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. According to the Human Development Report 2009, the country with the highest human development (in 2007) was:JapanCanadaAustraliaNorway2. Which of the following countries is not a low-income country?MalaysiaNigeriaIndonesiaIndia3. The country with the highest GNI (PPP) per capita in 2006–07 was:SwitzerlandLuxembourgNorwaySingapore4. Which of the following is an example of development in a country?the extension of the electricity grid into previously unconnected rural areasan increase in populationthe expansion of an existing industryan increase in agricultural production5. Economic development refers tosustainable increases in Gross National Product.improvement in the well-being of the urban population.economic growth.economic growth plus changes in output distribution and economic structure.6. The Gini coefficient is a technique frequently used to show:variations in life expectancydifferences in infant mortalityincome inequalitythe education gap7. How many countries were identified as LDCs by The Least Developed Countries Report 2009?194929398. Which one of the following would cause an inward shift of the demand curve for hats?wearing a hat becomes less fashionablemore hats are madebad weathera National increase in wage rates9. Which of the following could not be considered a major economic system?socialism.none of the above.physical quality of life index.communism.capitalism.10. Which of the following could be considered critical questions in development economics?What are the major theories of economic development?What factors affect labor skills in the third world?all of the above are correct.How do the poorest 2/3 of the world live?11. Which one of the following is a benefit of globalisation to a producer?Increased competitionHigher taxesCurrency conversion will not be requiredLarger market size12. Which one of the following is a factor of production?enterpriseenvironmental sustainabilityelasticityequilibrium 13. 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 is300/ 360300 000 000 / 970032.3339700 *(1978 / 2005)14. 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 is0.0065130650065015. The formula to calculate Paasche price index is (o is the base year and n is the given year)P = ΣPnqn/ΣpoqoP = ΣPnqo/ΣpoqoP = ΣPoqo/ΣpnqnP = ΣPnqn/Σpoqn16. Which one of the following is an example of a positive externality?a government budget surplusnoise pollutiona motorway improvement schememore exports than imports17. The concept of least developed countries was first identified by the United Nations in:197819881968195818. 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 is0.090%0.991%5%0.901%19. Which of the following is not part of the Human Development Index?educational attainmentlife expectancyinfant mortality GDP per capita20. One of the first countries to be classed as a newly industrialised country was:the PhilippinesChinaIndiaSouth Korea21. Which of the following are not third-world regions? Africa.Latin America.Asia.Australia.22. Nigerians holidaying in the U.K would be shown in the current account asan importa deficita surplusan export23. 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 £320.80the cost will fall to £319.20the cost will fall to £310.40the cost will increase to £329.6024. Opportunity cost iszero when a market is in equilibriuma financial expensethe best way to allocate resourcesmeasured in terms of what has been foregone25. Which one of the following is not a cause of economic growth?the discovery of a new natural fueladvances in technologyimprovements in education and traininga reduction in the retirement age26. 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 is200,000,000 / 890200/ 8902000 - 89020027. Most of the world’s LDCs are located in:EuropeSub-Saharan AfricaSouth AmericaAsia28. In which of the following countries would you expect material lifestyles to be most like those in the United States?Japan.India.Nigeria.Mali.29. 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£180£1680£1250030. Which of the following characteristics are most likely found in developing countries?all of the abovelarge number of people living in poverty.high population growth rates.none of the abovevery traditional methods of agricultural production.31. 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£32 000 £32 080£33 08032. An economy that grows very rapidly is often referred to as a:puma economytiger economycheetah economylion economy33. This supply curve shows thata rise in price will cause an increase in quantity supplieddemand for this product is price inelasticconsumers prefer low pricesincreasing the quantity supplied will cause prices to rise34. Which one of the following businesses operates in the financial sector?a jewellery manufactureran insurance companyan auction housea travel agent35. Development economics focuses primarily on the poorest ___________ of the worldtwo-thirds.5 percent.one-third.population.28 percent.36. UK interest rates are set by:British consumersThe Bank of EnglandThe UK governmentThe EU37. Which world region has the lowest levels of human development?AfricaAsiaEuropeSouth and Central America38. The Gross Domestic Product is:the value of agricultural production in a country in a year the combined value of imports and exports for a countrythe total value of goods and services produced by a country in a yearthe total value of industrial production in a country in a year39. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is10002597402600.00140. The table below provides information about the market for DitsiesWhat is the equilibrium price for a kilogram of Ditsies?£35£30£5£1041. A business which operates in the tertiary sectorassembles componentsproduces servicesmakes finished goodsextracts raw materials42. An increase in productivity is most likely to lead toincreased supply lower profitshigher average costsfewer economies of scale43. A market with a single producer isdifficult for new firms to enteralways in equilibriumcalled an oligopolyhighly competitive44. The number of deaths of children under one year of age per 1000 live births is the:neo-natal mortality ratetoddler mortality ratechild mortality rateinfant mortality rate45. Which of the following countries are not newly industrialized countries (NICs)?Taiwan.Hong Kong.Singapore.North Korea.46. Which one of the following is an example of a direct tax?tax on petrolcouncil taxincome taxVAT47. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? cyclicalseasonalfrictionalstructural48. Which one of the following is a supply side policy which the government could use to help meet its economic objectives?higher unemployment benefitsan improved apprenticeship programmequantitative easingan increase in the rate of corporation tax49. Of the world's population, what portion lives in developing countries?approximately 35%.less than 1 billion people.nearly 10 billion people.approximately 80%.50 out of 49Time is Up!
