ECONOMICS POST UTME QUESTIONS & ANSWERSHomePOST UTME/POST JAMB Past Question & AnswersECONOMICS POST UTME QUESTIONS & ANSWERSPractice this ECONOMICS POST UTME exam questions and answers Our experts have provided correct answers to these questions.0% ECONOMICS POST UTME(APP) ECONOMICS POST UTMEECONOMICS 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 UTMEThe graph of the function C = a + bY is: Linear Exponential Simultaneous Quadratic 2 / 50 Category: ECONOMICS POST UTMEA good example of a free good is: mineral resources security air education 3 / 50 Category: ECONOMICS POST UTMEIf 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 > 75 y > 150 y < 75 4 / 50 Category: ECONOMICS POST UTMEThe following are the arguments for capitalism EXCEPT: 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 it disallows monopoly of economic power 5 / 50 Category: ECONOMICS POST UTMEIn 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 the producer price mechanism the government 6 / 50 Category: ECONOMICS POST UTMEIn economic analysis, a statement is said to be normative when it: observes economics variables relates to value judgment is concerned with what is combines A to C 7 / 50 Category: ECONOMICS POST UTMEMr. 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 N70 Book calculator 8 / 50 Category: ECONOMICS POST UTMEThe knowledge of Economics enables an individual to: avoid the purchase of harmful goods derive maximum satisfaction from the use of his resources be careful in the spending of his income be investment conscious 9 / 50 Category: ECONOMICS POST UTMEWhich of the following countries does not practice capitalism? Britain United States of America Nigeria Tanzania 10 / 50 Category: ECONOMICS POST UTMEBasic extractive activities are classified as: primary production technical production secondary production manufacturing production 11 / 50 Category: ECONOMICS POST UTMEAdvance stage of socialism is referred to as: capitalism communism feudalism quasi-socialism 12 / 50 Category: ECONOMICS POST UTMEIn market economy, the economy questions of what, how and for whom to produce are solved by: government agencies planning committee price mechanism chief economic advisers 13 / 50 Category: ECONOMICS POST UTMEWhat determines how the factors of production are to be allocated among different production activities in a planned economy? private needs private needs equity principle individual ability to pay 14 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a good method of data presentation and interpretation? Charts tables graphs maps 15 / 50 Category: ECONOMICS POST UTMEA 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 16 / 50 Category: ECONOMICS POST UTMEThe sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as: marginal utility average utility time utility total utility 17 / 50 Category: ECONOMICS POST UTMEThe meaning of scale of preference is: the consumer preference for cheap goods the consumer budget a list of consumers wants, arranged in order of importance the preparation of a list of goods and services that satisfy wants 18 / 50 Category: ECONOMICS POST UTMEA 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 19 / 50 Category: ECONOMICS POST UTMEUse 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 41.1 38.2 46.3 20 / 50 Category: ECONOMICS POST UTMEAnother term for opportunity cost is: implicit cost money cost real cost alternative cost 21 / 50 Category: ECONOMICS POST UTMEThe concept of economic efficiency basically implies: obtaining the maximum output from available resources at the lowest cost equity in the distribution of the nation’s wealth conservation of economic resources a wasteless economy 22 / 50 Category: ECONOMICS POST UTMEDemand in Economics is synonymous with: wants of the consumer at a time all goods demanded in the market at a time needs of a rational consumer wants back with ability to pay 23 / 50 Category: ECONOMICS POST UTMEThe decision on what to produce is a problem in: a centrally planned economic system only all economic system developing economic systems a free-enterprise economic system only 24 / 50 Category: ECONOMICS POST UTMEIn Ekiti State, the demand curve for rice in every household is downward sloping because: the higher the price of rice, the lower the quantity of rice to be demanded there is excess supply every household has access to the market rice is produced in the state 25 / 50 Category: ECONOMICS POST UTMEThe term Laissez-faire is associated with: a welfare state a controlled economy a free enterprise a civil society 26 / 50 Category: ECONOMICS POST UTMEThe study of the economic behaviour of individual decision making unit in a free enterprise economy is called: macroeconomics microeconomics economic system market system 27 / 50 Category: ECONOMICS POST UTMEIrrespective of economic system adopted, which of the following is not an economic problem? techniques of production to be adopted equal distribution of economic how to ensure economic efficiency for whom to produce goods and services 28 / 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 output wants 29 / 50 Category: ECONOMICS POST UTMEWhich of the following defines Economics most comprehensively? Study of economic agents in allocation of goods and services Study of human behaviour in the allocation of scarce resources Organization of industries and services to produce utility Buying and selling of goods and services 30 / 50 Category: ECONOMICS POST UTMEIn 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 31 / 50 Category: ECONOMICS POST UTMEA socialist economy is characterized by the: equal access to public utilities use of capital-intensive method of production government ownership and private control of means of production public ownership and control of factor of production 32 / 50 Category: ECONOMICS POST UTMEWhich of the following is not strictly included in the study of economics? production consumption distribution whether a product is harmful 33 / 50 Category: ECONOMICS POST UTMEThe profit of a monopolist can be eliminated where price equals MC AVC AFC AC 34 / 50 Category: ECONOMICS POST UTMEWhat 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? seek advice from economic experts prepare a scale of preference determine the opportunity cost check how much money he has 35 / 50 Category: ECONOMICS POST UTMEAn increase in the demand for pen raises the demand for ink. This type of demand is called: composite demand derived demand complementary demand competitive demand 36 / 50 Category: ECONOMICS POST UTMEIt is impossible to satisfy all human wants because: human wants are unlimited money income is limited of income inequality available resources are limited 37 / 50 Category: ECONOMICS POST UTMEThe responsiveness of demand to a change in income is termed: cross elasticity of demand money income index income elasticity of demand price elasticity of demand 38 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a classification of economic activities? Construction Tertiary Secondary Primary 39 / 50 Category: ECONOMICS POST UTMEThe Nigerian economy can best be described as a: socialist economy mono-product economy mixed economy capitalist economy 40 / 50 Category: ECONOMICS POST UTMEWhich of the following would not be included in the fundamental principle of a free enterprise economy? government control factor of production the right to make private profit private ownership of factors of production government encourages competitive capitalism within the legal framework of the country 41 / 50 Category: ECONOMICS POST UTMEOne 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 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 42 / 50 Category: ECONOMICS POST UTMEThe 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 the consumer acts rationally there are only two commodities existing in the market and their prices are known utilities are measurable in monetary value 43 / 50 Category: ECONOMICS POST UTMEThe economic system in which resources are privately owned is known as: communism capitalism socialism democracy 44 / 50 Category: ECONOMICS POST UTMEMUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents: Utility maximization equation Equilibrium equation Total utility equation Marginal utility equation 45 / 50 Category: ECONOMICS POST UTMEWith 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 46 / 50 Category: ECONOMICS POST UTMEThe demand for a commodity not directly for immediate consumption but for the production of another commodity is: joint demand composite demand derived demand competitive demand 47 / 50 Category: ECONOMICS POST UTMEIf you do not have to make any sacrifice in order to get a particular thing then its real cost is: one zero its price infinite 48 / 50 Category: ECONOMICS POST UTMEFor a free commodity, a rational consumer will continuously increase his consumption until: his marginal utility becomes zero his marginal utility equal the price he would have paid he decides to stop he attains the highest marginal utility level 49 / 50 Category: ECONOMICS POST UTMEUse 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 60 2.2 12 50 / 50 Category: ECONOMICS POST UTMEWhich 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 the process of making a choice involves opportunity cost usually choice is made from a consumer scale preference Your score is 0% Restart quiz