UTME 2018 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
When elasticity is zero, the demand curve is
A. circular
B. downward sloping
C. perfectly inelastic
D. concave
Question 2
Given that Y = C + I, where C = 50 + 0.75 and I = 45m, what is the equilibrium level of income?
A. ₦420m
B. ₦380m
C. ₦200m
D. ₦180m
Question 3
From the diagram above, the optional point of production is
A. R
B. T
C. S
D. U
Question 4
When a variable is associated with time period, it is
A. circular
B. flow
C. static
D. stock
Question 5
A limited liability company is owned by more than
A. a bank
B. an individual
C. two or more partners
D. share holders
Question 6
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
Question 7
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 8
The coefficient of the price elasticity of supply is always
A. constant
B. Zero
C. positive
D. negative
Question 9
The factor of production that has the highest degree of mobility is
A. entrepreneurship
B. land
C. labour
D. capital
Question 10
Which of the following is not a direct tax?
A. capital gains tax
B. purchase tax
C. personal income tax
D. capital tax
Question 11
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 12
If the price per unit is N2. What is the average revenue when 6 men are employed? [See table above]
A. N110
B. N120
C. N220
D. N330
Question 13
The mean is the best measure of central tendency because it
A. can be calculated from incomplete data
B. is a balancing point in an observation
C. is a midpoint value in an array of data
D. is not affected by extreme values in data
Question 14
The minimum number of share holders for joint stock companies is
A. 4
B. 2
C. 7
D. 3
Question 15
The privatization exercise in Nigeria is a move towards a
A. command economy
B. mixed economy
C. subsistence economy
D. market economy

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