ECN101_OBJ_Questions.txt
[MAX]40[/MAX]
[QUESTIONS]
<1>Which of the following best describes a microeconomic question?
<2>Normative analysis can best be shortened to ........., while positive analysis is best shortened to ...........
<3>One of the following is the most important of the factors of production
<4>The slope of a straight line is measured by the
<5>All the following are the ways of thinking by economists, except
<6>The relationship between income and quantity demanded for a normal good is
<7>The production possibilities curve is
<8>Allocative and production efficiency are conditions that best characterize
<9>A major feature of the economic perspective is
<10>The demand for airplane tickets will decrease if
<11>Implicit cost comprise:
<12>Which of the following set of factors cannot be held responsible for an supply of commodity
<13>When total utility is at maximum, marginal utility is
<14>In a two-dimensional graph of the relationship between two economic variables, an assumption is usually made that
<15>If a linear equation is y=0.7 + 3.5x, the vertical intercept is
<16>The reason for the law of demand can be best explained in terms of
<17>If a consumer has an income of N100,the price of U is N100,the total variable cost is N300, and total product is 4unit, then
<18>The demand curve for the pure monopoly is
<19>In the long run, a typical monopolistically competitive firm will
<20>If a 5% fall in the price of commodity causes quantity to decrease by 8%, supply
<21>Which product is most likely to be the most price elastic
<22>In pure capitalism, the role of government is best describe as
<23>Average Total Cost (ATC) is
<24>The period in which technology can change and in which firm can introduce entire produce is the
<25>Which of the following is a correct statement concerning Economics
<26>Supposes that the consumer's purchases combination of X and Y are such MUX/PC=50 utils per naira and Muy/py=30 util per naira. In other to maximize utility consumer should buy
<27>Which of the following illustrate the concept of "opportunity cost"
<28>A movement along the demand curve for soft drink is best describe as
<29>An increase in aggregate expenditure shifts the aggregate demand curve to the
<30>If the government wishes to increase the level of GDP, it might reduce
<31>If the economy is to have built-in stability, when real GDP falls
<32>Insufficient total spending in the economy results in
<33>Economic interactions that exist among the economic agents is known as
<34>An example of countries practicing Socialism include
<35>Economic system where private ownership off productive resources is allowed is called
<36>One of the following is chronologically correct.........
<37>Economics is not a pure science because
<38>A resource is scarce if
<39>Which of the following describe the basic economic problem?
<40>Economies of scale are.........
[/QUESTIONS]
[OPTIONS]
<1>What is the value of the naira in terms of the US dollar?
Should a particular firm enter a market?
Is the economy of Nigeria growing during the current administration
What is the aggregate price in an economy
<2>The next best alternative; the way things should be
The way things should be; the way things are
The way things should be; the next best alternative
The way things are; the way things should be
<3>Land
Labour
Capital
Entrepreneurship
<4>Ratio of the horizontal change to the vertical change at any point
Ratio of the horizontal change to the vertical change between any two points of the line
Ratio of the vertical change to the horizontal change
Ratio of the vertical change to the horizontal change between any two points of the line
<5>Costs
Scarcity and choice
Rational behavior
Marginalism
<6>Elastic
Inelastic
Positive
Negative
<7>Linear
Convex
Positive
Concave
<8>Full production
Full employment
Traditional Economics
Command Economics
<9>Equating rational self interest with selfishness
Comparing marginal benefit with costs
The validity of normative economics for decision making
The recognition of the abundance of economic resources
<10>The supply of airplane tickets decreases
The price of jet fuel increases
The price of airport hotel rooms decreases
Consumers believe air travel is becoming unsafe
<11>Entirely of fixed cost
Entirely of variable cost
Payment of resources which are hired from others
Opportunity cost of self-employed resources
<12>A decrease in the price of the commodity
an improvement in the technology for producing the commodity
An advertisement for the purchase of the good
A government subsidy to the producer of the good
<13>Increasing at an increasing rate
Increasing at a decreasing rate
Zero
A positive constant
<14>Other variables are permitted to change
Both variables are non-linear
Both variables are linear
Both variables are non-linear
<15>3.5
2.1
4.2
0.7
<16>Scarcity
Complementry
The rational function of price
Diminishing marginal utility
<17>Marginal cost is N50
Average fixed cost is N45
Average total cost is N125
Average variable cost is N75
<18>Perfectly price elastic
Perfectly price inelastic
Down sloping
Up sloping
<19>Earn only a normal profit
Earn only an abnormal profit
Incur loss
Earn a normal profit or an abnormal profit or break-even
<20>Inelastic
Elasticity
Unit elastic
Perfectly elastic
<21>Brand
Clothing
Restaurant
Nobility phone service
<22>Non-existent
Limited
Active
Extensive
<23>AVC-AFC
MC+AVC
AFC+AVC
(AFC+AVC)× Q
<24>Short run
Very short run
Long run
Very long run
<25>It is non-laboratory science
It has a well producers or system of establishing the validity of ideas
It probe motive and make judgment on human behavior
It helps in resolving both positive and normative issues
<26>More of Y and less of X
More of X and less of Y
Less of X and Y
More of X and Y
<27>If I go to the university, I will have to give up my #20,000 a year job
Let's see, should we go to see a movie tonight or participate in tutorial group session
Increase government spending on the military will force a reduction in spending on education
All of the above
<28>Increase in demand
Decrease in demand
A change in quantity demand
A change in demand
<29>Right by the amount of the increase in aggregate expenditures
Right by the amount of the increase in aggregate expenditure times multiple
Left by the amount of the increase in aggregate expenditures
Left by the amount of the increase in aggregate expenditure times multiple
<30>Reduce the size of budget deficit
Taxes
Transfer payment
Its purchases of good and services
<31>Tax revenue and government transfer payment both should fall
Tax revenue and government transfer payment both should rise
Tax revenue should fall and government transfer payment both should rise
Tax revenue should rise and government transfer payment both should fall
<32>Frictional unemployment
Structural unemployment
Cyclical unemployment
Disguised unemployment
<33>Economic relationship
Economic system
Economic problem
Economic resources
<34>Nigeria
China
Cuba
Germany
<35>Mixed economy
Free market system
Planed system
Capitalist
<36>Scarcity, Choice, Scale of Preference and Opportunity cost
Scale of Preference, Choice, Opportunity cost and Scarcity
Scarcity, Scale of Preference, Choice and Opportunity cost
Scale of Preference, Scarcity, Choice and Opportunity cost
<37>It cannot be researched scientifically
It studies changing human behavior
It involves more into monetary activities
It cannot be supported with adequate data
<38>There is not very much of it
It is not needed or wanted
The quantity people want is more than is available
There is more available than people want
<39>Relative scarcity
Unlimited wants and limited means
What, how and for whom to produce
All of the above
<40>applicable in the short run
applicable to the consumer
useful in consumption decision
applicable in the long run
[/OPTIONS]
[ANSWERS]
<1>Should a particular firm enter a market?
<2>The things should be, the way things are
<3>Entrepreneurship
<4>Ratio of the vertical change to the horizontal change between any two points of the line
<5>Costs
<6>Positive
<7>Concave
<8>Command Economics
<9>Comparing marginal benefit with costs
<10>Consumers believe air travel is becoming unsafe
<11>Opportunity cost of self-employed resources
<12>A decrease in the price of the commodity
<13>Zero
<14>Both variables are linear
<15>0.7
<16>Diminishing marginal utility
<17>Average variable cost is N75
<18>Down sloping
<19>Earn only a normal profit
<20>Elasticity
<21>Clothing
<22>Non-existent
<23>AFC+AVC
<24>Very long run
<25>It is non-laboratory science
<26>More of X and less of Y
<27>All of the above
<28>A change in quantity demand
<29>Right by the amount of the increase in aggregate expenditures
<30>Taxes
<31>Tax revenue should fall and government transfer payment both should rise
<32>Cyclical unemployment
<33>Economic system
<34>Cuba
<35>Free market system
<36>Scarcity, Scale of Preference, Choice and Opportunity cost
<37>It studies changing human behavior
<38>The quantity people want is more than is available
<39>What, how and for whom to produce
<40>applicable in the short run
[/ANSWERS]
[QUESTIONS]
<1>Which of the following best describes a microeconomic question?
