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