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

It is impossible to satisfy all human wants because:

available resources are limited

money income is limited

of income inequality

human wants are unlimited

2 / 50

Category: ECONOMICS POST UTME

Advance stage of socialism is referred to as:

capitalism

feudalism

communism

quasi-socialism

3 / 50

Category: ECONOMICS POST UTME

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

Secondary

Tertiary

Primary

Construction

4 / 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

5 / 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

6 / 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

7 / 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 equal the price he would have paid

his marginal utility becomes zero

he attains the highest marginal utility level

8 / 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

2.2

9 / 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

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

every household has access to the market

10 / 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

joint demand

derived demand

11 / 50

Category: ECONOMICS POST UTME

The decision on what to produce is a problem in:

all economic system

a free-enterprise economic system only

a centrally planned economic system only

developing economic systems

12 / 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 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 unit of each item is the same

13 / 50

Category: ECONOMICS POST UTME

Basic extractive activities are classified as:

primary production

manufacturing production

secondary production

technical production

14 / 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 > 325

y > 75

y < 75

y > 150

15 / 50

Category: ECONOMICS POST UTME

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

Charts

tables

graphs

maps

16 / 50

Category: ECONOMICS POST UTME

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

for whom to produce goods and services

equal distribution of economic

how to ensure economic efficiency

techniques of production to be adopted

17 / 50

Category: ECONOMICS POST UTME

Which of the following countries does not practice capitalism?

Nigeria

Tanzania

United States of America

Britain

18 / 50

Category: ECONOMICS POST UTME

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

ensure equitable distribution of resources

allocate resources to both consumer and producers in an efficient manner

determine the value of each assets

ration the available goods among consumers

19 / 50

Category: ECONOMICS POST UTME

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

observes economics variables

is concerned with what is

combines A to C

relates to value judgment

20 / 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

obtaining the maximum output from available resources at the lowest cost

a wasteless economy

21 / 50

Category: ECONOMICS POST UTME

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

income elasticity of demand

cross elasticity of demand

money income index

price elasticity of demand

22 / 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

43.6

41.1

38.2

23 / 50

Category: ECONOMICS POST UTME

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

capitalism

socialism

democracy

communism

24 / 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

equity principle

private needs

25 / 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

26 / 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:

total utility

time utility

average utility

marginal utility

27 / 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

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

consumers are charged fair prices for goods they purchase

it ensures production of essential goods

28 / 50

Category: ECONOMICS POST UTME

The Nigerian economy can best be described as a:

mixed economy

capitalist economy

socialist economy

mono-product economy

29 / 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

market system

microeconomics

30 / 50

Category: ECONOMICS POST UTME

The meaning of scale of preference is:

the consumer budget

the consumer preference for cheap goods

a list of consumers wants, arranged in order of importance

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

31 / 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

check how much money he has

seek advice from economic experts

determine the opportunity cost

32 / 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

output

demand

resources

33 / 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

34 / 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

private ownership of factors of production

government encourages competitive capitalism within the legal framework of the country

35 / 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

36 / 50

Category: ECONOMICS POST UTME

An increase in the demand for pen raises the demand for ink. This type of demand is called:

complementary demand

composite demand

competitive demand

derived demand

37 / 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

38 / 50

Category: ECONOMICS POST UTME

The term Laissez-faire is associated with:

a welfare state

a free enterprise

a controlled economy

a civil society

39 / 50

Category: ECONOMICS POST UTME

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

Exponential

Simultaneous

Quadratic

Linear

40 / 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

41 / 50

Category: ECONOMICS POST UTME

Demand in Economics is synonymous with:

needs of a rational consumer

all goods demanded in the market at a time

wants back with ability to pay

wants of the consumer at a time

42 / 50

Category: ECONOMICS POST UTME

Which of the following statements is not correct about choice?

usually choice is made from a consumer scale preference

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

43 / 50

Category: ECONOMICS POST UTME

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

whether a product is harmful

distribution

consumption

production

44 / 50

Category: ECONOMICS POST UTME

The profit of a monopolist can be eliminated where price equals

AFC

AVC

45 / 50

Category: ECONOMICS POST UTME

Which of the following defines Economics most comprehensively?

Study of economic agents in allocation of goods and services

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

46 / 50

Category: ECONOMICS POST UTME

Another term for opportunity cost is:

real cost

implicit cost

money cost

alternative cost

47 / 50

Category: ECONOMICS POST UTME

MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents:

Total utility equation

Equilibrium equation

Marginal utility equation

Utility maximization equation

48 / 50

Category: ECONOMICS POST UTME

A good example of a free good is:

security

air

mineral resources

education

49 / 50

Category: ECONOMICS POST UTME

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

planning committee

price mechanism

chief economic advisers

government agencies

50 / 50

Category: ECONOMICS POST UTME

The following are the arguments for capitalism EXCEPT:

its profit motive leads to increased efficiency in production

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

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ECONOMICS POST UTME

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