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 UTME Practice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College of Medicine, College of Technology and College of Education and pass your examination. 1 / 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 one infinite zero 2 / 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 3 / 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: 60 2.2 12 4.4 4 / 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 5 / 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 6 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy mono-product economy socialist economy capitalist economy 7 / 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 Organization of industries and services to produce utility Buying and selling of goods and services 8 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: conservation of economic resources a wasteless economy obtaining the maximum output from available resources at the lowest cost equity in the distribution of the nation’s wealth 9 / 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 10 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: public ownership and control of factor of production government ownership and private control of means of production equal access to public utilities use of capital-intensive method of production 11 / 50 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 usually choice is made from a consumer scale preference the process of making a choice involves opportunity cost only individuals and firms make choice 12 / 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 equity principle individual ability to pay private needs 13 / 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 14 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: it disallows monopoly of economic power its profit motive leads to increased efficiency in production there is freedom of consumption and production there is exploitation of consumers since the producers are out to maximize profit 15 / 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 16 / 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 more of another product will be bought of other product(s) will be bought no product will be bought subsequently 17 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? distribution production whether a product is harmful consumption 18 / 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 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 total amount of money he spends on each item is the same 19 / 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 marginal utility total utility 20 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania Britain Nigeria United States of America 21 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a free enterprise a controlled economy a welfare state a civil society 22 / 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 the higher the price of rice, the lower the quantity of rice to be demanded every household has access to the market there is excess supply 23 / 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 economic system market system 24 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Quadratic Exponential Linear Simultaneous 25 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AC AFC MC AVC 26 / 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 resources demand wants 27 / 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 28 / 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 techniques of production to be adopted how to ensure economic efficiency equal distribution of economic 29 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: a centrally planned economic system only developing economic systems a free-enterprise economic system only all economic system 30 / 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 be investment conscious derive maximum satisfaction from the use of his resources 31 / 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 > 150 y > 325 y > 75 y < 75 32 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: money income index price elasticity of demand cross elasticity of demand income elasticity of demand 33 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: technical production manufacturing production primary production secondary production 34 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: price mechanism government agencies chief economic advisers planning committee 35 / 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? 38.2 46.3 41.1 43.6 36 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: quasi-socialism feudalism communism capitalism 37 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: money cost real cost alternative cost implicit cost 38 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Secondary Primary Construction Tertiary 39 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: of income inequality human wants are unlimited money income is limited available resources are limited 40 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: communism capitalism democracy socialism 41 / 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 wants back with ability to pay needs of a rational consumer 42 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? tables maps Charts graphs 43 / 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 44 / 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 the consumer acts rationally the consumer’s taste, habit and income are consistent there are only two commodities existing in the market and their prices are known 45 / 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 consumers are charged fair prices for goods they purchase it ensures production of essential goods there is disincentive to hard work because private property is not allowed 46 / 50 Category: ECONOMICS POST UTME A good example of a free good is: mineral resources air security education 47 / 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 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 the former is governed by the principle of the survival of the fittest, the latter is concerned with the welfare of all 48 / 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 N70 calculator N140 49 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: ensure equitable distribution of resources ration the available goods among consumers determine the value of each assets allocate resources to both consumer and producers in an efficient manner 50 / 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 government encourages competitive capitalism within the legal framework of the country the right to make private profit Your score is 0% Restart quiz