<2>Normative analysis can best be shortened to ........., while positive analysis is best shortened to ...........
<3>One of the following is the most important of the factors of production
<4>The slope of a straight line is measured by the
<5>All the following are the ways of thinking by economists, except
<6>The relationship between income and quantity demanded for a normal good is
<7>The production possibilities curve is
<8>Allocative and production efficiency are conditions that best characterize
<9>A major feature of the economic perspective is
<10>The demand for airplane tickets will decrease if
<11>Implicit cost comprise:
<12>Which of the following set of factors cannot be held responsible for an supply of commodity
<13>When total utility is at maximum, marginal utility is
<14>In a two-dimensional graph of the relationship between two economic variables, an assumption is usually made that
<15>If a linear equation is y=0.7 + 3.5x, the vertical intercept is
<16>The reason for the law of demand can be best explained in terms of
<17>If a consumer has an income of N100,the price of U is N100,the total variable cost is N300, and total product is 4unit, then
<18>The demand curve for the pure monopoly is
<19>In the long run, a typical monopolistically competitive firm will
<20>If a 5% fall in the price of commodity causes quantity to decrease by 8%, supply
<21>Which product is most likely to be the most price elastic
<22>In pure capitalism, the role of government is best describe as
<23>Average Total Cost (ATC) is
<24>The period in which technology can change and in which firm can introduce entire produce is the
<25>Which of the following is a correct statement concerning Economics
<26>Supposes that the consumer's purchases combination of X and Y are such MUX/PC=50 utils per naira and Muy/py=30 util per naira. In other to maximize utility consumer should buy
<27>Which of the following illustrate the concept of "opportunity cost"
<28>A movement along the demand curve for soft drink is best describe as
<29>An increase in aggregate expenditure shifts the aggregate demand curve to the
<30>If the government wishes to increase the level of GDP, it might reduce
<31>If the economy is to have built-in stability, when real GDP falls
<32>Insufficient total spending in the economy results in
<33>Economic interactions that exist among the economic agents is known as
<34>An example of countries practicing Socialism include
<35>Economic system where private ownership off productive resources is allowed is called
<36>One of the following is chronologically correct.........
<37>Economics is not a pure science because
<38>A resource is scarce if
<39>Which of the following describe the basic economic problem?
<40>Economies of scale are.........
[/QUESTIONS]
[OPTIONS]
<1>What is the value of the naira in terms of the US dollar?
Should a particular firm enter a market?
Is the economy of Nigeria growing during the current administration
What is the aggregate price in an economy
<2>The next best alternative; the way things should be
The way things should be; the way things are
The way things should be; the next best alternative
The way things are; the way things should be
<3>Land
Labour
Capital
Entrepreneurship
<4>Ratio of the horizontal change to the vertical change at any point
Ratio of the horizontal change to the vertical change between any two points of the line
Ratio of the vertical change to the horizontal change
Ratio of the vertical change to the horizontal change between any two points of the line
<5>Costs
Scarcity and choice
Rational behavior
Marginalism
<6>Elastic
Inelastic
Positive
Negative
<7>Linear
Convex
Positive
Concave
<8>Full production
Full employment
Traditional Economics
Command Economics
<9>Equating rational self interest with selfishness
Comparing marginal benefit with costs
The validity of normative economics for decision making
The recognition of the abundance of economic resources
<10>The supply of airplane tickets decreases
The price of jet fuel increases
The price of airport hotel rooms decreases
Consumers believe air travel is becoming unsafe
<11>Entirely of fixed cost
Entirely of variable cost
Payment of resources which are hired from others
Opportunity cost of self-employed resources
<12>A decrease in the price of the commodity
an improvement in the technology for producing the commodity
An advertisement for the purchase of the good
A government subsidy to the producer of the good
<13>Increasing at an increasing rate
