UTME 2018 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The ultimate objectives of economics is to
A. decides under what circumstances that government should intervene in the economy
B. Organize production at the lowest cost
C. Make the best use of scarce resources
D. make efforts to understands how the economy works
Question 2
The savings deposit in a commercial bank is called
A. near money
B. call money
C. capital
D. fund
Question 3
The need to construct a scale of preference is necessitated by
A. Scarcity and the need for choice
B. The needs to satisfy wants
C. Non - availability of factors of production
D. Scarcity of resources
Question 4
In the history of economics thought the concept of division of labour is usually associated with
A. Karl Marx
B. Adam Smith
C. David Ricardo
D. J.M. Keynes
Question 5
In an open economy, the GNP is measured as
A. C + I + G (X - M)
B. C + I + G + M
C. C + I + G + X
D. C + I + G + X - M
Question 6
Which of the following is not a direct tax?
A. capital gains tax
B. purchase tax
C. personal income tax
D. capital tax
Question 7
The type of business finance that entitles the holder to a fixed rate of dividend is
A. bank loan
B. debenture
C. preferred stock
D. common stock
Question 8
The coefficient of the price elasticity of supply is always
A. constant
B. Zero
C. positive
D. negative
Question 9
An upward movement along the same supply curve result in
A. a decrease in price
B. An increase
C. an increase in quantity supplied
D. A decrease in quantity supplied
Question 10
By utility we mean
A. beneficial
B. power of satisfying a want
C. advantageous
D. consumable
Question 11
From the graph above the consumer will attain equilibrium at point
A. J
B. K
C. M
D. L
Question 12
The minimum number of share holders for joint stock companies is
A. 4
B. 2
C. 7
D. 3
Question 13
The effects on the demand for product A caused by a change in the price of product B is called
A. Joint demand
B. cross elasticity of demand
C. elasticity of supply
D. competitive demand
Question 14
The transfer of public share holding in corporations to private enterprise is
A. incorporation
B. concession
C. Privatization
D. Commercialization
Question 15
A major determinant of the demand for a luxury good is
A. the price of other goods
B. the price of the good
C. tastes and fashion
D. the income of consumers

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