ECONOMICS POST UTME

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

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

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

41.1

43.6

2 / 50

Category: ECONOMICS POST UTME

A socialist economy is characterized by the:

equal access to public utilities

government ownership and private control of means of production

public ownership and control of factor of production

use of capital-intensive method of production

3 / 50

Category: ECONOMICS POST UTME

The term Laissez-faire is associated with:

a controlled economy

a civil society

a welfare state

a free enterprise

4 / 50

Category: ECONOMICS POST UTME

Advance stage of socialism is referred to as:

capitalism

feudalism

quasi-socialism

communism

5 / 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

6 / 50

Category: ECONOMICS POST UTME

The meaning of scale of preference is:

a list of consumers wants, arranged in order of importance

the consumer budget

the consumer preference for cheap goods

the preparation of a list of goods and services that satisfy wants

7 / 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

8 / 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

composite demand

complementary demand

competitive demand

9 / 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

every household has access to the market

the higher the price of rice, the lower the quantity of rice to be demanded

10 / 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 > 325

y > 75

11 / 50

Category: ECONOMICS POST UTME

The following are the arguments for capitalism EXCEPT:

there is exploitation of consumers since the producers are out to maximize profit

it disallows monopoly of economic power

there is freedom of consumption and production

its profit motive leads to increased efficiency in production

12 / 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

13 / 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

Book

calculator

N70

14 / 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

group of consumers

the government

15 / 50

Category: ECONOMICS POST UTME

It is impossible to satisfy all human wants because:

human wants are unlimited

available resources are limited

money income is limited

of income inequality

16 / 50

Category: ECONOMICS POST UTME

The profit of a monopolist can be eliminated where price equals

AFC

AVC

17 / 50

Category: ECONOMICS POST UTME

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

Charts

graphs

tables

maps

18 / 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

the process of making a choice involves opportunity cost

only individuals and firms make choice

usually choice is made from a consumer scale preference

19 / 50

Category: ECONOMICS POST UTME

Another term for opportunity cost is:

implicit cost

money cost

alternative cost

real cost

20 / 50

Category: ECONOMICS POST UTME

The study of the economic behaviour of individual decision making unit in a free enterprise economy is called:

macroeconomics

market system

economic system

microeconomics

21 / 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

infinite

one

its price

22 / 50

Category: ECONOMICS POST UTME

The Nigerian economy can best be described as a:

mono-product economy

mixed economy

capitalist economy

socialist economy

23 / 50

Category: ECONOMICS POST UTME

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

price elasticity of demand

income elasticity of demand

money income index

cross elasticity of demand

24 / 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

25 / 50

Category: ECONOMICS POST UTME

What determines how the factors of production are to be allocated among different production activities in a planned economy?

equity principle

individual ability to pay

private needs

26 / 50

Category: ECONOMICS POST UTME

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

Tertiary

Primary

Secondary

Construction

27 / 50

Category: ECONOMICS POST UTME

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

democracy

capitalism

socialism

communism

28 / 50

Category: ECONOMICS POST UTME

In market economy, the economy questions of what, how and for whom to produce are solved by:

government agencies

planning committee

chief economic advisers

price mechanism

29 / 50

Category: ECONOMICS POST UTME

The concept of economic efficiency basically implies:

equity in the distribution of the nation’s wealth

conservation of economic resources

a wasteless economy

obtaining the maximum output from available resources at the lowest cost

30 / 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 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 total amount of money he spends on each item is the same

31 / 50

Category: ECONOMICS POST UTME

Basic extractive activities are classified as:

technical production

secondary production

manufacturing production

primary production

32 / 50

Category: ECONOMICS POST UTME

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

combines A to C

is concerned with what is

relates to value judgment

observes economics variables

33 / 50

Category: ECONOMICS POST UTME

In a market economy, the main function of price to:

ration the available goods among consumers

determine the value of each assets

allocate resources to both consumer and producers in an efficient manner

ensure equitable distribution of resources

34 / 50

Category: ECONOMICS POST UTME

Which of the following defines Economics most comprehensively?

Organization of industries and services to produce utility

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

35 / 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

36 / 50

Category: ECONOMICS POST UTME

One of the fundamental differences between capitalist and a socialist state is that while:

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

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

37 / 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

more of another product will be bought

the consumer is rational

of other product(s) will be bought

38 / 50

Category: ECONOMICS POST UTME

Which of the following would not be included in the fundamental principle of a free enterprise economy?

government encourages competitive capitalism within the legal framework of the country

the right to make private profit

government control factor of production

private ownership of factors of production

39 / 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

consumers are charged fair prices for goods they purchase

it is more efficient since resources are not wasted on producing surplus

it ensures production of essential goods

40 / 50

Category: ECONOMICS POST UTME

The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that:

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

the consumer acts rationally

41 / 50

Category: ECONOMICS POST UTME

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

production

distribution

consumption

whether a product is harmful

42 / 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:

2.2

4.4

43 / 50

Category: ECONOMICS POST UTME

A good example of a free good is:

air

education

mineral resources

security

44 / 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?

determine the opportunity cost

prepare a scale of preference

check how much money he has

seek advice from economic experts

45 / 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

46 / 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

Utility maximization equation

Equilibrium equation

47 / 50

Category: ECONOMICS POST UTME

The knowledge of Economics enables an individual to:

be investment conscious

avoid the purchase of harmful goods

be careful in the spending of his income

derive maximum satisfaction from the use of his resources

48 / 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

49 / 50

Category: ECONOMICS POST UTME

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

Linear

Exponential

Simultaneous

Quadratic

50 / 50

Category: ECONOMICS POST UTME

Which of the following countries does not practice capitalism?

Nigeria

United States of America

Tanzania

Britain

NameEmail

Your score is

⇓ Fully Funded Scholarships ⇓

⇒ Fully Funded Scholarships for Students & Teachers

⇒ USA Fully Funded Scholarships for Internatioal Students

⇒ Canada Fully Funded Scholarships for International Students

⇒ Germany Fully Funded Scholarships for Students

⇒ European Scholarships for International Students

⇒ US Fully Funded Scholarships for Africans

⇒ UK Fully Funded Scholarships for International Students

⇒ Australia Fully Funded Scholarships for International Students

⇒ US Scholarships for Nigerian Students

SUBSCRIBE BELOW FOR A GIVEAWAY

We built School Portal NG to specially serve as an alternative means to provide free education for the less-privileged children or children born to low-income earners, adults who otherwise cannot afford to finance their way through school.

Building & maintaining an elearning portal is very expensive, but this portal is free. Help to keep this learning portal free by donating or supporting us. We accept donations, grants, sponsorships & support to help reach out to more children. Thank you so much. Click here to donate

ECONOMICS POST UTME

ECONOMICS POST UTME

ECONOMICS POST UTME

Leave a Reply Cancel reply