UTME 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Given that the total cost is ₦1,000, total variable cost is ₦250 and output is 100 units. Find the average total cost of producing one unit
A. ₦45
B. ₦35
C. ₦30
D. ₦60
Question 2
Taxes and government expenditures are instruments of
A. fiscal policy
B. monetary policy
C. trade policy
D. economic policy
Question 3
When workers have a share in the supply of labour it is to be
A. Oligopolistic
B. Competitive
C. Monopolistic
D. Monopsonistic
Question 4
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preference are therefore
A. Inconsistent
B. Consistent
C. Transitive
D. Rational
Question 5
The speculative demand for money is inversely related to the
A. inflation rate
B. interest rate
C. level of income
D. exchange rate
Question 6
The price index is calculated as
A. \( \frac{\text{current price}}{\text{weighted price}} \times \frac{100}{1} \)
B. \( \frac{\text{base year price}}{\text{current price}} \times \frac{100}{1} \)
C. \( \frac{\text{current price}}{\text{base year price} } \times \frac{100}{1} \)
D. \( \frac{\text{weighted price}}{\text{current price} } \times \frac{100}{1} \)
Question 7
Cost-push inflation is caused by
A. growth of government expenditures
B. increase in money supply
C. hoarding
D. increase in factor price
Question 8
The labour force in Nigeria falls between the ages of
A. 4, 18 and 45
B. 18 and 55
C. 18 and 60
D. 18 and 30
Question 9
GDP differs from GNP because GDP
A. emphasizes the goods and services produced within the country
B. is inclusive of depreciation
C. emphasizes the market value of all final goods and services produced by nationals
D. emphasizes the final goods and services produced within the country at a particular period
Question 10
An economic system in which the producer and the consumer are the same is referred to as
A. Subsistence economy
B. Socialist economy
C. Mixed economy
D. Capitalist economy
Question 11
A deficit budget can be used to
A. stimulate recovery from a trade depression
B. provide measures to remedy the balance of payments
C. protect the economy from inflation
D. starve the economy of funds for economic development
Question 12
An effective way of controlling inflation in a mixed economy is to
A. reduce income tax
B. ration available output
C. increase import duties
D. increase productivity
Question 13
Idle cash balances are held for all unplanned purchases
A. the purchase of shares
B. the purchase of bonds
C. the purchase of goods
D. planned expenditure
Question 14
The law of diminishing returns begins to operate when
A. marginal product begins to fall
B. total product begins to rise
C. marginal product begins to rise
D. total product begins to fall
Question 15
Economics is often described as a science because
A. it makes use of field work
B. it uses scientific methods to explain observed phenomena and predict future events
C. laboratory experiments are performed
D. it makes use of controlled experiments

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: