23/04/2020Senior Class WAEC/NECO/UTME Mock Exams(Economics) 0Comments by Gate Academy Please, fill out the information below to continue. NAME EMAIL PHONE NUMBER 1. Which of the following countries are not newly industrialized countries (NICs)? Singapore. Taiwan. North Korea. Hong Kong.2. An increase in productivity is most likely to lead to higher average costs fewer economies of scale increased supply lower profits3. 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 2000 - 890 200/ 890 200,000,000 / 8904. Which one of the following businesses operates in the financial sector? an auction house a jewellery manufacturer a travel agent an insurance company5. Which world region has the lowest levels of human development? Europe South and Central America Africa Asia6. The concept of least developed countries was first identified by the United Nations in: 1968 1988 1958 19787. Which one of the following is an example of a direct tax? income tax tax on petrol council tax VAT8. An economy that grows very rapidly is often referred to as a: puma economy cheetah economy tiger economy lion economy9. The country with the highest GNI (PPP) per capita in 2006–07 was: Luxembourg Singapore Norway Switzerland10. The table below provides information about the market for DitsiesWhat is the equilibrium price for a kilogram of Ditsies? £30 £10 £35 £511. Of the world's population, what portion lives in developing countries? approximately 35%. approximately 80%. nearly 10 billion people. less than 1 billion people.12. Which one of the following is not a cause of economic growth? improvements in education and training a reduction in the retirement age advances in technology the discovery of a new natural fuel13. Which of the following countries is not a low-income country? Indonesia Nigeria India Malaysia14. Economic development refers to economic growth plus changes in output distribution and economic structure. improvement in the well-being of the urban population. economic growth. sustainable increases in Gross National Product.15. 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 an increase in the rate of corporation tax higher unemployment benefits quantitative easing16. UK interest rates are set by: The EU British consumers The Bank of England The UK government17. This supply curve shows that consumers prefer low prices increasing the quantity supplied will cause prices to rise a rise in price will cause an increase in quantity supplied demand for this product is price inelastic18. Which of the following could be considered critical questions in development economics? How do the poorest 2/3 of the world live? all of the above are correct. What are the major theories of economic development? What factors affect labor skills in the third world?19. How many countries were identified as LDCs by The Least Developed Countries Report 2009? 49 39 19 2920. 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 300 000 000 / 9700 300/ 360 9700 *(1978 / 2005) 32.33321. The Gini coefficient is a technique frequently used to show: income inequality differences in infant mortality variations in life expectancy the education gap22. 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? £1680 £12500 £180 £132023. Development economics focuses primarily on the poorest ___________ of the world population. 5 percent. two-thirds. 28 percent. one-third.24. 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 650 130 0.0065 650025. 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/Σpnqn26. Which of the following are not third-world regions? Latin America. Asia. Australia. Africa.27. Opportunity cost is a financial expense the best way to allocate resources zero when a market is in equilibrium measured in terms of what has been foregone28. Which of the following characteristics are most likely found in developing countries? all of the above none of the above large number of people living in poverty. very traditional methods of agricultural production. high population growth rates.29. Which one of the following would cause an inward shift of the demand curve for hats? wearing a hat becomes less fashionable bad weather a National increase in wage rates more hats are made30. Most of the world’s LDCs are located in: Europe Sub-Saharan Africa Asia South America31. The number of deaths of children under one year of age per 1000 live births is the: child mortality rate neo-natal mortality rate toddler mortality rate infant mortality rate32. Which of the following could not be considered a major economic system? physical quality of life index. capitalism. communism. none of the above. socialism.33. Nigerians holidaying in the U.K would be shown in the current account as an export a surplus an import a deficit34. 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 £32 000 £33 000 £33 080 £32 08035. Which of the following is not part of the Human Development Index? educational attainment GDP per capita infant mortality life expectancy36. Which one of the following is an example of a positive externality? a motorway improvement scheme a government budget surplus noise pollution more exports than imports37. One of the first countries to be classed as a newly industrialised country was: South Korea India the Philippines China38. The Gross Domestic Product is: the combined value of imports and exports for a country the value of agricultural production in a country in a year the total value of industrial production in a country in a year the total value of goods and services produced by a country in a year39. In which of the following countries would you expect material lifestyles to be most like those in the United States? India. Nigeria. Mali. Japan.40. According to the Human Development Report 2009, the country with the highest human development (in 2007) was: Japan Australia Norway Canada41. A business which operates in the tertiary sector makes finished goods produces services assembles components extracts raw materials42. 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 increase to £329.60 the cost will increase to £320.80 the cost will fall to £319.20 the cost will fall to £310.4043. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is 259740 1000 260 0.00144. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? structural seasonal frictional cyclical45. A market with a single producer is always in equilibrium highly competitive called an oligopoly difficult for new firms to enter46. Which of the following is an example of development in a country? an increase in agricultural production the extension of the electricity grid into previously unconnected rural areas an increase in population the expansion of an existing industry47. 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 0.901% 0.090% 0.991% 5%48. Which one of the following is a benefit of globalisation to a producer? Higher taxes Currency conversion will not be required Increased competition Larger market size49. Which one of the following is a factor of production? enterprise elasticity environmental sustainability equilibrium 50 out of 49Time is Up!