Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ECN 101 exam

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In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions




Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A


60 – 69 B


50 – 59 C


45 – 49 D


40 – 44 E


0 – 39 F


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ECN 101

1 / 45

The theory of consumer behaviour is propounded primarily to I. Validate the law of demand
II. Disprove the law of demand
III. Rationalize the downward sloping demand curve

2 / 45

The following are advantages of division of labour EXCEPT:

3 / 45

The monopoly firm is in short-run equilibrium when

4 / 45

The study of aggregate economic variables is the primary concern of......

5 / 45

When the price elasticity of supply coefficient is greater than 1, the supply of the product
is said to be

6 / 45

The graphical relationship between price and quantity purchased of a particular
commodity is called .......................

7 / 45

Which of the following is true of a perfectly competitive firm?

8 / 45

The demand of a product for the production of another commodity is referred to as

9 / 45

Which of the following profit concepts does not include implicit cost elements?

10 / 45

Which of the following statements is true of the perfectly competitive firm?

11 / 45

The necessary condition for a firm to be at equilibrium at a given output level is

12 / 45

Increase in all inputs by a certain percentage resulting in a relatively higher percentage increase in output is referred to as:

13 / 45

Kinked demand curve is associated with:

14 / 45

Which of the following is not responsible for a shift in supply curve?

15 / 45

When the price of a given commodity rises above the equilibrium price, the quantity
supplied of that commodity

16 / 45

The economic system characterized by private ownership of resources i s.........

17 / 45

The economist who defined Economics as the social science which studies human
behaviour as a relationship between ends and scarce means which have alternative
uses is ...................

18 / 45

All things being equal, the economic good whose demand decreases when the
consumer’s income increases, is classified as ......................goods.

19 / 45

The output per unit of the variable factor employed is called

20 / 45

A good is described as inferior when its income elasticity of demand coefficient is

21 / 45

Which of the following indicates the negative slope of the indifference curve?

22 / 45

Economics can best be defined as the study of


23 / 45

The following are contained in Article of Association of a limited liability company

24 / 45

The fundamental economic problems facing all societies arise because of

25 / 45

The sum of the average variable cost and average fixed cost gives

26 / 45

The demand curve faced by a pure monopoly is

27 / 45

The economic term for the satisfaction and fulfilment that people derive from the
consumption of goods and services is referred to as ......

28 / 45

The adjustment of demand to the relative price change alone is called

29 / 45

Which of the following factors does not determine price elasticity of demand for
particular goods?

30 / 45

The demand curve facing each firm in perfect competition is

31 / 45

An increase in subsidies and reduction of taxes will shift the supply curve to the

32 / 45

At the levels of output where the Average Cost is falling, the marginal cost is

33 / 45

Which of the following gives the reason why it would be logically impossible for two indifference curves to cross?

34 / 45

Given the demand function for milk as Qd = 120 – 3P, and supply function as Qs =50 + 4P, the equilibrium quantity is

35 / 45

The responsiveness of the quantity demanded of one commodity to a change in the price of another commodity defines

36 / 45

The presumption that the average consumer will always maintain the utility
maximization position in his spending is referred to as

37 / 45

Which of the following best describes a tabular arrangement of various prices of a commodity and the corresponding quantities purchased at a given time?

38 / 45

The production possibilities curve CAN NOT be usefully employed to illustrate

39 / 45

Which of the following is not a possible source of finance of a sole proprietorship?

40 / 45

Pure capitalism is an economic system characterized by: I. Private ownership of productive resources
II Freedom of choice and enterprise
III Competition

41 / 45

When a 15 percent increase in the price of a product leads to a 25 percent increase in the quantity supplied of the product, then the price elasticity of supply coefficient is

42 / 45

The following are determinants of quantity demanded of a commodity


43 / 45

For Pair Production phenomenon to occur the photon must have energy,greater than

or equal to____________

44 / 45

Goods that have prices and their production requires scarce resources which have
alternative uses are referred to as

45 / 45

Which of the following is a statement in positive economics?

Your score is

The average score is 43%




Ace aka Undergragra is a 500 Level Computer Engineering Student at the Federal University Oye-Ekiti. He is a passionate teacher, writer, educational consultant and educational informant.

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