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 “Economics is a science which studies human behaviour as relationship between ends and scarce means, which have alternative uses”. ‘Ends’ here refers to: resources output wants demand 2 / 50 Category: ECONOMICS POST UTME One of the fundamental differences between capitalist and a socialist state is that while: 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 there is equality in distribution of wealth in the socialist state, it is not so in a capitalist economy 3 / 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: N140 Book N70 calculator 4 / 50 Category: ECONOMICS POST UTME In economic analysis, a statement is said to be normative when it: relates to value judgment is concerned with what is combines A to C observes economics variables 5 / 50 Category: ECONOMICS POST UTME Basic extractive activities are classified as: secondary production primary production manufacturing production technical production 6 / 50 Category: ECONOMICS POST UTME The term Laissez-faire is associated with: a civil society a welfare state a controlled economy a free enterprise 7 / 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 private ownership of factors of production government control factor of production the right to make private profit 8 / 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 techniques of production to be adopted how to ensure economic efficiency 9 / 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 10 / 50 Category: ECONOMICS POST UTME Which of the following statements is not correct about choice? the process of making a choice involves opportunity cost usually choice is made from a consumer scale preference an economist is not interested in the moral judgment of any choice so made only individuals and firms make choice 11 / 50 Category: ECONOMICS POST UTME The economic system in which resources are privately owned is known as: democracy capitalism socialism communism 12 / 50 Category: ECONOMICS POST UTME A good example of a free good is: air education security mineral resources 13 / 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 group of consumers the producer the government 14 / 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 15 / 50 Category: ECONOMICS POST UTME A socialist economy is characterized by the: government ownership and private control of means of production use of capital-intensive method of production public ownership and control of factor of production equal access to public utilities 16 / 50 Category: ECONOMICS POST UTME Which of the following countries does not practice capitalism? Tanzania United States of America Britain Nigeria 17 / 50 Category: ECONOMICS POST UTME Which of the following defines Economics most comprehensively? Organization of industries and services to produce utility Study of economic agents in allocation of goods and services Buying and selling of goods and services Study of human behaviour in the allocation of scarce resources 18 / 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 there are only two commodities existing in the market and their prices are known the consumer’s taste, habit and income are consistent 19 / 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 20 / 50 Category: ECONOMICS POST UTME The study of the economic behaviour of individual decision making unit in a free enterprise economy is called: macroeconomics market system microeconomics economic system 21 / 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 22 / 50 Category: ECONOMICS POST UTME In market economy, the economy questions of what, how and for whom to produce are solved by: price mechanism chief economic advisers government agencies planning committee 23 / 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: 2.2 60 4.4 12 24 / 50 Category: ECONOMICS POST UTME The demand for a commodity not directly for immediate consumption but for the production of another commodity is: derived demand joint demand composite demand competitive demand 25 / 50 Category: ECONOMICS POST UTME Which of the following is not a classification of economic activities? Construction Tertiary Secondary Primary 26 / 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 27 / 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 Marginal utility equation Total utility equation Utility maximization equation 28 / 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 29 / 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? 41.1 46.3 43.6 38.2 30 / 50 Category: ECONOMICS POST UTME Another term for opportunity cost is: alternative cost money cost real cost implicit cost 31 / 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 it ensures production of essential goods there is disincentive to hard work because private property is not allowed consumers are charged fair prices for goods they purchase 32 / 50 Category: ECONOMICS POST UTME The responsiveness of demand to a change in income is termed: price elasticity of demand money income index cross elasticity of demand income elasticity of demand 33 / 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 the higher the price of rice, the lower the quantity of rice to be demanded rice is produced in the state there is excess supply 34 / 50 Category: ECONOMICS POST UTME A rational consumer will adjust his spending pattern so that: the total utility he gets from each item is the same the marginal utility he gets from the last naira spent on 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 35 / 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 36 / 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 its price one zero 37 / 50 Category: ECONOMICS POST UTME The Nigerian economy can best be described as a: mixed economy mono-product economy socialist economy capitalist economy 38 / 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 39 / 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 allocate resources to both consumer and producers in an efficient manner determine the value of each assets 40 / 50 Category: ECONOMICS POST UTME Which of the following is not strictly included in the study of economics? whether a product is harmful distribution production consumption 41 / 50 Category: ECONOMICS POST UTME It is impossible to satisfy all human wants because: available resources are limited of income inequality human wants are unlimited money income is limited 42 / 50 Category: ECONOMICS POST UTME The profit of a monopolist can be eliminated where price equals AC AFC AVC MC 43 / 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 > 75 y > 325 y > 150 44 / 50 Category: ECONOMICS POST UTME The decision on what to produce is a problem in: developing economic systems a free-enterprise economic system only a centrally planned economic system only all economic system 45 / 50 Category: ECONOMICS POST UTME The graph of the function C = a + bY is: Exponential Simultaneous Quadratic Linear 46 / 50 Category: ECONOMICS POST UTME The meaning of scale of preference is: the consumer budget the consumer preference for cheap goods the preparation of a list of goods and services that satisfy wants a list of consumers wants, arranged in order of importance 47 / 50 Category: ECONOMICS POST UTME The concept of economic efficiency basically implies: a wasteless economy equity in the distribution of the nation’s wealth conservation of economic resources obtaining the maximum output from available resources at the lowest cost 48 / 50 Category: ECONOMICS POST UTME Advance stage of socialism is referred to as: capitalism feudalism communism quasi-socialism 49 / 50 Category: ECONOMICS POST UTME An increase in the demand for pen raises the demand for ink. This type of demand is called: derived demand competitive demand complementary demand composite demand 50 / 50 Category: ECONOMICS POST UTME Which of the following is not a good method of data presentation and interpretation? maps Charts tables graphs Your score is 0% Restart quiz