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 The meaning of scale of preference is: the preparation of a list of goods and services that satisfy wants the consumer budget the consumer preference for cheap goods a list of consumers wants, arranged in order of importance 2 / 50 Category: ECONOMICS POST UTME Demand in Economics is synonymous with: wants of the consumer at a time all goods demanded in the market at a time wants back with ability to pay needs of a rational consumer 3 / 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 composite demand complementary demand 4 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: capitalism communism socialism democracy 5 / 50 Category: ECONOMICS POST UTME In a market economy, the main function of price to: ration the available goods among consumers allocate resources to both consumer and producers in an efficient manner determine the value of each assets ensure equitable distribution of resources 6 / 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 becomes zero his marginal utility equal the price he would have paid 7 / 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: infinite one its price zero 8 / 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 9 / 50 Category: ECONOMICS POST UTME The following are the arguments for capitalism EXCEPT: there is freedom of consumption and production it disallows monopoly of economic power there is exploitation of consumers since the producers are out to maximize profit its profit motive leads to increased efficiency in production 10 / 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 12 60 2.2 11 / 50 Category: ECONOMICS POST UTME A good example of a free good is: air security mineral resources education 12 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Quadratic Simultaneous Exponential Linear 13 / 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 there are only two commodities existing in the market and their prices are known utilities are measurable in monetary value the consumer acts rationally 14 / 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 resources demand 15 / 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 16 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? 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 the process of making a choice involves opportunity cost 17 / 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? determine the opportunity cost prepare a scale of preference seek advice from economic experts check how much money he has 18 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: implicit cost money cost alternative cost real cost 19 / 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 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 the total utility he gets from each item is the same 20 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy mono-product economy socialist economy capitalist economy 21 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AC AVC AFC MC 22 / 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 23 / 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 24 / 50 Category: ECONOMICS POST UTME In Ekiti State, the demand curve for rice in every household is downward sloping because: there is excess supply every household has access to the market the higher the price of rice, the lower the quantity of rice to be demanded rice is produced in the state 25 / 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 individual ability to pay private needs private needs 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: time utility total utility average utility marginal utility 27 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: all economic system developing economic systems a free-enterprise economic system only a centrally planned economic system only 28 / 50 Category: ECONOMICS POST UTME The knowledge of Economics enables an individual to: avoid the purchase of harmful goods derive maximum satisfaction from the use of his resources be investment conscious be careful in the spending of his income 29 / 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 N140 calculator 30 / 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 31 / 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 32 / 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 > 75 y > 325 y < 75 33 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: manufacturing production technical production primary production secondary production 34 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania Britain United States of America Nigeria 35 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a civil society a controlled economy a free enterprise a welfare state 36 / 50 Category: ECONOMICS POST UTME Irrespective of economic system adopted, which of the following is not an economic problem? equal distribution of economic for whom to produce goods and services how to ensure economic efficiency techniques of production to be adopted 37 / 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 of other product(s) will be bought no product will be bought subsequently 38 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: money income is limited human wants are unlimited of income inequality available resources are limited 39 / 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 observes economics variables relates to value judgment 40 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? production whether a product is harmful consumption distribution 41 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Secondary Primary Tertiary Construction 42 / 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 43 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: capitalism communism feudalism quasi-socialism 44 / 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 use of capital-intensive method of production equal access to public utilities 45 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? graphs tables maps Charts 46 / 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 composite demand competitive demand 47 / 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 price mechanism the producer the government 48 / 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 it is more efficient since resources are not wasted on producing surplus it ensures production of essential goods there is disincentive to hard work because private property is not allowed 49 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: money income index income elasticity of demand price elasticity of demand cross elasticity of demand 50 / 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 38.2 41.1 43.6 Your score is 0% Restart quiz