Home — Economics — (APP) ECONOMICS POST UTME PAST QUESTIONS(APP) ECONOMICS POST UTME PAST QUESTIONSAndroid Question Bank (POST UTME) School Portal NG Post Views: 4,915 ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS % 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 The demand for a commodity not directly for immediate consumption but for the production of another commodity is: derived demand joint demand competitive demand composite demand 2 / 50 Category: ECONOMICS POST UTME The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that: utilities are measurable in monetary value there are only two commodities existing in the market and their prices are known the consumer’s taste, habit and income are consistent the consumer acts rationally 3 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a free enterprise a civil society a controlled economy a welfare state 4 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Exponential Linear Simultaneous Quadratic 5 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? graphs Charts maps tables 6 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: be careful in the spending of his income derive maximum satisfaction from the use of his resources avoid the purchase of harmful goods be investment conscious 7 / 50 Category: ECONOMICS POST UTME MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Marginal utility equation Equilibrium equation Total utility equation Utility maximization equation 8 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: real cost implicit cost money cost alternative cost 9 / 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: resources output wants demand 10 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: his marginal utility equal the price he would have paid he attains the highest marginal utility level he decides to stop his marginal utility becomes zero 11 / 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 > 75 y < 75 y > 150 y > 325 12 / 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: calculator Book N70 N140 13 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: all economic system developing economic systems a free-enterprise economic system only a centrally planned economic system only 14 / 50 Category: ECONOMICS POST UTME Which of the following would not be included in the fundamental principle of a free enterprise economy? private ownership of factors of production the right to make private profit government control factor of production government encourages competitive capitalism within the legal framework of the country 15 / 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 seek advice from economic experts determine the opportunity cost check how much money he has 16 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? production whether a product is harmful consumption distribution 17 / 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 the government group of consumers the producer 18 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: feudalism quasi-socialism communism capitalism 19 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: manufacturing production technical production primary production secondary production 20 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: available resources are limited money income is limited human wants are unlimited of income inequality 21 / 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? 46.3 43.6 38.2 41.1 22 / 50 Category: ECONOMICS POST UTME In economic analysis, a statement is said to be normative when it: is concerned with what is combines A to C relates to value judgment observes economics variables 23 / 50 Category: ECONOMICS POST UTME A good example of a free good is: air education security mineral resources 24 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Primary Secondary Tertiary Construction 25 / 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 26 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AFC AVC MC AC 27 / 50 Category: ECONOMICS POST UTME One of the fundamental differences between capitalist and a socialist state is that while: in the former, price mechanism guides the allocation of resources, it is the government agency that performs this function in the latter taxes are levied in a socialist economy; there is no taxation in capitalist economy 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 28 / 50See also SCHEME OF WORK FOR ECONOMICS SSS 1 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania Britain United States of America Nigeria 29 / 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 microeconomics macroeconomics market system 30 / 50 Category: ECONOMICS POST UTME What determines how the factors of production are to be allocated among different production activities in a planned economy? private needs equity principle individual ability to pay private needs 31 / 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: time utility average utility total utility marginal utility 32 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? usually choice is made from a consumer scale preference the process of making a choice involves opportunity cost only individuals and firms make choice an economist is not interested in the moral judgment of any choice so made 33 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer budget the consumer preference for cheap goods the preparation of a list of goods and services that satisfy wants a list of consumers wants, arranged in order of importance 34 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: every household has access to the market the higher the price of rice, the lower the quantity of rice to be demanded there is excess supply rice is produced in the state 35 / 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 zero infinite one 36 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: wants of the consumer at a time needs of a rational consumer wants back with ability to pay all goods demanded in the market at a time 37 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of human behaviour in the allocation of scarce resources Buying and selling of goods and services Study of economic agents in allocation of goods and services Organization of industries and services to produce utility 38 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: money income index price elasticity of demand cross elasticity of demand income elasticity of demand 39 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: capitalist economy socialist economy mono-product economy mixed economy 40 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: public ownership and control of factor of production government ownership and private control of means of production equal access to public utilities use of capital-intensive method of production 41 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: its profit motive leads to increased efficiency in production 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 42 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: conservation of economic resources equity in the distribution of the nation’s wealth a wasteless economy obtaining the maximum output from available resources at the lowest cost 43 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? how to ensure economic efficiency techniques of production to be adopted for whom to produce goods and services equal distribution of economic 44 / 50 Category: ECONOMICS POST UTME With regard to the benefit of socialism, which of the alternatives is not correct? there is disincentive to hard work because private property is not allowed it ensures production of essential goods consumers are charged fair prices for goods they purchase it is more efficient since resources are not wasted on producing surplus 45 / 50 Category: ECONOMICS POST UTME A consumer’s decision to purchase more of a product, with constant income will imply that: of other product(s) will be bought no product will be bought subsequently more of another product will be bought the consumer is rational 46 / 50 Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: composite demand derived demand competitive demand complementary demand 47 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: planning committee chief economic advisers government agencies price mechanism 48 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: communism socialism democracy capitalism 49 / 50 Category: ECONOMICS POST UTME In 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 determine the value of each assets ration the available goods among consumers 50 / 50 Category: ECONOMICS POST UTME A rational consumer will adjust his spending pattern so that: the total amount of money he spends 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 marginal utility he gets from the last naira spent on each item is the same Your score is 0% Restart quiz Leave a Reply Cancel replyYour email address will not be published. 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