ECONOMICS POST UTME QUESTIONS & ANSWERS HomePOST UTME/POST JAMB Past Question & AnswersECONOMICS POST UTME QUESTIONS & ANSWERS Practice this ECONOMICS POST UTME exam questions and answers Our experts have provided correct answers to these questions. 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 The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: microeconomics market system macroeconomics economic system 2 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: quasi-socialism capitalism communism feudalism 3 / 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: one infinite zero its price 4 / 50 Category: ECONOMICS POST UTME MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Utility maximization equation Equilibrium equation Marginal utility equation Total utility equation 5 / 50 Category: ECONOMICS POST UTME A 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 6 / 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: the producer group of consumers price mechanism the government 7 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: rice is produced in the state there is excess supply the higher the price of rice, the lower the quantity of rice to be demanded every household has access to the market 8 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: determine the value of each assets ration the available goods among consumers allocate resources to both consumer and producers in an efficient manner ensure equitable distribution of resources 9 / 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 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 10 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: capitalism socialism communism democracy 11 / 50 Category: ECONOMICS POST UTME The demand for a commodity not directly for immediate consumption but for the production of another commodity is: composite demand joint demand derived demand competitive demand 12 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? whether a product is harmful distribution consumption production 13 / 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 his marginal utility becomes zero he decides to stop 14 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Simultaneous Exponential Quadratic Linear 15 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? equal distribution of economic for whom to produce goods and services techniques of production to be adopted how to ensure economic efficiency 16 / 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: N70 calculator N140 Book 17 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? maps Charts graphs tables 18 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: capitalist economy mono-product economy mixed economy socialist economy 19 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania Britain United States of America Nigeria 20 / 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 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: 60 12 2.2 4.4 22 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of economic agents in allocation of goods and services Buying and selling of goods and services Study of human behaviour in the allocation of scarce resources Organization of industries and services to produce utility 23 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a controlled economy a free enterprise a welfare state a civil society 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 > 150 y > 75 y < 75 y > 325 25 / 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 26 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: price mechanism chief economic advisers government agencies planning committee 27 / 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 complementary demand competitive demand derived demand 28 / 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 29 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Tertiary Primary Construction Secondary 30 / 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 determine the opportunity cost check how much money he has seek advice from economic experts 31 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: all economic system a free-enterprise economic system only a centrally planned economic system only developing economic systems 32 / 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: total utility time utility average utility marginal utility 33 / 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 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 the marginal utility he gets from the last naira spent on each item is the same 34 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: manufacturing production technical production secondary production primary production 35 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: implicit cost alternative cost money cost real cost 36 / 50 Category: ECONOMICS POST UTME Which of the following would not be included in the fundamental principle of a free enterprise economy? government control factor of production the right to make private profit private ownership of factors of production government encourages competitive capitalism within the legal framework of the country 37 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: money income is limited of income inequality available resources are limited human wants are unlimited 38 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AFC AC MC AVC 39 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: there is freedom of consumption and production 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 40 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: cross elasticity of demand price elasticity of demand money income index income elasticity of demand 41 / 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 42 / 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 43 / 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 individual ability to pay private needs equity principle 44 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: avoid the purchase of harmful goods be investment conscious derive maximum satisfaction from the use of his resources be careful in the spending of his income 45 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the preparation of a list of goods and services that satisfy wants a list of consumers wants, arranged in order of importance the consumer budget the consumer preference for cheap goods 46 / 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 41.1 38.2 47 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: use of capital-intensive method of production government ownership and private control of means of production public ownership and control of factor of production equal access to public utilities 48 / 50 Category: ECONOMICS POST UTME A good example of a free good is: air mineral resources education security 49 / 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 ensures production of essential goods there is disincentive to hard work because private property is not allowed it is more efficient since resources are not wasted on producing surplus 50 / 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 back with ability to pay wants of the consumer at a time Your score is 0% Restart quiz Share this post: Share on X (Twitter) Share on Facebook Share on LinkedIn Share on Email Share on WhatsApp
