ECONOMICS POST UTME QUESTIONS & ANSWERS HomePOST UTME/POST JAMB Past Question & AnswersECONOMICS POST UTME QUESTIONS & ANSWERS Practice this ECONOMICS POST UTME exam questions and answers Our experts have provided correct answers to these questions. 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 In economic analysis, a statement is said to be normative when it: is concerned with what is observes economics variables combines A to C relates to value judgment 2 / 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 3 / 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 ration the available goods among consumers determine the value of each assets ensure equitable distribution of resources 4 / 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 demand wants resources 5 / 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 prepare a scale of preference determine the opportunity cost 6 / 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: average utility time utility total utility marginal utility 7 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: feudalism capitalism quasi-socialism communism 8 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: all goods demanded in the market at a time needs of a rational consumer wants back with ability to pay wants of the consumer at a time 9 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Secondary Construction Tertiary Primary 10 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? United States of America Nigeria Tanzania Britain 11 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: conservation of economic resources obtaining the maximum output from available resources at the lowest cost equity in the distribution of the nation’s wealth a wasteless economy 12 / 50 Category: ECONOMICS POST UTME A good example of a free good is: education air mineral resources security 13 / 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? 43.6 46.3 38.2 41.1 14 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AVC MC AC AFC 15 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy capitalist economy socialist economy mono-product economy 16 / 50 Category: ECONOMICS POST UTME With regard to the benefit of socialism, which of the alternatives is not correct? consumers are charged fair prices for goods they purchase 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 17 / 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 Equilibrium equation Total utility equation Utility maximization equation 18 / 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 government encourages competitive capitalism within the legal framework of the country private ownership of factors of production the right to make private profit 19 / 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 20 / 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 economic system microeconomics macroeconomics 21 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: democracy socialism communism capitalism 22 / 50 Category: ECONOMICS POST UTME One of the fundamental differences between capitalist and a socialist state is that while: 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 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 23 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Buying and selling of goods and services Study of economic agents in allocation of goods and services Organization of industries and services to produce utility Study of human behaviour in the allocation of scarce resources 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 private needs equity principle 25 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: income elasticity of demand price elasticity of demand money income index cross elasticity of demand 26 / 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 27 / 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 28 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? tables maps Charts graphs 29 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: be investment conscious be careful in the spending of his income derive maximum satisfaction from the use of his resources avoid the purchase of harmful goods 30 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a civil society a controlled economy a welfare state a free enterprise 31 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? production whether a product is harmful distribution consumption 32 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: manufacturing production technical production secondary production primary production 33 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: of income inequality money income is limited available resources are limited human wants are unlimited 34 / 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 complementary demand composite demand 35 / 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 infinite zero one 36 / 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 37 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Simultaneous Quadratic Linear Exponential 38 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? usually choice is made from a consumer scale preference only individuals and firms make choice the process of making a choice involves opportunity cost an economist is not interested in the moral judgment of any choice so made 39 / 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 utilities are measurable in monetary value the consumer acts rationally the consumer’s taste, habit and income are consistent 40 / 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 there is freedom of consumption and production its profit motive leads to increased efficiency in production it disallows monopoly of economic power 41 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer preference for cheap goods a list of consumers wants, arranged in order of importance the consumer budget the preparation of a list of goods and services that satisfy wants 42 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: alternative cost money cost real cost implicit cost 43 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: a centrally planned economic system only developing economic systems all economic system a free-enterprise economic system only 44 / 50 Category: ECONOMICS POST UTME For a free commodity, a rational consumer will continuously increase his consumption until: his marginal utility becomes zero he attains the highest marginal utility level he decides to stop his marginal utility equal the price he would have paid 45 / 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 < 75 y > 325 46 / 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 47 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: equal access to public utilities public ownership and control of factor of production government ownership and private control of means of production use of capital-intensive method of production 48 / 50 Category: ECONOMICS POST UTME The demand for a commodity not directly for immediate consumption but for the production of another commodity is: joint demand derived demand competitive demand composite demand 49 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? techniques of production to be adopted for whom to produce goods and services how to ensure economic efficiency equal distribution of economic 50 / 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 Your score is 0% Restart quiz Share this post: Share on X (Twitter) Share on Facebook Share on LinkedIn Share on Email Share on WhatsApp
