Ecn 101 Past Questions PDF

Ecn101Past-Questions Compiled by D9s 1. Autonomous consumption is referred to as A. Consumption dependent on income B. Total consumption after savings C. Total consumption before savings D. Consumption independent on income 2. All constitute scope of macroeconomics except A. Theo...

Ecn101Past-Questions Compiled by D9s 1. Autonomous consumption is referred to as A. Consumption dependent on income B. Total consumption after savings C. Total consumption before savings D. Consumption independent on income 2. All constitute scope of macroeconomics except A. Theory of Money B. Theory of Employment C. Theory of Consumption D. Theory of Economic Growth 3. Economics is refer to as a science because? A. Its study human behaviour B. Its study how human made choices out of alternative C. Its use deductive and inductive method of reasoning D. Because its subject to positive and normative reasoning 4. A four sector economy includes net-export A. True B. False C. More information is require D. None of the above 5. The increase in total output of a country in a year is referred to as A. Economic development B. Increase in GDP C. Economic growth D. Increase in GNP 6. Scarcity guarantees that A. Want will exceed demands B. Demands will be equal to wants C. Demands will exceed want D. Most demands will be satisfied 7. The quantity demanded is A. the amount of a good that consumers plan to purchase at a particular price B. independent of the price of the good C. independent of consumers’ buying plans D. always equal to the equilibrium quantity 8. Aggregate demand refers to as A. the demand for a particular commodity B. the total expenditure on consumption and investment C. total quantity of goods demanded D. Increase in demand 9. Classical school of thought believes in the following except A. full employment B. supply creates its own demand C. demand creates its own supply D. flexibility in wage rate 10. The following are type of industry except A. processing industry B. manufacturing industry C. transportation industry Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101  D. textile industry 11. Laissez-faire economy refers to as A. government intervention in economy B. mixed economy C. non-government intervention D. socialist economy 12. Demand for kerosene is an example of A. derived demand B. intermediate goods C. compliment goods D. consumable goods 13. A decrease in demand while supply remain constant will A. Increase in equilibrium and a decrease in equilibrium price B. An increase in equilibrium price and increase in equilibrium quantity C. Decrease in equilibrium quantity and a decrease in equilibrium price D. Increase in supply 14. Ceiling price refers to as A. maximum price of goods fixed by government B. minimum price of goods fixed by monopoly C. maximum price of goods fixed by monopoly D. minimum price of goods fixed by government 15. When marginal output is at maximum total utility is A. zero B. rising C. falling D. 1 16. Effective demand is refers to as what A. consumption of goods B. total expenditure incur on consumption of goods and total expenditure on investment C. the desire to own a good D. total utility derives from commodity 17. The money value of all goods and services produced in the domestic territory of a country during a year plus Net factor income from abroad is called A. GDP at fc B. GDP at mp C. GNP at mp D. GNP at fc 18. That part of personal income which is actually available to households for consumption and saving is called A. National Disposable Income B. Personal Disposable Income C. Personal Income D. Real Income 19. Market clearing price refers to as A. price fixed by the government B. the price where the demand curve intercept with the supply curve C. price fixed by a monopoly D. the total price of all goods demanded in an economy 20. The following are factors that make the demand curve of butter shift except A. the increase in price of a margarine B. increase in income of consumer consuming butter Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101  C. decrease in consumer preference for butter D. the marginal rate of substitution for goods 21. The slope of compliment goods are A. positively slope B. downward slope C. negatively slope D. upward slope 22. What are giffen goods? A. goods which demand decrease as a result of increase in income B. goods which quantity demanded increases as a result of increase in income C. goods which quantity demanded increases when the price of goods increases D. increase in quantity demanded as a result of decrease in price of a compliment 23. The steeper the slope of a demand curve A. the more inelastic is demand B. the more elastic is demand C. the less elastic is demand D. the less inelastic is demand 24. Both the average product and marginal product undergo the following processes. First they A. Rise, then decline sharply B. Rise, reach a maximum, then decline C. Rise, stay unchanged, then decline D. are constant, then rise to a maximum and decline 25. An economic problem would not natural occur whenever A. the use of scare resources are involve B. choice is made and there is no opportunity cost C. the scare resources have alternative uses D. there is a real cost to a decision 26. If good X and good Y are said to be competitive A. Increase in price of good X leads to a decrease in the quantity demanded of good Y