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ECN 102 CBT PRACICE

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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

 

PS

 

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.

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

 

2 / 40

2.

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

 

3 / 40

3.

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

 

4 / 40

4.

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

5 / 40

5.

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_

 

6 / 40

6.

Inflation is:

 

7 / 40

7.

Opportunity cost is_

 

8 / 40

8.

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

 

9 / 40

9.

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

10 / 40

10.

Table of Contents

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

 

11 / 40

11.

_ 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.

 

12 / 40

12.

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

 

13 / 40

13.

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

14 / 40

14.

Supply curve is a graphical representation of _schedule.

 

15 / 40

15.

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

 

16 / 40

16.

Perfectly Inelastic is also known as _

17 / 40

17.

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

 

18 / 40

18.

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.

 

19 / 40

19.

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

 

20 / 40

20.

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

21 / 40

21.

All except _ are referred to as complementary goods.

22 / 40

22.

Economics is the study of_

 

23 / 40

23.

A recession is:

 

24 / 40

24.

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

 

25 / 40

25.

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

26 / 40

26.

_ 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

 

27 / 40

27.

The role of firm is primarily to _.

28 / 40

28.

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

 

29 / 40

29.

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

30 / 40

30.

The circular flow of goods and incomes shows the relationship between_

 

31 / 40

31.

Unemployment means that:

 

32 / 40

32.

Price _ is the direct opposite of price _

33 / 40

33.

Opportunity cost is_

 

34 / 40

34.

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

35 / 40

35.

All except _ is right about perfect market.

 

36 / 40

36.

Goods and services usually referred to as _

 

37 / 40

37.

Microeconomics is not concerned with the behaviour of:

 

38 / 40

38.

_ is a good example of natural monolist

 

39 / 40

39.

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

 

40 / 40

40.

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

 

Your score is

The average score is 46%

0%

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