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 UTMEWhich of the following defines Economics most comprehensively? Buying and selling of goods and services Organization of industries and services to produce utility Study of economic agents in allocation of goods and services Study of human behaviour in the allocation of scarce resources 2 / 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 a wasteless economy conservation of economic resources 3 / 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 4 / 50 Category: ECONOMICS POST UTMEA good example of a free good is: security education mineral resources air 5 / 50 Category: ECONOMICS POST UTMEIn economic analysis, a statement is said to be normative when it: combines A to C is concerned with what is relates to value judgment observes economics variables 6 / 50 Category: ECONOMICS POST UTMEThe responsiveness of demand to a change in income is termed: income elasticity of demand price elasticity of demand cross elasticity of demand money income index 7 / 50 Category: ECONOMICS POST UTMEWith regard to the benefit of socialism, which of the alternatives is not correct? there is disincentive to hard work because private property is not allowed it ensures production of essential goods it is more efficient since resources are not wasted on producing surplus consumers are charged fair prices for goods they purchase 8 / 50 Category: ECONOMICS POST UTMEMUA = 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 9 / 50 Category: ECONOMICS POST UTMEThe study of the economic behaviour of individual decision making unit in a free enterprise economy is called: microeconomics macroeconomics market system economic system 10 / 50 Category: ECONOMICS POST UTMEWhich of the following statements is not correct about 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 only individuals and firms make choice 11 / 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 price mechanism the producer the government 12 / 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? 46.3 38.2 43.6 41.1 13 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a classification of economic activities? Tertiary Secondary Construction Primary 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 resources demand output 15 / 50 Category: ECONOMICS POST UTMEAn increase in the demand for pen raises the demand for ink. This type of demand is called: composite demand competitive demand derived demand complementary demand 16 / 50 Category: ECONOMICS POST UTMEA 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 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 utility he gets from each item is the same 17 / 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: time utility marginal utility average utility total utility 18 / 50 Category: ECONOMICS POST UTMEOne 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 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 19 / 50 Category: ECONOMICS POST UTMEIn a market economy, the main function of price to: ration the available goods among consumers ensure equitable distribution of resources allocate resources to both consumer and producers in an efficient manner determine the value of each assets 20 / 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: 2.2 60 4.4 12 21 / 50 Category: ECONOMICS POST UTMEThe 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 22 / 50 Category: ECONOMICS POST UTMEA consumer’s decision to purchase more of a product, with constant income will imply that: no product will be bought subsequently more of another product will be bought of other product(s) will be bought the consumer is rational 23 / 50 Category: ECONOMICS POST UTMEAnother term for opportunity cost is: money cost real cost implicit cost alternative cost 24 / 50 Category: ECONOMICS POST UTMEWhat determines how the factors of production are to be allocated among different production activities in a planned economy? individual ability to pay private needs equity principle private needs 25 / 50 Category: ECONOMICS POST UTMEThe knowledge of Economics enables an individual to: be investment conscious derive maximum satisfaction from the use of his resources avoid the purchase of harmful goods be careful in the spending of his income 26 / 50 Category: ECONOMICS POST UTMEThe graph of the function C = a + bY is: Quadratic Simultaneous Exponential Linear 27 / 50 Category: ECONOMICS POST UTMEThe 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 28 / 50 Category: ECONOMICS POST UTMEThe 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 29 / 50 Category: ECONOMICS POST UTMEWhich of the following countries does not practice capitalism? Nigeria Britain Tanzania United States of America 30 / 50 Category: ECONOMICS POST UTMEThe term Laissez-faire is associated with: a civil society a welfare state a free enterprise a controlled economy 31 / 50 Category: ECONOMICS POST UTMEIn 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 there is excess supply every household has access to the market 32 / 50 Category: ECONOMICS POST UTMEWhich of the following is not strictly included in the study of economics? distribution production whether a product is harmful consumption 33 / 50 Category: ECONOMICS POST UTMEWhich of the following would not be included in the fundamental principle of a free enterprise economy? the right to make private profit private ownership of factors of production government encourages competitive capitalism within the legal framework of the country government control factor of production 34 / 50 Category: ECONOMICS POST UTMEAdvance stage of socialism is referred to as: feudalism communism capitalism quasi-socialism 35 / 50 Category: ECONOMICS POST UTMEThe Nigerian economy can best be described as a: mono-product economy capitalist economy mixed economy socialist economy 36 / 50 Category: ECONOMICS POST UTMEThe profit of a monopolist can be eliminated where price equals AC AFC AVC MC 37 / 50 Category: ECONOMICS POST UTMEIrrespective of economic system adopted, which of the following is not an economic problem? for whom to produce goods and services how to ensure economic efficiency equal distribution of economic techniques of production to be adopted 38 / 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: N70 N140 Book calculator 39 / 50 Category: ECONOMICS POST UTMEIn 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 40 / 50 Category: ECONOMICS POST UTMEA socialist economy is characterized by the: government ownership and private control of means of production public ownership and control of factor of production use of capital-intensive method of production equal access to public utilities 41 / 50 Category: ECONOMICS POST UTMEIt is impossible to satisfy all human wants because: money income is limited available resources are limited human wants are unlimited of income inequality 42 / 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? check how much money he has prepare a scale of preference seek advice from economic experts determine the opportunity cost 43 / 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: infinite zero its price one 44 / 50 Category: ECONOMICS POST UTMEThe ordinalist approach to the theory of consumer behaviour is based on the following assumption except that: the consumer acts rationally the consumer’s taste, habit and income are consistent utilities are measurable in monetary value there are only two commodities existing in the market and their prices are known 45 / 50 Category: ECONOMICS POST UTMEThe 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 46 / 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 > 150 y < 75 y > 325 y > 75 47 / 50 Category: ECONOMICS POST UTMEWhich of the following is not a good method of data presentation and interpretation? tables Charts maps graphs 48 / 50 Category: ECONOMICS POST UTMEThe economic system in which resources are privately owned is known as: socialism capitalism democracy communism 49 / 50 Category: ECONOMICS POST UTMEBasic extractive activities are classified as: manufacturing production technical production secondary production primary production 50 / 50 Category: ECONOMICS POST UTMEDemand in Economics is synonymous with: needs of a rational consumer wants back with ability to pay all goods demanded in the market at a time wants of the consumer at a time Your score is 0% Restart quiz