(2025) Economics Jan/Feb First Series Trial Questions (set 2)

Welcome to Aarons E-Learning!

Enter your name:
Select your country: Afghanistan Albania Algeria Andorra Angola Argentina Armenia Australia Austria Azerbaijan Bahrain Bangladesh Belarus Belgium Benin Bhutan Bosnia and Herzegovina Botswana Brazil Brunei Bulgaria Burundi Cambodia Cameroon Canada Chad China Comoros Croatia Cyprus Czech Republic Denmark Djibouti Egypt Eritrea Estonia Ethiopia Faroe Islands Finland France Georgia Germany Ghana Greece Greenland Hungary Iceland India Indonesia Iran Iraq Ireland Italy Japan Jordan Kazakhstan Kenya Kuwait Kyrgyzstan Laos Latvia Lebanon Lebanon Liberia Lithuania Luxembourg Madagascar Malawi Malaysia Malta Mauritania Mauritius Mexico Moldova Monaco Mongolia Montenegro Morocco Myanmar Namibia Nepal Netherlands New Zealand Niger Nigeria North Macedonia Norway Oman Pakistan Philippines Poland Portugal Qatar Romania Russia Rwanda Saudi Arabia Serbia Seychelles SierraLeone Singapore Slovakia Slovenia South Africa South Korea South Sudan Spain Sri Lanka Sudan Sweden Switzerland Tajikistan Tanzania Thailand The Gambia Togo Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates USA Uzbekistan Vatican City Vietnam Yemen Zambia Zimbabwe Other

Please enter your name.

Select the correct options for each Questions below and press the submit button below to see your grade

1. The study of economics is mainly concerned with how to:

a) Rank individuals' wants given the abundant resources b) Make choice when resources are inadequate c) Satisfy every member of all societies d) Produce all the goods needed by everyone

2. Warehousing is an economic activity that falls under:

a) Tertiary production b) Intermediate production c) Secondary production d) Primary production

3. Which of the following items is not classified as working capital:

a) Equipment b) Fuel c) Money to pay wages d) Semi-finished goods

4. An economic system is mainly concerned with:

a) Handling situations of abundant resources b) Studying the relationship between ends and means c) The establishment of economic laws d) The allocation of scarce resources between alternative ends

5. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9, and 7. What is the median mark?

a) 7 b) 7.5 c) 8 d) 8.5

6. The demand for a factor input as a result of the demand for its output is known as:

a) Complementary demand b) Competitive demand c) Derived demand d) Market demand

7. If the demand for a commodity remains constant as price increases, the commodity is said to be:

a) Price elastic b) Unit price elastic c) Price inelastic d) Perfectly price inelastic

8. When more of the tax on a product is borne by the buyer than the seller, the commodity involved has:

a) Elastic demand b) Fairly elastic demand c) Perfectly elastic demand d) Perfectly inelastic demand

9. A fall in price of a normal commodity which has elastic demand will result in:

a) A fall in quantity demanded b) An increase in revenue c) A fall in demand d) A decrease in revenue

10. The supply of light could be met using a candle, lantern, and gas lamp. This is an example of a:

a) Complementary supply b) Joint supply c) Composite supply d) Abnormal supply

11. Petrol and kerosene are jointly obtained from crude oil, if the supply of petrol increases, the:

a) Supply of kerosene will fall b) Cost of crude oil production has increased c) Supply of kerosene will rise d) Supply of kerosene will remain unchanged

12. If the government stops subsidy on cocoa production, the supply curve of cocoa will:

a) Shift to the right b) Become vertical c) Shift to the left d) Remain unchanged

13. When the marginal utility from the consumption of commodity X (MUx) is greater than the price of commodity X (Px), a rational consumer should:

a) Consume more of commodity X b) Reduce consumption of commodity X c) Consume the same quantity of commodity X d) Strive to remain in disequilibrium

14. When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will:

a) Fall and rise respectively b) Remain constant c) Rise and fall respectively d) Both rise

15. The fixing of maximum prices by government is mainly on

a) Inferior goods b) Luxury goods c) Imported capital goods d) Selected essential goods

16. At what point on the total product curve shown below will marginal product be negative?

a) P b) Q c) R d) S

17. A small scale firm located within an industrial estate will enjoy

a) Government protection and funding b) Technological economies of scale c) External economies of scale d) Financial economies of scale

18. The total fixed cost curve is

a) Vertical b) Horizontal c) Downward sloping d) Upward sloping

19. If a firm retrenches some of its factory workers its

a) Fixed cost is likely to increase b) Marginal cost may increase c) Average fixed cost may increase d) Variable cost will decline

20. A monopolist may enjoy abnormal profit only if its

a) Marginal cost exceeds marginal revenue b) Demand curve is perfectly elastic c) Price exceeds average total cost d) Expenditure on advertisement increases

21. The average revenue curve of a firm in a perfect market is the same as the

a) Supply curve of the firm b) Demand curve of the firm c) Total revenue curve of the firm d) Average cost of the firm

22. Resources are pooled for the mutual benefit of its members mainly in a

a) Joint stock company b) Partnership c) Private company d) Cooperative society

23. A joint stock company enjoys perpetual existence because

a) It is formed by a minimum of seven members b) It is a corporate entity c) Its shares are easily transferable d) There is a higher degree of specialization

24. Consumers have access to a variety of goods through the activities of the

a) Advertising agencies b) Wholesalers c) Retailers d) Mass media

25. The rate of growth of population is

a) The difference between birth rate and death rate b) Birth rate less death rate plus net migration c) Initial population plus number of births and net migration d) The number of immigrants plus number of births

26. The Malthusian theory of population is best illustrated when

a) Both population and food supply increase at the same rate b) Population increases much faster than food supply c) The size of the population and available resources are equal d) Food supply increases much faster than population growth

27. The dependency ratio of a country is the

a) Total active population who depends on government for survival b) Number of children who depends on their parents for survival c) The children and aged who rely on the active population for support d) People who are cared for by their extended families

28. When job vacancies are publicized, the government is mainly trying to solve the problem of

a) Residual unemployment b) Frictional unemployment c) Technological unemployment d) Cyclical unemployment

29. Many workers are employed in the agricultural sector of developing countries because

a) They practice mechanized system of farming b) Labour intensive method is mostly adopted c) Wages in the sector are high d) Abnormal profits are made

30. Industries are sometimes located in areas which are not profitable so as to

a) Encourage rural-urban migration b) Be able to reap internal economies of scale c) Be able to even-out development d) Bring about external economies of scale

CLICK HERE TO JOIN OUR 2025 FIRST SERIES JAN/FEB VIP GROUP