UTME 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A good indicator of economic development is an increase in
A. real per capital income
B. per capital income
C. real national income
D. gross national product
Question 2
In the production process, total output is at maximum when
A. AP=0
B. MP=0
C. MP=0
D. AP=0
Question 3
In a capitalist economic system, the problem of what to produce is decided mainly by
A. relative prices
B. central planner
C. shadow prices
D. profit level
Question 4
In the pie chart above, the percentage for children is equivalent to: [See diagram]
A. 144°
B. 90°
C. 288°
D. 72°
Question 5
The most important requirement for increasing agricultural output in Nigeria is
A. for the government to go into large scale farming
B. to employ relevant foreign technology and reform the land tenure system
C. to increase farmers' income and improve farming techniques
D. to employ more extension workers
Question 6
Choice in economic life is necessitated by
A. the need to construct a scale of preference
B. the opportunity cost of consumption
C. unlimited wants
D. scarcity of resources
Question 7
If C stands for consumption expenditure, I for investment, X for export and M for imports, then national income is
A. C+I+X-M
B. C+I+X+M
C. I+X+M
D. C+I+X
Question 8
In Nigeria, revenue sharing from the federation account is between the
A. legislature, executive and judiciary
B. federal, state government and parastatals
C. federal, state and local governments
D. federal, state governments and the senate
Question 9
In perfect competition, a firm's price is equal to its marginal revenue, which again is equal to its average revenue, this firm maximizes its profits when its marginal cost (MC) is equal to price P. Which of the curves in the diagram below represents the firm's marginal cost (MC)? [See diagram]
A. Curve I
B. Curve II
C. Curve IV
D. Curve III
Question 10
The term "ceteris paribus" in economics means
A. human beings are unpredictable
B. all factors are fully utilized
C. resources are scarce
D. human problem can be solved
Question 11
Population growth can be calculated as
A. birth rate + death rate + migration + immigration rate
B. birth rate - death rate + migration rate - immigration rate
C. birth rate + death rate - emigration + immigration rate
D. birth rate + death rate = migration + immigration rate
Question 12
An imperfect market in which there is only one buyer of a commodity is
A. duopoly
B. monopoly
C. oligopoly
D. monopsony
Question 13
One of the following is an advantage of sole proprietorship
A. control and supervision is under one man
B. inter-generational equity is assured
C. continuity is no problem
D. funds are easy to obtain
Question 14
Scarcity in economies implies that
A. the economy has very few resources
B. human wants are limitless
C. the economy can scarcely produce anything
D. resources are limited in relation to wants
Question 15
To perform its function as a store of wealth and standard for deferred payment, money must be
A. portable
B. in attractive form
C. spent more on capital goods than consumers good
D. stable in value

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