of preference check how much money he has determine the opportunity cost seek advice from economic experts 36 / 50 Category: ECONOMICS POST UTME With regard to the benefit of socialism, which of the alternatives is not correct? consumers are charged fair prices for goods they purchase it is more efficient since resources are not wasted on producing surplus there is disincentive to hard work because private property is not allowed it ensures production of essential goods 37 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? Charts tables graphs maps 38 / 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: output resources wants demand 39 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Exponential Quadratic Simultaneous Linear 40 / 50 Category: ECONOMICS POST UTME The sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as: marginal utility total utility average utility time utility 41 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer preference for cheap goods a list of consumers wants, arranged in order of importance the consumer budget the preparation of a list of goods and services that satisfy wants 42 / 50 Category: ECONOMICS POST UTME A rational consumer will adjust his spending pattern so that: the marginal utility he gets from the last naira spent on each item is the same the total utility he gets from each item is the same the marginal utility he gets from the last unit of each item is the same the total amount of money he spends on each item is the same 43 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania Nigeria United States of America Britain 44 / 50 Category: ECONOMICS POST UTME What determines how the factors of production are to be allocated among different production activities in a planned economy? equity principle individual ability to pay private needs private needs 45 / 50 Category: ECONOMICS POST UTME The demand for a commodity not directly for immediate consumption but for the production of another commodity is: competitive demand joint demand derived demand composite demand 46 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a welfare state a controlled economy a civil society a free enterprise 47 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? only individuals and firms make choice the process of making a choice involves opportunity cost an economist is not interested in the moral judgment of any choice so made usually choice is made from a consumer scale preference 48 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy capitalist economy socialist economy mono-product economy 49 / 50 Category: ECONOMICS POST UTME Use 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? 41.1 38.2 46.3 43.6 50 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of human behaviour in the allocation of scarce resources Study of economic agents in allocation of goods and services Organization of industries and services to produce utility Buying and selling of goods and services Your score is 0% Restart quiz
ECONOMICS POST UTME
(APP) ECONOMICS POST UTME
Practice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College ofMedicine, College of Technology and College of Education and pass your examination.
1 / 50
Category: ECONOMICS POST UTME
Mr. 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:
2 / 50
If you do not have to make any sacrifice in order to get a particular thing then its real cost is:
3 / 50
A good example of a free good is:
4 / 50
The economic system in which resources are privately owned is known as:
5 / 50
The study of the economic behaviour of individual decision making unit in a free enterprise economy is called:
6 / 50
Demand in Economics is synonymous with:
7 / 50
In a market economy, the main function of price to:
8 / 50
Basic extractive activities are classified as:
9 / 50
The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that:
10 / 50
In 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:
11 / 50
It is impossible to satisfy all human wants because:
12 / 50
For a free commodity, a rational consumer will continuously increase his consumption until:
13 / 50
An increase in the demand for pen raises the demand for ink. This type of demand is called:
14 / 50
The profit of a monopolist can be eliminated where price equals
15 / 50
The knowledge of Economics enables an individual to:
16 / 50
Which of the following would not be included in the fundamental principle of a free enterprise economy?
17 / 50
The concept of economic efficiency basically implies:
18 / 50
Use the information below to answer question below
The 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 15
59 64 34 40 71
The quantities of apple supplied by a farmer in a week are shown below: 9, 14, 4, 15, 18
The mean deviation of this data is:
19 / 50
Advance stage of socialism is referred to as:
20 / 50
Which of the following is not a classification of economic activities?
21 / 50
A consumer’s decision to purchase more of a product, with constant income will imply that:
22 / 50
In Ekiti State, the demand curve for rice in every household is downward sloping because:
23 / 50
Which of the following is not strictly included in the study of economics?
24 / 50
The responsiveness of demand to a change in income is termed:
25 / 50
The decision on what to produce is a problem in:
26 / 50
If y represents tons of cocoa that a farmer produce, find the range of cocoa in tons that satisfies the following inequality 250 < 2y – 400:
27 / 50
A socialist economy is characterized by the:
28 / 50
One of the fundamental differences between capitalist and a socialist state is that while:
29 / 50
The following are the arguments for capitalism EXCEPT:
30 / 50
Another term for opportunity cost is:
31 / 50
In market economy, the economy questions of what, how and for whom to produce are solved by:
32 / 50
In economic analysis, a statement is said to be normative when it:
33 / 50
MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents:
34 / 50
Irrespective of economic system adopted, which of the following is not an economic problem?
35 / 50
What 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?
36 / 50
With regard to the benefit of socialism, which of the alternatives is not correct?
37 / 50
Which of the following is not a good method of data presentation and interpretation?
38 / 50
“Economics is a science which studies human behaviour as relationship between ends and scarce means, which have alternative uses”. ‘Ends’ here refers to:
39 / 50
The graph of the function C = a + bY is:
40 / 50
The sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as:
41 / 50
The meaning of scale of preference is:
42 / 50
A rational consumer will adjust his spending pattern so that:
43 / 50
Which of the following countries does not practice capitalism?
44 / 50
What determines how the factors of production are to be allocated among different production activities in a planned economy?
45 / 50
The demand for a commodity not directly for immediate consumption but for the production of another commodity is:
46 / 50
The term Laissez-faire is associated with:
47 / 50
Which of the following statements is not correct about choice?
48 / 50
The Nigerian economy can best be described as a:
49 / 50
What is the mean score of the students’ marks?
50 / 50
Which of the following defines Economics most comprehensively?
Your score is
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