Increasing at a decreasing rate
Zero
A positive constant
<14>Other variables are permitted to change
Both variables are non-linear
Both variables are linear
Both variables are non-linear
<15>3.5
2.1
4.2
0.7
<16>Scarcity
Complementry
The rational function of price
Diminishing marginal utility
<17>Marginal cost is N50
Average fixed cost is N45
Average total cost is N125
Average variable cost is N75
<18>Perfectly price elastic
Perfectly price inelastic
Down sloping
Up sloping
<19>Earn only a normal profit
Earn only an abnormal profit
Incur loss
Earn a normal profit or an abnormal profit or break-even
<20>Inelastic
Elasticity
Unit elastic
Perfectly elastic
<21>Brand
Clothing
Restaurant
Nobility phone service
<22>Non-existent
Limited
Active
Extensive
<23>AVC-AFC
MC+AVC
AFC+AVC
(AFC+AVC)× Q
<24>Short run
Very short run
Long run
Very long run
<25>It is non-laboratory science
It has a well producers or system of establishing the validity of ideas
It probe motive and make judgment on human behavior
It helps in resolving both positive and normative issues
<26>More of Y and less of X
More of X and less of Y
Less of X and Y
More of X and Y
<27>If I go to the university, I will have to give up my #20,000 a year job
Let's see, should we go to see a movie tonight or participate in tutorial group session
Increase government spending on the military will force a reduction in spending on education
All of the above
<28>Increase in demand
Decrease in demand
A change in quantity demand
A change in demand
<29>Right by the amount of the increase in aggregate expenditures
Right by the amount of the increase in aggregate expenditure times multiple
Left by the amount of the increase in aggregate expenditures
Left by the amount of the increase in aggregate expenditure times multiple
<30>Reduce the size of budget deficit
Taxes
Transfer payment
Its purchases of good and services
<31>Tax revenue and government transfer payment both should fall
Tax revenue and government transfer payment both should rise
Tax revenue should fall and government transfer payment both should rise
Tax revenue should rise and government transfer payment both should fall
<32>Frictional unemployment
Structural unemployment
Cyclical unemployment
Disguised unemployment
<33>Economic relationship
Economic system
Economic problem
Economic resources
<34>Nigeria
China
Cuba
Germany
<35>Mixed economy
Free market system
Planed system
Capitalist
<36>Scarcity, Choice, Scale of Preference and Opportunity cost
Scale of Preference, Choice, Opportunity cost and Scarcity
Scarcity, Scale of Preference, Choice and Opportunity cost
Scale of Preference, Scarcity, Choice and Opportunity cost
<37>It cannot be researched scientifically
It studies changing human behavior
It involves more into monetary activities
It cannot be supported with adequate data
<38>There is not very much of it
It is not needed or wanted
The quantity people want is more than is available
There is more available than people want
<39>Relative scarcity
Unlimited wants and limited means
What, how and for whom to produce
All of the above
<40>applicable in the short run
applicable to the consumer
useful in consumption decision
applicable in the long run
[/OPTIONS]
[ANSWERS]
<1>Should a particular firm enter a market?
<2>The things should be, the way things are
<3>Entrepreneurship
<4>Ratio of the vertical change to the horizontal change between any two points of the line
<5>Costs
<6>Positive
<7>Concave
<8>Command Economics
<9>Comparing marginal benefit with costs
<10>Consumers believe air travel is becoming unsafe
<11>Opportunity cost of self-employed resources
<12>A decrease in the price of the commodity
<13>Zero
<14>Both variables are linear
<15>0.7
<16>Diminishing marginal utility
<17>Average variable cost is N75
<18>Down sloping
<19>Earn only a normal profit
<20>Elasticity
<21>Clothing
<22>Non-existent
<23>AFC+AVC
<24>Very long run
<25>It is non-laboratory science
<26>More of X and less of Y
<27>All of the above
<28>A change in quantity demand
<29>Right by the amount of the increase in aggregate expenditures
<30>Taxes
<31>Tax revenue should fall and government transfer payment both should rise
<32>Cyclical unemployment
<33>Economic system
<34>Cuba
<35>Free market system
<36>Scarcity, Scale of Preference, Choice and Opportunity cost
<37>It studies changing human behavior
<38>The quantity people want is more than is available
<39>What, how and for whom to produce
<40>applicable in the short run
[/ANSWERS]
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