ECONOMICS POST UTME PAST QUESTIONS 1 Comment / Android Question Bank (POST UTME) / By Acadlly / Economics, Economics POST JAMB, Economics POST UTME ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS 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 decision on what to produce is a problem in: all economic system a centrally planned economic system only developing economic systems a free-enterprise economic system only 2 / 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 N140 Book 3 / 50 Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: competitive demand derived demand composite demand complementary demand 4 / 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 the consumer acts rationally there are only two commodities existing in the market and their prices are known utilities are measurable in monetary value 5 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a welfare state a civil society a controlled economy a free enterprise 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? 38.2 43.6 41.1 46.3 7 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: democracy socialism capitalism communism 8 / 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: time utility marginal utility total utility average utility 9 / 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? check how much money he has prepare a scale of preference determine the opportunity cost seek advice from economic experts 10 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Linear Quadratic Simultaneous Exponential 11 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? equal distribution of economic how to ensure economic efficiency techniques of production to be adopted for whom to produce goods and services 12 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: he attains the highest marginal utility level his marginal utility equal the price he would have paid he decides to stop his marginal utility becomes zero 13 / 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 14 / 50 Category: ECONOMICS POST UTME A good example of a free good is: education mineral resources security air 15 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: primary production technical production secondary production manufacturing production 16 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: cross elasticity of demand money income index income elasticity of demand price elasticity of demand 17 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: quasi-socialism capitalism feudalism communism 18 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? maps graphs tables Charts 19 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Primary Tertiary Construction Secondary 20 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: equal access to public utilities use of capital-intensive method of production government ownership and private control of means of production public ownership and control of factor of production 21 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Nigeria Tanzania Britain United States of America 22 / 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: 12 4.4 60 2.2 23 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: chief economic advisers planning committee government agencies price mechanism 24 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: implicit cost real cost money cost alternative cost 25 / 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 > 325 y > 150 26 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy capitalist economy socialist economy mono-product economy 27 / 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: wants demand output resources 28 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: all goods demanded in the market at a time wants back with ability to pay needs of a rational consumer wants of the consumer at a time 29 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: be careful in the spending of his income derive maximum satisfaction from the use of his resources be investment conscious avoid the purchase of harmful goods 30 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: equity in the distribution of the nation’s wealth a wasteless economy obtaining the maximum output from available resources at the lowest cost conservation of economic resources 31 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: macroeconomics economic system microeconomics market system 32 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: there is excess supply every household has access to the market rice is produced in the state the higher the price of rice, the lower the quantity of rice to be demanded 33 / 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 34 / 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 composite demand joint demand competitive demand 35 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? distribution consumption production whether a product is harmful 36 / 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 37 / 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 38 / 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 private needs individual ability to pay private needs 39 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: ensure equitable distribution of resources ration the available goods among consumers allocate resources to both consumer and producers in an efficient manner determine the value of each assets 40 / 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 41 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Buying and selling of goods and services 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 42 / 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 its price zero 43 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? usually choice is made from a consumer scale preference the process of making a choice involves opportunity cost only individuals and firms make choice an economist is not interested in the moral judgment of any choice so made 44 / 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 government the producer price mechanism group of consumers 45 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AVC AC MC AFC 46 / 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 47 / 50 Category: ECONOMICS POST UTME A rational consumer will adjust his spending pattern so that: the marginal utility he gets from the last unit of 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 total utility he gets from each item is the same 48 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer preference for cheap goods 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 49 / 50 Category: ECONOMICS POST UTME A consumer’s decision to purchase more of a product, with constant income will imply that: the consumer is rational no product will be bought subsequently of other product(s) will be bought more of another product will be bought 50 / 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 it ensures production of essential goods there is disincentive to hard work because private property is not allowed consumers are charged fair prices for goods they purchase Your score is 0% Restart quiz
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