ECONOMICS POST UTME Leave a Comment / POST UTME/POST JAMB / By Acadlly / Economics, Economics POST JAMB, Economics POST UTME, 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. 0% 9 ECONOMICS POST UTME ECONOMICS POST UTME ECONOMICS POST UTMEPractice 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 Another term for opportunity cost is: real cost alternative cost implicit cost money cost 2 / 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 seek advice from economic experts determine the opportunity cost prepare a scale of preference 3 / 50 Category: ECONOMICS POST UTME A good example of a free good is: mineral resources air security education 4 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: derive maximum satisfaction from the use of his resources avoid the purchase of harmful goods be careful in the spending of his income be investment conscious 5 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? Charts tables graphs maps 6 / 50 Category: ECONOMICS POST UTME A rational consumer will adjust his spending pattern so that: 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 the marginal utility he gets from the last naira spent on each item is the same 7 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: quasi-socialism communism feudalism capitalism 8 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: needs of a rational consumer wants back with ability to pay all goods demanded in the market at a time wants of the consumer at a time 9 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? whether a product is harmful production consumption distribution 10 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: a wasteless economy conservation of economic resources obtaining the maximum output from available resources at the lowest cost equity in the distribution of the nation’s wealth 11 / 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 group of consumers the producer price mechanism 12 / 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 the higher the price of rice, the lower the quantity of rice to be demanded rice is produced in the state 13 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as:See also LIT IN ENG POST UTME (PRO) technical production primary production secondary production manufacturing production 14 / 50 Category: ECONOMICS POST UTME A consumer’s decision to purchase more of a product, with constant income will imply that: of other product(s) will be bought the consumer is rational more of another product will be bought no product will be bought subsequently 15 / 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 government control factor of production private ownership of factors of production the right to make private profit 16 / 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 17 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a controlled economy a free enterprise a welfare state a civil society 18 / 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 average utility time utility marginal utility 19 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Construction Secondary Primary Tertiary 20 / 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 21 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: socialism capitalism communism democracy 22 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Quadratic Exponential Linear Simultaneous 23 / 50 Category: ECONOMICS POST UTME The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that: 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 utilities are measurable in monetary value 24 / 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 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 the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all 25 / 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 demand wants output 26 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: developing economic systems a centrally planned economic system only a free-enterprise economic system only all economic system 27 / 50See also BIOLOGY POST UTME Category: ECONOMICS POST UTME The demand for a commodity not directly for immediate consumption but for the production of another commodity is: composite demand derived demand joint demand competitive demand 28 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: use of capital-intensive method of production equal access to public utilities public ownership and control of factor of production government ownership and private control of means of production 29 / 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? 41.1 38.2 46.3 43.6 30 / 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 > 150 y > 75 y < 75 31 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: economic system microeconomics macroeconomics market system 32 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Britain Tanzania United States of America Nigeria 33 / 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 34 / 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 Total utility equation Utility maximization equation Marginal utility equation 35 / 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: 4.4 2.2 60 12 36 / 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 37 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: money income index price elasticity of demand income elasticity of demand cross elasticity of demand 38 / 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 39 / 50See also IRK POST UTME (PRO) 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 it ensures production of essential goods consumers are charged fair prices for goods they purchase 40 / 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 government agencies chief economic advisers 41 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Study of human behaviour in the allocation of scarce resources 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 42 / 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 43 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy mono-product economy socialist economy capitalist economy 44 / 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 usually choice is made from a consumer scale preference an economist is not interested in the moral judgment of any choice so made 45 / 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 46 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: he decides to stop he attains the highest marginal utility level his marginal utility becomes zero his marginal utility equal the price he would have paid 47 / 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 48 / 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 private needs individual ability to pay 49 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AC AFC MC AVC 50 / 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: Book N140 calculator N70 Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback
