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 businesses operates in the financial sector? an insurance company a travel agent an auction house a jewellery manufacturer 2. An economy that grows very rapidly is often referred to as a: lion economy puma economy cheetah economy tiger economy 3. Which of the following is not part of the Human Development Index? life expectancy infant mortality GDP per capita educational attainment 4. Economic development refers to economic growth plus changes in output distribution and economic structure. improvement in the well-being of the urban population. sustainable increases in Gross National Product. economic growth. 5. Which one of the following is an example of a positive externality? noise pollution a motorway improvement scheme a government budget surplus more exports than imports 6. Which of the following characteristics are most likely found in developing countries? all of the above large number of people living in poverty. none of the above high population growth rates. very traditional methods of agricultural production. 7. A business which operates in the tertiary sector assembles components extracts raw materials makes finished goods produces services 8. The concept of least developed countries was first identified by the United Nations in: 1968 1978 1988 1958 9. The country with the highest GNI (PPP) per capita in 2006–07 was: Switzerland Luxembourg Norway Singapore 10. An increase in productivity is most likely to lead to increased supply lower profits fewer economies of scale higher average costs 11. How many countries were identified as LDCs by The Least Developed Countries Report 2009? 49 29 19 39 12. 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 13. Which of the following countries are not newly industrialized countries (NICs)? North Korea. Singapore. Taiwan. Hong Kong. 14. Which of the following could not be considered a major economic system? communism. none of the above. socialism. physical quality of life index. capitalism. 15. A market with a single producer is highly competitive called an oligopoly difficult for new firms to enter always in equilibrium 16. Most of the world’s LDCs are located in: Europe South America Sub-Saharan Africa Asia 17. The table below provides information about the market for Ditsies What is the equilibrium price for a kilogram of Ditsies? £30 £35 £5 £10 18. 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 £320.80 the cost will fall to £319.20 the cost will increase to £329.60 the cost will fall to £310.40 19. Of the world's population, what portion lives in developing countries? approximately 35%. approximately 80%. nearly 10 billion people. less than 1 billion people. 20. The formula to calculate Paasche price index is (o is the base year and n is the given year) P = ΣPoqo/Σpnqn P = ΣPnqo/Σpoqo P = ΣPnqn/Σpoqo P = ΣPnqn/Σpoqn 21. 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 tax an improved apprenticeship programme higher unemployment benefits quantitative easing 22. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is 1000 0.001 259740 260 23. The Gini coefficient is a technique frequently used to show: the education gap variations in life expectancy differences in infant mortality income inequality 24. According to the Human Development Report 2009, the country with the highest human development (in 2007) was: Canada Australia Japan Norway 25. 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 32.333 9700 *(1978 / 2005) 300/ 360 26. 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 200 200,000,000 / 890 200/ 890 2000 - 890 27. The Gross Domestic Product is: the total value of industrial production in a country in a year the combined value of imports and exports for a country 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 28. 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 29. 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 size 30. 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% 5% 0.991% 31. Which of the following could be considered critical questions in development economics? How do the poorest 2/3 of the world live? What factors affect labor skills in the third world? What are the major theories of economic development? all of the above are correct. 32. Which world region has the lowest levels of human development? Africa Asia South and Central America Europe 33. Which one of the following is a factor of production? environmental sustainability enterprise elasticity equilibrium 34. Which of the following are not third-world regions? Latin America. Asia. Australia. Africa. 35. In which of the following countries would you expect material lifestyles to be most like those in the United States? Nigeria. Japan. India. Mali. 36. Which one of the following would cause an inward shift of the demand curve for hats? bad weather more hats are made wearing a hat becomes less fashionable a National increase in wage rates 37. Which of the following is an example of development in a country? the expansion of an existing industry the extension of the electricity grid into previously unconnected rural areas an increase in population an increase in agricultural production 38. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? frictional seasonal structural cyclical 39. Which of the following countries is not a low-income country? Malaysia Indonesia Nigeria India 40. 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 41. Which one of the following is an example of a direct tax? council tax VAT income tax tax on petrol 42. Nigerians holidaying in the U.K would be shown in the current account as an export an import a surplus a deficit 43. Development economics focuses primarily on the poorest ___________ of the world two-thirds. 28 percent. population. one-third. 5 percent. 44. This supply curve shows that demand for this product is price inelastic consumers prefer low prices a rise in price will cause an increase in quantity supplied increasing the quantity supplied will cause prices to rise 45. One of the first countries to be classed as a newly industrialised country was: India South Korea China the Philippines 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 is 130 650 6500 0.0065 47. UK interest rates are set by: The EU The Bank of England The UK government British consumers 48. The number of deaths of children under one year of age per 1000 live births is the: neo-natal mortality rate infant mortality rate child mortality rate toddler mortality rate 49. Opportunity cost is measured in terms of what has been foregone a financial expense zero when a market is in equilibrium the best way to allocate resources 1 out of 49 Time is Up! Time's up