UTME 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The sign of the slope of a graph in economic analysis is important, because it
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
Question 2
Given the cost function C = 160 + 36Q, what is the average cost for 20 units of output?
A. ₦44.00
B. ₦720.00
C. ₦880.00
D. ₦216.00
Question 3
One of the advantages of large-scale production is that
A. consumers sacrifice their individual tastes
B. there is a rise in the cost of administration
C. the demand for a firm's products becomes localized
D. decision making takes a long time because different levels of management are involved
Question 4
Utility of a commodity means
A. its usefulness
B. its adaptability
C. satisfaction derived from the production of commodity
D. price of the commodity
Question 5
As long as marginal utility is positive, total utility must be
A. decreasing
B. zero
C. increasing
D. negative
Question 6
In international trade, shipping and other freight charges are treated as
A. invisible items
B. capital transfers
C. unilateral transfers
D. invisible items
Question 7
One main quality of a good is that it is
A. non-perishable
B. sold in the market
C. satisfies wants
D. made in the factory
Question 8
Which of the following is not a form of business organization?
A. Cooperative societies
B. Joint stock
C. Sole proprietorship
D. Partnership
Question 9
The maximum number of workers that should be hired is
A. 2
B. 3
C. 5
D. 4
Question 10
A cumulative frequency graph is
A. an ogive
B. a bar chart
C. a pie chart
D. a histogram
Question 11
Every economy requires an accurate census because it assists in
A. solving unemployment problem
B. stimulating economic activities in the national economy
C. providing a sound framework for policy formulation
D. solving inflation problem
Question 12
An increase in money supply, other things being equal, will
A. reduce income
B. lower interest rates
C. increase money demand
D. ensure trade balance
Question 13
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
Question 14
Full equilibrium under perfect competition requires that
A. TR > TC
B. MR = MC = AR = AC
C. MC = MR but AR > AC
D. MR = MC
Question 15
Efficiency of labour is enhanced by
A. improved working condition and training
B. war against indiscipline
C. mechanization processes
D. investment in own family affairs

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: