FUOYE ECN 102 CBT Practice : Undergragra

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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 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

1. Unemployment means that:

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

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

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

D. there is excess demand in the labour market.

2 / 40

2. 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. Lateral

B. Adjacent

C. Negative

D. Positive

3 / 40

3. Goods and services usually referred to as _

A. commodities

B. articles

C. materials

D. wares

4 / 40

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

A. Imperfectly elastic

B. Perfectly inelastic

C. Imperfectly inelastic

D. Perfectly elastic

5 / 40

5. Price _ is the direct opposite of price _

A. Floor, ceiling

B. Carpet, floor

C. Window, door

D. Door, ceiling

6 / 40

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

A. Marginal

B. Expected

C. Total

D. Average

7 / 40

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

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

8 / 40

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

A. Price

B. Exchange

C. Money

D. Cost

9 / 40

9. _ 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. Wages effect

B. Substitution effect

C. Price effect

D. Income effect

10 / 40

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

A. Raw materials /Products

B. Output/Input

C. Input/Output

D. Output /raw materials

11 / 40

11. _ 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. Income effect

C. Cost effect

D. Demand effect

12 / 40

12. 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

13 / 40

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

A. Market Supply Curve

B. Market Supply Schedule

C. Market demand schedule

D. Market demand curve

14 / 40

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

A. Land owners

B. Entrepreneurs

C. Managing directors

D. Landlord

15 / 40

15. _ 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. Production relationships

B. Supply

C. Demand

D. Raw material

16 / 40

16. All except _ is right about perfect market.

A. MR = O

B. MR = P

C. MC > MR, and expansion possible

D. Demand curve is upward

17 / 40

17. A recession is:

A. a period of declining unemployment.

B. a period of very rapidly declining prices.

C. a period during which aggregate output declines.

D. a period of declining prices.

18 / 40

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

A. A rise

B. A stable

C. A fall

D. An inflated

19 / 40

19. Supply curve is a graphical representation of _schedule.

A. Market

B. Demand

C. Exchange

D. Supply

20 / 40

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

A. Distributor

B. Producer

C. Seller

D. Consumer

21 / 40

21. Perfectly Inelastic is also known as _

A. Unit Elatsic Demand

B. Elastic Demand

C. Zero Elastic Demand

D. Positive Elastic Demand

22 / 40

22. 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. higher cost of demand for a firm

D. low cost of production for a firm

23 / 40

23. 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. Lorenz curve

C. Production possibility curve

D. Circular flow diagram

24 / 40

24. _ 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. Cost elatsicity

C. Supply elasticity

D. Income elasticity

25 / 40

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

A. Higher, higher

B. Lower, higher

C. Lower, lower

D. Higher, lower

26 / 40

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

A. All the options

B. Price giver

C. Price taker

D. Price maker

27 / 40

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

A. aggregate demand

B. gross national product

C. economy-wide demand

D. national demand

28 / 40

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

A. Human Behavior

B. Human Favour

C. Human Desires

D. Human Character

29 / 40

29. Inflation is:

A. an increase in the overall level of economic activity

B. a decrease in the overall price level

C. a decrease in the overall level of economic activity

D. an increase in the overall price level

30 / 40

30. Opportunity cost is_

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

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

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

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

31 / 40

31. Economics is the study of_

A. how society manages its unlimited resources

B. how to reduce our wants until we are satisfied

C. how society manages its scarce resources

D. how to fully satisfy our unlimited wants

32 / 40

32. All except _ are referred to as complementary goods.

A. Bread and butter

B. Vehicles and fuel

C. Table and chair

D. Tea and Coffee

33 / 40

33. The role of firm is primarily to _.

A. Produce

B. Distribute

C. Supply

D. Warehouse

34 / 40

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

A. -0.1

B. 0.3

C. 0.1

D. 0.2

35 / 40

35. Microeconomics is not concerned with the behaviour of:

A. Industries

B. Aggregate demand

C. firms

D. consumers

36 / 40

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

A. Profit

B. Loss

C. Gain

D. Excess

37 / 40

37. _ is a good example of natural monolist

A. MTN in South Africa

B. NNPC in Nigeria

C. Crude oil in Nigeria

D. Post office in UK

38 / 40

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

A. Supply and price

B. Demand and price

C. Demand and price

D. Demand and supply

39 / 40

39. 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. Upper price

C. Higher price limit

D. Upper price limit

40 / 40

40. The circular flow of goods and incomes shows the relationship between_

A. income and money

B. Wages and salaries

C. Firms and household

D. Goods and services

Your score is

The average score is 51%