ECONOMICS POST UTME PAST QUESTIONSby AcadllyAndroid Question Bank (POST UTME)1 Comment 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 / 50See also CRK/CRE/CRS POST UTME PAST QUESTIONS Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: composite demand complementary demand derived demand competitive demand 2 / 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 resources demand output 3 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Quadratic Simultaneous Linear Exponential 4 / 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 public ownership and control of factor of production use of capital-intensive method of production 5 / 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 its profit motive leads to increased efficiency in production there is freedom of consumption and production 6 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Primary Secondary Tertiary Construction 7 / 50 Category: ECONOMICS POST UTME A good example of a free good is: mineral resources education security air 8 / 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 of other product(s) will be bought no product will be bought subsequently more of another product will be bought 9 / 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 10 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: manufacturing production technical production secondary production primary production 11 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals MC AVC AFC AC 12 / 50 Category: ECONOMICS POST UTME One of the fundamental differences between capitalist and a socialist state is that while: the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all taxes are levied in a socialist economy; there is no taxation in capitalist economy there is equality in distribution of wealth in the socialist state, it is not so in a capitalist economy in the former, price mechanism guides the allocation of resources, it is the government agency that performs this function in the latter 13 / 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: price mechanism the government the producer group of consumers 14 / 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 he decides to stop his marginal utility equal the price he would have paid his marginal utility becomes zero 15 / 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 N140 Book calculator 16 / 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 equity principle private needs private needs 17 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: price elasticity of demand cross elasticity of demand income elasticity of demand money income index 18 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: capitalism feudalism quasi-socialism communism 19 / 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 20 / 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 private ownership of factors of production government control factor of production 21 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? maps tables Charts graphs 22 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania United States of America Britain Nigeria 23 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? 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 usually choice is made from a consumer scale preference 24 / 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 its price zero infinite 25 / 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 determine the opportunity cost check how much money he has seek advice from economic experts 26 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: available resources are limited money income is limited human wants are unlimited of income inequality 27 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: ensure equitable distribution of resources determine the value of each assets ration the available goods among consumers allocate resources to both consumer and producers in an efficient manner 28 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: all goods demanded in the market at a time wants of the consumer at a time needs of a rational consumer wants back with ability to pay 29 / 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 30 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer preference for cheap goods the consumer budget the preparation of a list of goods and services that satisfy wants a list of consumers wants, arranged in order of importance 31 / 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 consumers are charged fair prices for goods they purchase there is disincentive to hard work because private property is not allowed 32 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: a free-enterprise economic system only a centrally planned economic system only all economic system developing economic systems 33 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of economic agents in allocation of goods and services Organization of industries and services to produce utility Buying and selling of goods and services Study of human behaviour in the allocation of scarce resources 34 / 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 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 naira spent on each item is the same 35 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: socialist economy mono-product economy capitalist economy mixed economy 36 / 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 37 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: capitalism democracy socialism communism 38 / 50 Category: ECONOMICS POST UTME MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Utility maximization equation Total utility equation Equilibrium equation Marginal utility equation 39 / 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 40 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: market system microeconomics macroeconomics economic system 41 / 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: 2.2 4.4 12 60 42 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: be investment conscious avoid the purchase of harmful goods derive maximum satisfaction from the use of his resources be careful in the spending of his income 43 / 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 every household has access to the market the higher the price of rice, the lower the quantity of rice to be demanded there is excess supply 44 / 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 45 / 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 marginal utility total utility 46 / 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 46.3 41.1 47 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: money cost alternative cost real cost implicit cost 48 / 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 composite demand joint demand derived demand 49 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a civil society a welfare state a free enterprise a controlled economy 50 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? how to ensure economic efficiency for whom to produce goods and services techniques of production to be adopted equal distribution of economic Your score is 0% Restart quiz previousENGLISH POST UTME PAST QUESTIONSnextCRK/CRE/CRS POST UTME PAST QUESTIONS 1 thought on “ECONOMICS POST UTME PAST QUESTIONS” Damilare November 2, 2022 at 10:13 am Reply I want to learn Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Name * Email * Website Comment *
I want to learn