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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


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


I wish you success





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❤️ Undergragra

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Created on By Ace/Undergragra

ECN 101

1 / 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?

2 / 45

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

3 / 45

Which of the following is a statement in positive economics?

4 / 45

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

5 / 45

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

6 / 45

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

7 / 45

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

8 / 45

The fundamental economic problems facing all societies arise because of

9 / 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

10 / 45

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

11 / 45

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

12 / 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

13 / 45

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

14 / 45

The production possibilities curve CAN NOT be usefully employed to illustrate

15 / 45

The demand curve facing each firm in perfect competition is

16 / 45

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

or equal to____________

17 / 45

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

18 / 45

The following are determinants of quantity demanded of a commodity


19 / 45

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

20 / 45

Economics can best be defined as the study of


21 / 45

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

22 / 45

The following are advantages of division of labour EXCEPT:

23 / 45

The demand curve faced by a pure monopoly is

24 / 45

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

25 / 45

The output per unit of the variable factor employed is called

26 / 45

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

27 / 45

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

28 / 45

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

29 / 45

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

30 / 45

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

31 / 45

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

32 / 45

Kinked demand curve is associated with:

33 / 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 ...................

34 / 45

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

35 / 45

The monopoly firm is in short-run equilibrium when

36 / 45

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

37 / 45

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

38 / 45

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

39 / 45

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

40 / 45

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

41 / 45

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

42 / 45

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

43 / 45

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

44 / 45

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

45 / 45

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

Your score is

The average score is 40%



Please do well to drop a comment if this has really helped you. Thanks❤️


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