23/04/2020 Senior Class WAEC/NECO/UTME Mock Exams(Economics) 23/04/2020 0Comments by Gate Academy Please, fill out the information below to continue. NAME EMAIL PHONE NUMBER 1. Which one of the following is a factor of production? environmental sustainability elasticity equilibrium enterprise 2. In which of the following countries would you expect material lifestyles to be most like those in the United States? India. Japan. Mali. Nigeria. 3. Which of the following are not third-world regions? Asia. Latin America. Africa. Australia. 4. Last year Tirenioluwa spent an average of £320 on her monthly shop. What will be the effect on the cost of her average monthly shop this year if the rate of inflation was 3% last year? the cost will fall to £310.40 the cost will increase to £320.80 the cost will increase to £329.60 the cost will fall to £319.20 5. Which of the following could not be considered a major economic system? capitalism. communism. none of the above. physical quality of life index. socialism. 6. According to the Human Development Report 2009, the country with the highest human development (in 2007) was: Japan Australia Canada Norway 7. Which world region has the lowest levels of human development? Europe Asia South and Central America Africa 8. Which one of the following is not a cause of economic growth? advances in technology the discovery of a new natural fuel improvements in education and training a reduction in the retirement age 9. The Gross Domestic Product is: the total value of goods and services produced by a country in a year the value of agricultural production in a country in a year the combined value of imports and exports for a country the total value of industrial production in a country in a year 10. Which of the following is not part of the Human Development Index? infant mortality life expectancy GDP per capita educational attainment 11. Which of the following characteristics are most likely found in developing countries? high population growth rates. very traditional methods of agricultural production. large number of people living in poverty. all of the above none of the above 12. Tuvalu is composed of 9 coral atolls along a 360-mile chain in Polynesia. They gained independence in 1978. The former Ellice Islands are home to 9,700 people. If GNP of Tuvalu is $300 million in 2005, GNP per capita is 32.333 300 000 000 / 9700 300/ 360 9700 *(1978 / 2005) 13. An increase in productivity is most likely to lead to higher average costs increased supply fewer economies of scale lower profits 14. Which one of the following is an example of a direct tax? VAT income tax tax on petrol council tax 15. Which of the following countries is not a low-income country? Indonesia India Nigeria Malaysia 16. Which one of the following would cause an inward shift of the demand curve for hats? more hats are made bad weather a National increase in wage rates wearing a hat becomes less fashionable 17. Development economics focuses primarily on the poorest ___________ of the world one-third. 28 percent. 5 percent. population. two-thirds. 18. Of the world's population, what portion lives in developing countries? approximately 80%. nearly 10 billion people. approximately 35%. less than 1 billion people. 19. A market with a single producer is difficult for new firms to enter called an oligopoly highly competitive always in equilibrium 20. Most of the world’s LDCs are located in: Europe South America Sub-Saharan Africa Asia 21. Which one of the following is a benefit of globalisation to a producer? Higher taxes Larger market size Increased competition Currency conversion will not be required 22. One of the first countries to be classed as a newly industrialised country was: South Korea the Philippines China India 23. Which of the following countries are not newly industrialized countries (NICs)? North Korea. Taiwan. Singapore. Hong Kong. 24. UK interest rates are set by: The EU The Bank of England British consumers The UK government 25. Which one of the following businesses operates in the financial sector? a travel agent a jewellery manufacturer an insurance company an auction house 26. If GDP for Palau a small country near southeast of the Philippines is $130 million in 2002 and its population is 20,000, GDP per capita is 6500 650 0.0065 130 27. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is 1000 0.001 260 259740 28. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? structural cyclical seasonal frictional 29. Which of the following is an example of development in a country? an increase in population an increase in agricultural production the expansion of an existing industry the extension of the electricity grid into previously unconnected rural areas 30. The formula to calculate Paasche price index is (o is the base year and n is the given year) P = ΣPnqn/Σpoqn P = ΣPnqo/Σpoqo P = ΣPnqn/Σpoqo P = ΣPoqo/Σpnqn 31. Which of the following could be considered critical questions in development economics? What factors affect labor skills in the third world? How do the poorest 2/3 of the world live? all of the above are correct. What are the major theories of economic development? 32. The table below provides information about the market for Ditsies What is the equilibrium price for a kilogram of Ditsies? £10 £35 £30 £5 33. Which one of the following is a supply side policy which the government could use to help meet its economic objectives? an improved apprenticeship programme higher unemployment benefits quantitative easing an increase in the rate of corporation tax 34. Economic development refers to sustainable increases in Gross National Product. improvement in the well-being of the urban population. economic growth plus changes in output distribution and economic structure. economic growth. 35. The Gini coefficient is a technique frequently used to show: the education gap income inequality variations in life expectancy differences in infant mortality 36. A business which operates in the tertiary sector assembles components makes finished goods produces services extracts raw materials 37. Kafeel has a job which pays him £32 000 a year. He owns a car worth £25 000 and has £8000 savings in his bank account. His bank account pays interest at a rate of 1% per year. Kafeel’s annual income is £33 000 £32 080 £33 080 £32 000 38. The country with the highest GNI (PPP) per capita in 2006–07 was: Norway Singapore Switzerland Luxembourg 39. An economy that grows very rapidly is often referred to as a: cheetah economy puma economy tiger economy lion economy 40. How many countries were identified as LDCs by The Least Developed Countries Report 2009? 39 49 19 29 41. If GNP per capita at constant prices for Liechtenstein a microstate of 29,000 people located on the Rhine River between Switzerland and Austria is US$555 and US$560 in 2004 and 2005 respectively, the real economic growth from 2004 to 2005 is 0.090% 0.901% 0.991% 5% 42. The concept of least developed countries was first identified by the United Nations in: 1958 1988 1978 1968 43. If GNP for Vatican City, the smallest country in the world is 200 million euros in year 2001 and its population is 890, GNP per capita is 200,000,000 / 890 200/ 890 200 2000 - 890 44. Which one of the following is an example of a positive externality? more exports than imports a motorway improvement scheme noise pollution a government budget surplus 45. Nigerians holidaying in the U.K would be shown in the current account as a deficit a surplus an import an export 46. Opportunity cost is a financial expense zero when a market is in equilibrium measured in terms of what has been foregone the best way to allocate resources 47. This supply curve shows that demand for this product is price inelastic a rise in price will cause an increase in quantity supplied consumers prefer low prices increasing the quantity supplied will cause prices to rise 48. National insurance is charged at a rate of 12% of gross pay. L'taraoluwa’s gross monthly pay is £1500. How much is her monthly national insurance contribution? £1320 £12500 £1680 £180 49. The number of deaths of children under one year of age per 1000 live births is the: neo-natal mortality rate toddler mortality rate infant mortality rate child mortality rate 1 out of 49 Time is Up! Time's up