UTME 2019 Economics | Objective

Are you preparing for UTME exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Economics (Objective) questions designed to simulate the real exam environment.

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Question 1
TABLE - 1
use the table below to answer questions 1 and 2 \begin{array}{l | c} \text{No. of workers} & \text{Total output (kg)} \\ \hline 1 & 39 \\ 2 & 52 \\ 3 & 60 \\ 4 & 66 \\ 5 & 66 \\ 6 & 63 \\ \end{array}
What is the marginal productivity, when the number of workers is increased from 2 to 3?
A. 20 kg
B. 31 kg
C. 60 kg
D. 180 kg

Correct Answer: E

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Question 2
TABLE - 1
use the table below to answer questions 1 and 2 \begin{array}{l | c} \text{No. of workers} & \text{Total output (kg)} \\ \hline 1 & 39 \\ 2 & 52 \\ 3 & 60 \\ 4 & 66 \\ 5 & 66 \\ 6 & 63 \\ \end{array}
The maximum number of workers that should be hired is
A. 2
B. 3
C. 5
Correct D. 4

Correct Answer: D

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Question 3
The sign of the slope of a graph in economic analysis is important, because it
Correct A. shows the relationship between variables
B. shows whether a good is normal or inferior
C. helps to determine the unit of measurement of variables
D. reveals the magnitude of the change between variables

Correct Answer: A

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Question 4
Every economy requires an accurate census because it assists in
A. solving unemployment problem
B. stimulating economic activities in the national economy
Correct C. providing a sound framework for policy formulation
D. solving inflation problem

Correct Answer: C

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Question 5
Given that Y = C + 1 and C=bY where b = 0.8,what is the multiplier?
A. 4
B. 2
C. 10
Correct D. 5

Correct Answer: D

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Question 6
A discount house is a market where
Correct A. short-term loans are obtained
B. shares are bought and sold
C. short-term and medium-term loans are obtained
D. various bills are exchanged

Correct Answer: A

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Question 7
The effect of changes in the condition of demand on a demand schedule, with the price constant, is
A. a movement along the demand curve
Correct B. a shift of the demand curve
C. a shift of the supply curve
D. deflation of the demand curve

Correct Answer: B

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Question 8
A good is said to be inferior if its demand
A. rises as income rises
B. is perfectly inelastic
Correct C. falls as income rises
D. rises as price falls

Correct Answer: C

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Question 9
A characteristic of the average fixed cost is that it
A. rises and falls faster than the marginal cost
B. U-shaped and intersects the average variable cost
Correct C. falls continuously but is never equal to zero
D. is always higher than the average variable cost

Correct Answer: C

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Question 10
An increase in money supply, other things being equal, will
A. reduce income
Correct B. lower interest rates
C. increase money demand
D. ensure trade balance

Correct Answer: B

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Question 11
The choice of how to produce in a command economy is determined by
Correct A. government
B. industrial establishments
C. labour unions
D. consumers

Correct Answer: A

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Question 12
In international trade, shipping and other freight charges are treated as
Correct A. invisible items
B. capital transfers
C. unilateral transfers
D. invisible items

Correct Answer: A

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Question 13
The labour force in Nigeria falls between the ages of
A. 18 and 30
Correct B. 18 and 60
C. 18 and 45
D. 18 and 55

Correct Answer: B

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Question 14
The choice of what to produce in a command economy is determined by
Correct A. central government
B. the government and labour unions
C. labour unions
D. industrial establishments

Correct Answer: A

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Question 15
A market where there are many differentiated products is called
Correct A. monopolistic competition
B. monopoly
C. oligopoly
D. perfect competition

Correct Answer: A

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Question 16
Developments outside a given firm which reduce the firm costs are called
A. optimum effects
B. external diseconomies
Correct C. external economies
D. internal economies

Correct Answer: C

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Question 17
As long as marginal utility is positive, total utility must be
A. decreasing
B. zero
Correct C. increasing
D. negative

Correct Answer: C

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Question 18
Which of the following is true about the value of money?
A. It is not affected by the price level
B. It depreciates in the period of deflation
C. It varies directly with the price level
Correct D. It varies inversely with the price level

Correct Answer: D

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Question 19
Normative economics deals with
Correct A. value judgements
B. facts and figures should be
C. facts and not figures
D. what is and not what should be

Correct Answer: A

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Question 20
A cumulative frequency graph is
Correct A. an ogive
B. a bar chart
C. a pie chart
D. a histogram

Correct Answer: A

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Question 21
The items of trade of a country is defined as
Correct A. \( {\frac{\text{index of export prices}}{\text{index of import prices}}} \times 100 \)
B. \( {\frac{\text{index of exportable}}{\text{index of importables}}} \times 100 \)
C. \( {\frac{\text{index of import prices}}{\text{index of export prices}}} \times 100 \)
D. \( {\frac{\text{index of visible imports}}{\text{index of visible exports}}} \times 100 \)

Correct Answer: A

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Question 22
In the diagram above, what is the excess demand at the price of ₦60?
A. 100
Correct B. 200
C. 600
D. 300

Correct Answer: B

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Question 23
Which of the following is not a form of business organization?
A. Cooperative societies
Correct B. Joint stock
C. Sole proprietorship
D. Partnership

Correct Answer: B

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Question 24
Which of the following is not an indirect tax?
A. Sales tax
B. Export duty
C. Excise duty
Correct D. Company tax

Correct Answer: D

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Question 25
Efficiency of labour is enhanced by
Correct A. improved working condition and training
B. war against indiscipline
C. mechanization processes
D. investment in own family affairs

Correct Answer: A

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