ECONOMICS POST UTME

ECONOMICS POST UTME

Practice the Economics Post UTME for Universities, Polytechnics and College of Education with our CBT software and pass your Economics examination.

1 / 50

Category: ECONOMICS POST UTME

The profit of a monopolist can be eliminated where price equals

AC

MC

AFC

AVC

2 / 50

Category: ECONOMICS POST UTME

The Nigerian economy can best be described as a:

socialist economy

capitalist economy

mono-product economy

mixed economy

3 / 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

more of another product will be bought

the consumer is rational

no product will be bought subsequently

4 / 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

5 / 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

6 / 50

Category: ECONOMICS POST UTME

Which of the following is not a classification of economic activities?

Construction

Tertiary

Secondary

Primary

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:

output

wants

demand

resources

8 / 50

Category: ECONOMICS POST UTME

The demand for a commodity not directly for immediate consumption but for the production of another commodity is:

joint demand

composite demand

competitive demand

derived demand

9 / 50

Category: ECONOMICS POST UTME

The responsiveness of demand to a change in income is termed:

price elasticity of demand

money income index

cross elasticity of demand

income elasticity of demand

10 / 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

11 / 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

government control factor of production

the right to make private profit

government encourages competitive capitalism within the legal framework of the country

12 / 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

every household has access to the market

rice is produced in the state

13 / 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

derived demand

competitive demand

composite demand

14 / 50

Category: ECONOMICS POST UTME

Basic extractive activities are classified as:

primary production

secondary production

technical production

manufacturing production

15 / 50

Category: ECONOMICS POST UTME

Another term for opportunity cost is:

implicit cost

money cost

real cost

alternative cost

16 / 50

Category: ECONOMICS POST UTME

Which of the following defines Economics most comprehensively?

Study of economic agents in allocation of goods and services

Study of human behaviour in the allocation of scarce resources

Buying and selling of goods and services

Organization of industries and services to produce utility

17 / 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

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

the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all

18 / 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:

zero

its price

infinite

one

19 / 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

market system

macroeconomics

20 / 50

Category: ECONOMICS POST UTME

With 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

there is disincentive to hard work because private property is not allowed

consumers are charged fair prices for goods they purchase

21 / 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

22 / 50

Category: ECONOMICS POST UTME

The decision on what to produce is a problem in:

a centrally planned economic system only

developing economic systems

a free-enterprise economic system only

all economic system

23 / 50

Category: ECONOMICS POST UTME

The graph of the function C = a + bY is:

Simultaneous

Linear

Quadratic

Exponential

24 / 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 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

25 / 50

See also CRK/CRE/CRS POST UTME (PRO)

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

equity principle

26 / 50

Category: ECONOMICS POST UTME

Which of the following is not a good method of data presentation and interpretation?

Charts

maps

tables

graphs

27 / 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

price mechanism

the government

group of consumers

28 / 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

29 / 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

30 / 50

Category: ECONOMICS POST UTME

It is impossible to satisfy all human wants because:

of income inequality

money income is limited

available resources are limited

human wants are unlimited

31 / 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 preference for cheap goods

a list of consumers wants, arranged in order of importance

the consumer budget

32 / 50

Category: ECONOMICS POST UTME

Advance stage of socialism is referred to as:

communism

quasi-socialism

capitalism

feudalism

33 / 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

it disallows monopoly of economic power

its profit motive leads to increased efficiency in production

34 / 50

Category: ECONOMICS POST UTME

MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents:

Total utility equation

Marginal utility equation

Equilibrium equation

Utility maximization equation

35 / 50

Category: ECONOMICS POST UTME

The knowledge of Economics enables an individual to:

be careful in the spending of his income

avoid the purchase of harmful goods

derive maximum satisfaction from the use of his resources

be investment conscious

36 / 50

Category: ECONOMICS POST UTME

The economic system in which resources are privately owned is known as:

communism

democracy

capitalism

socialism

37 / 50

Category: ECONOMICS POST UTME

A good example of a free good is:

air

education

mineral resources

security

38 / 50

Category: ECONOMICS POST UTME

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?

38.2

46.3

43.6

41.1

39 / 50

Category: ECONOMICS POST UTME

For a free commodity, a rational consumer will continuously increase his consumption until:

his marginal utility becomes zero

he decides to stop

he attains the highest marginal utility level

his marginal utility equal the price he would have paid

40 / 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

usually choice is made from a consumer scale preference

the process of making a choice involves opportunity cost

41 / 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

42 / 50

Category: ECONOMICS POST UTME

In economic analysis, a statement is said to be normative when it:

observes economics variables

relates to value judgment

combines A to C

is concerned with what is

43 / 50

Category: ECONOMICS POST UTME

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:

12

2.2

60

4.4

44 / 50

Category: ECONOMICS POST UTME

Irrespective of economic system adopted, which of the following is not an economic problem?

for whom to produce goods and services

equal distribution of economic

techniques of production to be adopted

how to ensure economic efficiency

45 / 50

Category: ECONOMICS POST UTME

The concept of economic efficiency basically implies:

a wasteless economy

conservation of economic resources

obtaining the maximum output from available resources at the lowest cost

equity in the distribution of the nation’s wealth

46 / 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:

average utility

time utility

marginal utility

total utility

47 / 50

Category: ECONOMICS POST UTME

The term Laissez-faire is associated with:

a free enterprise

a civil society

a welfare state

a controlled economy

48 / 50

Category: ECONOMICS POST UTME

Which of the following countries does not practice capitalism?

United States of America

Tanzania

Britain

Nigeria

49 / 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

government ownership and private control of means of production

use of capital-intensive method of production

50 / 50

Category: ECONOMICS POST UTME

Which of the following is not strictly included in the study of economics?

consumption

production

distribution

whether a product is harmful

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ECONOMICS POST UTME

ECONOMICS POST UTME

ECONOMICS POST UTME

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