ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS

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ECONOMICS POST UTME

(APP) ECONOMICS POST UTME

ECONOMICS POST UTME
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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

2 / 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

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

complementary demand

derived demand

composite demand

4 / 50

Category: ECONOMICS POST UTME

The knowledge of Economics enables an individual to:

derive maximum satisfaction from the use of his resources

be investment conscious

avoid the purchase of harmful goods

be careful in the spending of his income

5 / 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

private ownership of factors of production

the right to make private profit

government encourages competitive capitalism within the legal framework of the country

6 / 50

Category: ECONOMICS POST UTME

A good example of a free good is:

air

education

mineral resources

security

7 / 50

Category: ECONOMICS POST UTME

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

income elasticity of demand

money income index

cross elasticity of demand

price elasticity of demand

8 / 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

9 / 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?

46.3

41.1

43.6

38.2

10 / 50

Category: ECONOMICS POST UTME

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

microeconomics

macroeconomics

market system

economic system

11 / 50

Category: ECONOMICS POST UTME

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

allocate resources to both consumer and producers in an efficient manner

ensure equitable distribution of resources

determine the value of each assets

ration the available goods among consumers

12 / 50

Category: ECONOMICS POST UTME

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

combines A to C

observes economics variables

is concerned with what is

relates to value judgment

13 / 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

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

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

14 / 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

check how much money he has

determine the opportunity cost

prepare a scale of preference

15 / 50

Category: ECONOMICS POST UTME

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

democracy

communism

capitalism

socialism

16 / 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

17 / 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

18 / 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:

4.4

12

2.2

60

19 / 50

Category: ECONOMICS POST UTME

The term Laissez-faire is associated with:

a controlled economy

a civil society

a free enterprise

a welfare state

20 / 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

competitive demand

derived demand

joint demand

21 / 50

Category: ECONOMICS POST UTME

In Ekiti State, the demand curve for rice in every household is downward sloping because:

every household has access to the market

there is excess supply

rice is produced in the state

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

22 / 50

Category: ECONOMICS POST UTME

Demand in Economics is synonymous with:

wants of the consumer at a time

all goods demanded in the market at a time

wants back with ability to pay

needs of a rational consumer

23 / 50

Category: ECONOMICS POST UTME

Another term for opportunity cost is:

alternative cost

real cost

money cost

implicit cost

24 / 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 human behaviour in the allocation of scarce resources

Study of economic agents in allocation of goods and services

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

there are only two commodities existing in the market and their prices are known

the consumer acts rationally

the consumer’s taste, habit and income are consistent

26 / 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

27 / 50

Category: ECONOMICS POST UTME

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

Secondary

Construction

Tertiary

Primary

28 / 50

Category: ECONOMICS POST UTME

The Nigerian economy can best be described as a:

mixed economy

mono-product economy

socialist economy

capitalist economy

29 / 50

Category: ECONOMICS POST UTME

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

Linear

Exponential

Quadratic

Simultaneous

30 / 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

31 / 50

Category: ECONOMICS POST UTME

The meaning of scale of preference is:

the consumer budget

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

32 / 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

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

consumers are charged fair prices for goods they purchase

it ensures production of essential goods

33 / 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

planning committee

chief economic advisers

34 / 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

N140

N70

Book

35 / 50

Category: ECONOMICS POST UTME

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

whether a product is harmful

distribution

production

consumption

36 / 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

resources

demand

37 / 50

Category: ECONOMICS POST UTME

Which of the following countries does not practice capitalism?

Britain

Tanzania

United States of America

Nigeria

38 / 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

average utility

total utility

marginal utility

39 / 50

Category: ECONOMICS POST UTME

Advance stage of socialism is referred to as:

capitalism

quasi-socialism

feudalism

communism

40 / 50

Category: ECONOMICS POST UTME

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

Charts

maps

graphs

tables

41 / 50

Category: ECONOMICS POST UTME

The profit of a monopolist can be eliminated where price equals

AFC

AVC

AC

MC

42 / 50

Category: ECONOMICS POST UTME

Basic extractive activities are classified as:

manufacturing production

secondary production

primary production

technical production

43 / 50

Category: ECONOMICS POST UTME

The decision on what to produce is a problem in:

a free-enterprise economic system only

all economic system

developing economic systems

a centrally planned economic system only

44 / 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

45 / 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 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

46 / 50

Category: ECONOMICS POST UTME

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

how to ensure economic efficiency

equal distribution of economic

techniques of production to be adopted

for whom to produce goods and services

47 / 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 > 325

y < 75

48 / 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

group of consumers

price mechanism

49 / 50

Category: ECONOMICS POST UTME

It is impossible to satisfy all human wants because:

human wants are unlimited

of income inequality

money income is limited

available resources are limited

50 / 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

zero

infinite

one

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ECONOMICS POST UTME PAST QUESTIONS

ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS

ECONOMICS POST UTME

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ECONOMICS POST UTME PAST QUESTIONS AND ANSWERS

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