23/04/2020 Senior Class WAEC/NECO/UTME Mock Exams(Economics) 0Comments by Gate Academy Please, fill out the information below to continue. NAME EMAIL PHONE NUMBER 1. In which of the following countries would you expect material lifestyles to be most like those in the United States?Japan.India.Nigeria.Mali.2. 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 is200200/ 890200,000,000 / 8902000 - 8903. An economy that grows very rapidly is often referred to as a:tiger economypuma economylion economycheetah economy4. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is10002602597400.0015. Which one of the following would cause an inward shift of the demand curve for hats?bad weathera National increase in wage ratesmore hats are madewearing a hat becomes less fashionable6. Economic development refers toeconomic growth.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.7. Which of the following are not third-world regions? Africa.Latin America.Australia.Asia.8. Which one of the following businesses operates in the financial sector?an insurance companya jewellery manufactureran auction housea travel agent9. The formula to calculate Paasche price index is (o is the base year and n is the given year)P = ΣPnqn/ΣpoqoP = ΣPoqo/ΣpnqnP = ΣPnqo/ΣpoqoP = ΣPnqn/Σpoqn10. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? cyclicalfrictionalseasonalstructural11. Of the world's population, what portion lives in developing countries?less than 1 billion people.approximately 80%.approximately 35%.nearly 10 billion people.12. Which one of the following is an example of a positive externality?noise pollutiona motorway improvement schemea government budget surplusmore exports than imports13. Nigerians holidaying in the U.K would be shown in the current account asa surplusa deficitan exportan import14. 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£180£168015. A market with a single producer isalways in equilibriumdifficult for new firms to enterhighly competitivecalled an oligopoly16. 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£33 080 £32 08017. Opportunity cost ismeasured in terms of what has been foregonezero when a market is in equilibriuma financial expensethe best way to allocate resources18. 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 industrial production in a country in a yearthe total value of goods and services produced by a country in a year19. Which of the following could not be considered a major economic system?capitalism.physical quality of life index.communism.none of the above.socialism.20. Development economics focuses primarily on the poorest ___________ of the world28 percent.population.one-third.two-thirds.5 percent.21. 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?How do the poorest 2/3 of the world live?all of the above are correct.22. According to the Human Development Report 2009, the country with the highest human development (in 2007) was:AustraliaJapanCanadaNorway23. How many countries were identified as LDCs by The Least Developed Countries Report 2009?4939291924. The number of deaths of children under one year of age per 1000 live births is the:child mortality ratetoddler mortality rateinfant mortality rateneo-natal mortality rate25. Which one of the following is a factor of production?enterpriseenvironmental sustainabilityelasticityequilibrium 26. This supply curve shows thatdemand for this product is price inelasticconsumers prefer low pricesincreasing the quantity supplied will cause prices to risea rise in price will cause an increase in quantity supplied27. A business which operates in the tertiary sectormakes finished goodsextracts raw materialsassembles componentsproduces services28. An increase in productivity is most likely to lead tohigher average costslower profitsincreased supply fewer economies of scale29. 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 is0.991%0.090%0.901%5%30. Which of the following countries are not newly industrialized countries (NICs)?Singapore.North Korea.Taiwan.Hong Kong.31. Which one of the following is a supply side policy which the government could use to help meet its economic objectives?an increase in the rate of corporation taxan improved apprenticeship programmehigher unemployment benefitsquantitative easing32. One of the first countries to be classed as a newly industrialised country was:South KoreaChinaIndiathe Philippines33. Which of the following is an example of development in a country?an increase in populationan increase in agricultural productionthe extension of the electricity grid into previously unconnected rural areasthe expansion of an existing industry34. Which one of the following is a benefit of globalisation to a producer?Increased competitionLarger market sizeCurrency conversion will not be requiredHigher taxes35. The table below provides information about the market for Ditsies What is the equilibrium price for a kilogram of Ditsies?£30£10£35£536. 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/ 36032.333300 000 000 / 97009700 *(1978 / 2005)37. Which of the following is not part of the Human Development Index?educational attainmentinfant mortality GDP per capitalife expectancy38. The concept of least developed countries was first identified by the United Nations in:195819681978198839. Which one of the following is an example of a direct tax?tax on petrolcouncil taxincome taxVAT40. The country with the highest GNI (PPP) per capita in 2006–07 was:SingaporeLuxembourgNorwaySwitzerland41. Most of the world’s LDCs are located in:South AmericaEuropeSub-Saharan AfricaAsia42. The Gini coefficient is a technique frequently used to show:income inequalitythe education gapvariations in life expectancydifferences in infant mortality43. Which world region has the lowest levels of human development?AfricaEuropeAsiaSouth and Central America44. Which of the following countries is not a low-income country?MalaysiaIndiaNigeriaIndonesia45. Which of the following characteristics are most likely found in developing countries?high population growth rates.all of the abovenone of the abovelarge number of people living in poverty.very traditional methods of agricultural production.46. 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 is65013065000.006547. Which one of the following is not a cause of economic growth?a reduction in the retirement ageadvances in technologythe discovery of a new natural fuelimprovements in education and training48. 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 increase to £329.60the cost will fall to £319.20the cost will fall to £310.4049. UK interest rates are set by:The EUBritish consumersThe Bank of EnglandThe UK government50 out of 49Time is Up!