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FUOYE ECN 102 CBT Practice

ByAruwaji Philip

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

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

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ECN 102

1 / 40

1.

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

2 / 40

2.

Goods and services usually referred to as _

 

3 / 40

3.

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

 

4 / 40

4.

_ 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.

 

5 / 40

5.

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

 

6 / 40

6.

_ is a good example of natural monolist

 

7 / 40

7.

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

8 / 40

8.

Table of Contents

Supply curve is a graphical representation of _schedule.

 

9 / 40

9.

Unemployment means that:

 

10 / 40

10.

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

 

11 / 40

11.

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

 

12 / 40

12.

A recession is:

 

13 / 40

13.

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

 

14 / 40

14.

The role of firm is primarily to _.

15 / 40

15.

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

 

16 / 40

16.

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

 

17 / 40

17.

Perfectly Inelastic is also known as _

18 / 40

18.

Inflation is:

 

19 / 40

19.

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

 

20 / 40

20.

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.

 

21 / 40

21.

All except _ are referred to as complementary goods.

22 / 40

22.

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

 

23 / 40

23.

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

 

24 / 40

24.

The circular flow of goods and incomes shows the relationship between_

 

25 / 40

25.

Economics is the study of_

 

26 / 40

26.

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_

 

27 / 40

27.

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

 

28 / 40

28.

_ 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

 

29 / 40

29.

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

 

30 / 40

30.

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

31 / 40

31.

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

32 / 40

32.

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

33 / 40

33.

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

34 / 40

34.

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

 

35 / 40

35.

Price _ is the direct opposite of price _

36 / 40

36.

All except _ is right about perfect market.

 

37 / 40

37.

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

38 / 40

38.

Opportunity cost is_

 

39 / 40

39.

Opportunity cost is_

 

40 / 40

40.

Microeconomics is not concerned with the behaviour of:

 

Your score is

The average score is 51%

0%

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