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. The country with the highest GNI (PPP) per capita in 2006–07 was:SwitzerlandNorwaySingaporeLuxembourg2. Nigerians holidaying in the U.K would be shown in the current account asan importa deficita surplusan export3. Which of the following characteristics are most likely found in developing countries?high population growth rates.very traditional methods of agricultural production.all of the abovelarge number of people living in poverty.none of the above4. Which one of the following is a supply side policy which the government could use to help meet its economic objectives?quantitative easingan improved apprenticeship programmehigher unemployment benefitsan increase in the rate of corporation tax5. How many countries were identified as LDCs by The Least Developed Countries Report 2009?492939196. According to the Human Development Report 2009, the country with the highest human development (in 2007) was:JapanCanadaAustraliaNorway7. 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 is0.901%0.090%5%0.991%8. Most of the world’s LDCs are located in:EuropeSub-Saharan AfricaSouth AmericaAsia9. This supply curve shows thata rise in price will cause an increase in quantity suppliedconsumers prefer low pricesdemand for this product is price inelasticincreasing the quantity supplied will cause prices to rise10. 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/ 890200200,000,000 / 8902000 - 89011. Which one of the following is an example of a direct tax?tax on petrolincome taxVATcouncil tax12. A market with a single producer isdifficult for new firms to entercalled an oligopolyalways in equilibriumhighly competitive13. Of the world's population, what portion lives in developing countries?less than 1 billion people.nearly 10 billion people.approximately 35%.approximately 80%.14. Which of the following could not be considered a major economic system?physical quality of life index.socialism.capitalism.none of the above.communism.15. The formula to calculate Paasche price index is (o is the base year and n is the given year)P = ΣPoqo/ΣpnqnP = ΣPnqo/ΣpoqoP = ΣPnqn/ΣpoqoP = ΣPnqn/Σpoqn16. The number of deaths of children under one year of age per 1000 live births is the:infant mortality rateneo-natal mortality ratechild mortality ratetoddler mortality rate17. Which one of the following is not a cause of economic growth?advances in technologyimprovements in education and traininga reduction in the retirement agethe discovery of a new natural fuel18. 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£1250019. 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.20. An increase in productivity is most likely to lead tofewer economies of scaleincreased supply higher average costslower profits21. One of the first countries to be classed as a newly industrialised country was:South KoreaIndiaChinathe Philippines22. The concept of least developed countries was first identified by the United Nations in:197819581968198823. Which of the following countries are not newly industrialized countries (NICs)?Singapore.Taiwan.North Korea.Hong Kong.24. Which one of the following is a factor of production?environmental sustainabilityequilibrium enterpriseelasticity25. 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.26. The Gross Domestic Product is: the combined value of imports and exports for a countrythe total value of industrial production in a country in a yearthe value of agricultural production in a country in a yearthe total value of goods and services produced by a country in a year27. 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£33 080£32 000 £33 000 £32 08028. Which of the following is an example of development in a country?the expansion of an existing industrythe extension of the electricity grid into previously unconnected rural areasan increase in populationan increase in agricultural production29. UK interest rates are set by:British consumersThe Bank of EnglandThe UK governmentThe EU30. 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 £310.40the cost will fall to £319.20the cost will increase to £329.60the cost will increase to £320.8031. 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 is0.0065650650013032. Opportunity cost iszero when a market is in equilibriummeasured in terms of what has been foregonethe best way to allocate resourcesa financial expense33. Which of the following is not part of the Human Development Index?educational attainmentinfant mortalitylife expectancy GDP per capita34. In which of the following countries would you expect material lifestyles to be most like those in the United States?India.Mali.Nigeria.Japan.35. Which one of the following would cause an inward shift of the demand curve for hats?bad weathermore hats are madea National increase in wage rateswearing a hat becomes less fashionable36. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is2600.001100025974037. Which one of the following businesses operates in the financial sector?an insurance companya jewellery manufacturera travel agentan auction house38. A business which operates in the tertiary sectormakes finished goodsassembles componentsextracts raw materialsproduces services39. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? cyclicalfrictionalseasonalstructural40. 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 000 000 / 970032.333300/ 3609700 *(1978 / 2005)41. Which one of the following is a benefit of globalisation to a producer?Higher taxesCurrency conversion will not be requiredLarger market sizeIncreased competition42. Which world region has the lowest levels of human development?AfricaAsiaSouth and Central AmericaEurope43. Which of the following countries is not a low-income country?IndiaNigeriaMalaysiaIndonesia44. Which of the following are not third-world regions? Asia.Africa.Latin America.Australia.45. Which one of the following is an example of a positive externality?noise pollutionmore exports than importsa motorway improvement schemea government budget surplus46. The Gini coefficient is a technique frequently used to show:differences in infant mortalityincome inequalitythe education gapvariations in life expectancy47. Development economics focuses primarily on the poorest ___________ of the world28 percent.5 percent.population.two-thirds.one-third.48. The table below provides information about the market for Ditsies What is the equilibrium price for a kilogram of Ditsies?£30£10£5£3549. An economy that grows very rapidly is often referred to as a:puma economycheetah economylion economytiger economy50 out of 49Time is Up!