ECONS 101

REVISION QUESTIONS

Hey Readers, Thank God Its Friday!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. 

1. Which of the Following problems arises where there are more than one technically possible methods of production?

a. Where to Produce

b. For Whom to Produce

c. How to Produce

d. What to Produce.

2. Visible Balance is also known as

a. Terms of Trade

b. Balance of Payments

c. Balance of Trade

d. Capital Balance.

3. A Shift in the Demand Curve indicates

a. Exceptional Demand

b. Change in Demand

c. Change in Quantity Demanded

d. Elasticity of Demand.

4. If a 6% Decrease in Price results in more than 6% Decrease in Quantity Supplied, Supply can be regarded as

a. Elastic

b. Unitary Elastic

c. Perfectly Inelastic

d. Perfectly Elastic.

5. A Condition for Consumer Utility Maximization is

a. Equality of the Ratio of Marginal Utilities and the Ration of Prices

b. Equality of the Ratio of Average Utilities and the Ratio of Prices

c. Equality of the Marginal Utility to Total Utility Ratio for Both Commodities

d. Total Utility and Marginal Utility must be Zero.

6. Which of the Following best describes the Mode?

a. The Observation with the Highest Frequency

b. Average of Two Middle Numbers

c. Item that occupies the Middle Position

d. Difference of Two Extreme Values.

7. Where a Commodity takes an insignificant proportion of the Consumer's Income, Demand for it will be

a. Unitary Elastic

b. Price Inelastic

c. Fairly Elastic

d. Income Inelastic.

8. A Demand Schedule shows the Quantities of Goods that are

a. Bought at Given Prices at a Time

b. Supplied at Given Prices at a Time

c. Produced at Given Prices at a Time

d. Reserved for Future Consumption.

9. The Demand Curve for a Commodity is Downward Sloping because the Consumer will pay

a. Less as the Marginal Utility Falls

b. More as the Marginal Utility Falls

c. Less as the Total Utility Falls

d. More as the Average Utility Falls.

10. A Decrease in the Demand for a Product X resulted in a Decrease in the Demand for another product Y. The Demand for X and Y is

a. Derived

b. Composite

c. Joint

d. Competitive.

11. Any Price below the Equilibrium Price will lead to

a. Increase in Supply

b. Excess Demand

c. Equality of Demand and Supply

d. Decrease in Demand.

12. The Allocation of Goods and Services in a Free Market Economy is performed by

a. The Price System

b. The Banking System

c. The Central Planning Body

d. Government Budgets.

NOTE:  THE QUESTIONS IN THIS POST WERE CULLED FROM WEST AFRICA EXAM COUNCIL 2012 PAPERS.. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and Pls try to attempt the Questions on your own. Have a Blessed Day and Remember You are Amazing. God Bless.