ECONOMICS POST UTME School Portal NG51 years agoPOST UTME/POST JAMB 0 154 ViewsECONOMICS POST UTME Practice the Economics Post UTME for Universities, Polytechnics and College of Education with our CBT software and pass your Economics examination. 0% 3 ECONOMICS POST UTME ECONOMICS POST UTME ECONOMICS POST UTMEPractice 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 A socialist economy is characterized by the: government ownership and private control of means of production equal access to public utilities use of capital-intensive method of production public ownership and control of factor of production 2 / 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 Utility maximization equation Marginal utility equation Total utility equation 3 / 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 2.2 12 4.4 4 / 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 observes economics variables relates to value judgment 5 / 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 6 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: microeconomics economic system macroeconomics market system 7 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a controlled economy a free enterprise a civil society a welfare state 8 / 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 prepare a scale of preference check how much money he has determine the opportunity cost 9 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: obtaining the maximum output from available resources at the lowest cost conservation of economic resources equity in the distribution of the nation’s wealth a wasteless economy 10 / 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 time utility average utility 11 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: it disallows monopoly of economic power its profit motive leads to increased efficiency in production there is freedom of consumption and production there is exploitation of consumers since the producers are out to maximize profit 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 N70 Book N140 13 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: determine the value of each assets ensure equitable distribution of resources ration the available goods among consumers allocate resources to both consumer and producers in an efficient manner 14 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: government agencies price mechanism chief economic advisers planning committee 15 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: developing economic systems a centrally planned economic system only all economic system a free-enterprise economic system only 16 / 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? 43.6 38.2 46.3 41.1 17 / 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 government encourages competitive capitalism within the legal framework of the country private ownership of factors of production 18 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: avoid the purchase of harmful goods be careful in the spending of his income derive maximum satisfaction from the use of his resources be investment conscious 19 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Quadratic Linear Exponential Simultaneous 20 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Secondary Tertiary Primary Construction 21 / 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 22 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: alternative cost implicit cost real cost money cost 23 / 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 equity principle private needs 24 / 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 resources wants output 25 / 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 the consumer acts rationally the consumer’s taste, habit and income are consistent there are only two commodities existing in the market and their prices are known 26 / 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 the consumer is rational no product will be bought subsequently of other product(s) will be bought 27 / 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 28 / 50 Category: ECONOMICS POST UTME A good example of a free good is: mineral resources air security education 29 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: a list of consumers wants, arranged in order of importance the consumer preference for cheap goods the consumer budget the preparation of a list of goods and services that satisfy wants 30 / 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 derived demand joint demand composite demand 31 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of human behaviour in the allocation of scarce resources Organization of industries and services to produce utility Study of economic agents in allocation of goods and services Buying and selling of goods and services 32 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Nigeria Britain Tanzania United States of America 33 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? an economist is not interested in the moral judgment of any choice so made only individuals and firms make choice the process of making a choice involves opportunity cost usually choice is made from a consumer scale preference 34 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: there is excess supply rice is produced in the state every household has access to the market the higher the price of rice, the lower the quantity of rice to be demanded 35 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? distribution whether a product is harmful consumption production 36 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: he decides to stop his marginal utility becomes zero he attains the highest marginal utility level his marginal utility equal the price he would have paid 37 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: technical production manufacturing production primary production secondary production 38 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: feudalism capitalism quasi-socialism communism 39 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: of income inequality human wants are unlimited money income is limited available resources are limited 40 / 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 total amount of money he spends on each item is the same the marginal utility he gets from the last naira spent on each item is the same the marginal utility he gets from the last unit of each item is the same 41 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: wants of the consumer at a time wants back with ability to pay needs of a rational consumer all goods demanded in the market at a time 42 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mono-product economy mixed economy capitalist economy socialist economy 43 / 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 it is more efficient since resources are not wasted on producing surplus there is disincentive to hard work because private property is not allowed 44 / 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 the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all 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 45 / 50 Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: derived demand complementary demand composite demand competitive demand 46 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals MC AC AVC AFC 47 / 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: group of consumers the producer the government price mechanism 48 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: capitalism communism democracy socialism 49 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? tables Charts maps graphs 50 / 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 > 75 y > 325 Your score is LinkedIn Facebook Twitter 0% Restart quiz Send feedback School Portal NG 0
