ECN 102 CBT PRACICE

Phil July 11, 2024Last Updated: July 11, 2024

0 713 1 minute read

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 102 exam

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

Note

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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ECN 102

1 / 40

Those who manage; organize and coordinate and take decision in a firm are called _

A. Entrepreneurs

B. Managing directors

C. Landlord

D. Land owners

2 / 40

Change in input price, government policy, organizational change may lead to_.

A. higher cost of sales for a firm

B. lower cost of production for a firm

C. low cost of production for a firm

D. higher cost of demand for a firm

3 / 40

The total demand for goods and services in an economy is known as:

A. national demand

B. economy-wide demand

C. gross national product

D. aggregate demand

4 / 40

_ is the effect of a change in price on quantity demanded as a result of price changes which made them worse off

A. Substitution effect

B. Demand effect

C. Cost effect

D. Income effect

5 / 40

Table of Contents

The difference between the selling price and the cost price is known as the _.

A. Excess

B. Profit

C. Gain

D. Loss

6 / 40

Economics is the study of_

A. how to reduce our wants until we are satisfied

B. how society manages its scarce resources

C. how society manages its unlimited resources

D. how to fully satisfy our unlimited wants

7 / 40

Opportunity cost is_

A. the cost incurred in the past before we make a decision about what to do in the future

B. a cost that cannot be avoided, regardless of what is done in the future

C. the additional benefit of buying an additional unit of a product

D. that which we forgo, or give up, when we make a choice or a decision

8 / 40

A student chooses to study because the marginal benefit is greater than the_cost.

A. Average

B. Marginal

C. Expected

D. Total

9 / 40

_ is not a tool that is used to describe and evaluate the market processes by which individuals allocate scarce resources to satisfy as many wants as possible

A. Raw material

B. Demand

C. Supply

D. Production relationships

10 / 40

10.

All except _ is right about perfect market.

A. MR = P

B. Demand curve is upward

C. MR = O

D. MC > MR, and expansion possible

11 / 40

11.

_ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products.

A. Income effect

B. Wages effect

C. Substitution effect

D. Price effect

12 / 40

12.

_ of demand can be describe as proportional or percentage change in quantity demanded as a result of proportional or percentage change in that commodity’s price.

A. Price elasticity

B. Supply elasticity

C. Cost elatsicity

D. Income elasticity

13 / 40

13.

Allocated resources are transformed into what we call _ while the resources allocated are the _ to generate the product.

A. Output/Input

B. Input/Output

C. Output /raw materials

D. Raw materials /Products

14 / 40

14.

_demand is a demand wherein quantity demanded does not respond at all to price change.

A. Perfectly inelastic

B. Imperfectly inelastic

C. Perfectly elastic

D. Imperfectly elastic

15 / 40

15.

_ is a good example of natural monolist

A. Crude oil in Nigeria

B. MTN in South Africa

C. Post office in UK

D. NNPC in Nigeria

16 / 40

16.

Price _ is the direct opposite of price _

A. Door, ceiling

B. Carpet, floor

C. Floor, ceiling

D. Window, door

17 / 40

17.

A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a_

A. Capital consumption frontier

B. Circular flow diagram

C. Lorenz curve

D. Production possibility curve

18 / 40

18.

Income and substitution effects are better use in explaining the link between_ and _.

A. Demand and price

B. Demand and price

C. Demand and supply

D. Supply and price

19 / 40

19.

The higher the price the _ the quantity supplied, the lower the price the _ the quantity supplied

A. Higher, higher

B. Lower, lower

C. Lower, higher

D. Higher, lower

20 / 40

20.

Utility theory is one of the techniques we can utilize to measure _ behavior

A. Seller

B. Distributor

C. Consumer

D. Producer

21 / 40

21.

Opportunity cost is_

A. the additional benefit of buying an additional unit of a product

B. a cost that cannot be avoided, regardless of what is done in the future

C. that which we forgo, or give up, when we make a choice or a decision

D. the cost incurred in the past before we make a decision about what to do in the future

22 / 40

22.

The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the _ for the month.

A. Market demand schedule

B. Market Supply Schedule

C. Market Supply Curve

D. Market demand curve

23 / 40

23.

Supply curve is a graphical representation of _schedule.

A. Market

B. Demand

C. Exchange

D. Supply

24 / 40

24.

Unemployment means that:

A. there is excess demand in the labour market.

B. at the going wage rate, there are people who want to work but cannot find work.

C. people are not willing to work at the going wage rate.

D. there are some people who will not work at the going wage rate.

25 / 40

25.

In a market where over 100 people sell all the network airtime, the sellers become _

A. Price maker

B. Price taker

C. All the options

D. Price giver

26 / 40

26.

Inflation is:

A. an increase in the overall level of economic activity

B. an increase in the overall price level

C. a decrease in the overall level of economic activity

D. a decrease in the overall price level

27 / 40

27.

Another name for price ceiling is _ which occurs when the government set a maximum price that can be charged for a product in the market

A. Lower price limit

B. Higher price limit

C. Upper price limit

D. Upper price

28 / 40

28.

According to law of demand when prices rise, quantity demanded is expected to fall ceteris paribus (all things been equal). This shows that there is a_relationship between price and demand.

A. Negative

B. Lateral

C. Adjacent

D. Positive

29 / 40

29.

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for needle is calculated as_

A. 0.3

B. 0.1

C. 0.2

D. -0.1

30 / 40

30.

All except _ are referred to as complementary goods.

A. Vehicles and fuel

B. Bread and butter

C. Table and chair

D. Tea and Coffee

31 / 40

31.

A recession is:

A. a period during which aggregate output declines.

B. a period of declining unemployment.

C. a period of declining prices.

D. a period of very rapidly declining prices.

32 / 40

32.

Microeconomics is not concerned with the behaviour of:

A. Industries

B. firms

C. consumers

D. Aggregate demand

33 / 40

33.

Perfectly Inelastic is also known as _

A. Unit Elatsic Demand

B. Positive Elastic Demand

C. Zero Elastic Demand

D. Elastic Demand

34 / 40

34.

Goods and services usually referred to as _

A. wares

B. commodities

C. articles

D. materials

35 / 40

35.

_ is defined as the rate at which a commodity is exchanged for money or other units of exchange.

A. Price

B. Money

C. Cost

D. Exchange

36 / 40

36.

The circular flow of goods and incomes shows the relationship between_

A. Firms and household

B. Wages and salaries

C. income and money

D. Goods and services

37 / 40

37.

Firms and households are made up of people in the society who are performing different functions with different _

A. Human Favour

B. Human Desires

C. Human Character

D. Human Behavior

38 / 40

38.

The role of firm is primarily to _.

A. Supply

B. Produce

C. Distribute

D. Warehouse

39 / 40

39.

A rise in prices of goods and services will mean _ in quantity demanded.

A. A rise

B. An inflated

C. A stable

D. A fall

40 / 40

40.

The relationship between the price and quantity of a good offered to the market for sale is known as _

A. Purchase

B. Demand

C. Exchange

D. Supply

Your score is

The average score is 46%

Phil July 11, 2024Last Updated: July 11, 2024

0 713 1 minute read

Those who manage; organize and coordinate and take decision in a firm are called _

Change in input price, government policy, organizational change may lead to_.

The total demand for goods and services in an economy is known as:

_ is the effect of a change in price on quantity demanded as a result of price changes which made them worse off

The difference between the selling price and the cost price is known as the _.

Economics is the study of_

Opportunity cost is_

A student chooses to study because the marginal benefit is greater than the_cost.

_ is not a tool that is used to describe and evaluate the market processes by which individuals allocate scarce resources to satisfy as many wants as possible

All except _ is right about perfect market.

_ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products.

_ of demand can be describe as proportional or percentage change in quantity demanded as a result of proportional or percentage change in that commodity’s price.

Allocated resources are transformed into what we call _ while the resources allocated are the _ to generate the product.

_demand is a demand wherein quantity demanded does not respond at all to price change.

_ is a good example of natural monolist

Price _ is the direct opposite of price _

A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a_

Income and substitution effects are better use in explaining the link between_ and _.

The higher the price the _ the quantity supplied, the lower the price the _ the quantity supplied

Utility theory is one of the techniques we can utilize to measure _ behavior

Opportunity cost is_

The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the _ for the month.

Supply curve is a graphical representation of _schedule.

Unemployment means that:

In a market where over 100 people sell all the network airtime, the sellers become _

Inflation is:

Another name for price ceiling is _ which occurs when the government set a maximum price that can be charged for a product in the market

According to law of demand when prices rise, quantity demanded is expected to fall ceteris paribus (all things been equal). This shows that there is a_relationship between price and demand.

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for needle is calculated as_

All except _ are referred to as complementary goods.

A recession is:

Microeconomics is not concerned with the behaviour of:

Perfectly Inelastic is also known as _

Goods and services usually referred to as _

_ is defined as the rate at which a commodity is exchanged for money or other units of exchange.

The circular flow of goods and incomes shows the relationship between_

Firms and households are made up of people in the society who are performing different functions with different _

The role of firm is primarily to _.

A rise in prices of goods and services will mean _ in quantity demanded.

The relationship between the price and quantity of a good offered to the market for sale is known as _

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