B. Increase in quantity demanded of good X as a result of increase in price of good Y C. Decrease in the price of good X leads to no change in the quantity demanded of good Y D. Decrease in quantity demanded of good X leads to an increase in price of good Y 27. Demand differ from wants in that A. Wants require a plan to acquire a good but demands require no such plan B. Demands are unlimited, whereas wants are limited by income C. Wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good D. demands reflect a decision about which want to satisfy and a plan to buy the good, while want are unlimited and involve no specific to acquire the good 28. The law of demand state that the quantity of a good demanded varies A. inversely with its price B. directly with population C. directly with income D. inversely with the price of substitute goods 29. Which of the following influences people’s buying plans and varies moving along a demand curve A. Preference B. The price of the good C. Income D. The price of related goods 30. All combination above production possibility curve are A. unattainable due to unlimited resource Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101  B. unattainable due to limited resource C. attainable due to available resource D. attainable but inefficient use of resource 31. The opportunity cost of good A in terms of good B is equal to the A. Ratio of the price of good B to the price of good A B. Ration of the price of good A to the price of good B C. Price of good A minus price of good B D. Price of good B minus the price of good a 32. Level of consumption that is independent of disposable income is __________ A. Induce consumption B. Marginal consumption C. Constant consumption D. Autonomous consumption 33. Level of consumption that is never zero is ______ A. Induce consumption B. Marginal consumption C. Constant consumption D. Autonomous consumption 34. The linear relationship between consumption expenditure and disposable income is known as _________ A. Income function B. Expenditure function C. Linear function D. Consumption function 35. The cost disadvantages that a firm undergoes as it expands its scale of production is called ________ A. Economies of scale B. Declining return to scale C. Economies return to scale D. Diseconomies of scale 36. The technical relationship between a set of inputs and outputs at a given period of time is called _________ A. Input/Output function B. PPC C. Total cost function D. Production function 37. Demand for money is _______ A. composite B. complementary C. jointly D. derived 38. Above equilibrium point there is A. surplus of supply B. supply is equal to demand C. shortage of supply D. surplus of demand 39. All of the following are the features of labour except _____ (A) Labour cannot be store (B) Labour is not fixed (C) Labour is a not human factors of production (D) Labour cannot be predicted Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101 40. Which sectors contribute to the GDP of the country (A) Market economy sector (B) Non-market sector (C) Non-market and market sector (D) None of the above 41. The …….. is an atom of behaviour that deals with consumption and demand (A) Economic agent (B) House-hold (C) Firm (D) Government 42. Price theory is also known ………. (A) System Value (B) Value System (C) Market Behaviour (D) Free market 43. Market where people meet to exchange goods and service is ………. (A) Free market (B) Capital market (C) Market place (D) Goods market 44. The classical economist thought …….. (A) Supply create demand (B) Demand create supply (C) Non-Full employment (D) Government fixing price 45. The atom of behaviour that deals with production and supply off commodity is ……. (A) Firm (B) House-hold (C) Central Authorities (D) Labour 46. One of these is not part of the factors of production (A) Land (B) Law (C) Labour (D) Capital 47. Who is the major proponent of price theory? (A) Adam Smith (B) Sraffa (C) Alfred Marshal (D) J.M Keynes 48. Excess demand in the market equilibrium is regulated by (A) Minimum price (B) Floor price (C) Ceiling price (D) A & B 49. The GDP of a country is $50b and their population is 200million. What is the GDP per capita output of the country? (A) 2500 (B) 25000 (C) 250 (D) 40 50. Which of the following is not the characteristics of land? (A) Immobile Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101  (B) Mobile (C) Fixed (D) Has no cost of production 51. The market in which the factors of production is being sold is called ______ (A) Producer market (B) Factor market (C) Product market (D) Market 52. The market in which government sell its securities is called? (A) Capital market (B) Market (C) Producer market (D) None of the above 53. ………. is the creation of utility (A) Satisfaction (B) Production (C) Utility (D) All of the above 54. Given the price in base year 2017 as N50, and the price and output in current year 2020 as N60 and 8000 respectively. What is the real GDP? (A) 8000 (B) 480000 (C) 6667 (D) 400000 Answers 1. D 25. B 49. C 2. C 26. B 50. B 3. C 27. D 51. B 4. A 28. A 52. A 5. C 29. B 53. B 6. A 30. B 54. D 7. A 31. B 8. C 32. D 9. C 33. D 10. D 34. D 11. C 35. D 12. A 36. D 13. C 37. D 14. A 38. A 15. B 39. C 16. B 40. C 17. D 41. B 18. B 42. C 19. B 43. D 20. D 44. A 21. C 45. A 22. A 46. B 23. A 47. A 24. B 48. C Other past questions compiled by D9s are Ecn 103, Bus 103, Pos 111 & Acc 101