ACADEMICS OAU POST UTME PRACTICE: Economics Quiz 1 Take the quiz below to assess your readiness for the post-UTME. Share this:TwitterFacebookTelegramWhatsAppMorePrintEmailLinkedInPinterestLike this:Like Loading... Published 1 year ago on September 4, 2024 By Oluwaferanmi Akinyele Take the quiz below to see how prepared you are for this post UTME! 0% 1 votes, 4 avg 41 Time up! Created by Oluwaferanmi Akinyele OAU post UTME Practice : Economics Quiz 1 Hi, I hope you have read well, this questions are to test what you have read and help you remember. It consists of 30 multiple choice questions for 10mins, all from OAU predegree past questions. This are the type of questions you should be expecting in your real exam. Goodluck.❤️ 1 / 30 Which of the following is a restrictive policy measure? reduced income tax increased government expenditure payment for loan by the government increased borrowing from public by government 2 / 30 The observation that a community’s decision to save more may actually result in less saving is called Diamond – water paradox Giffen paradox Keynes paradox paradox of thrift 3 / 30 Which of the following is a “loser” from unexpected inflation? people who own homes and have fixed-rate mortgages the middle class high income workers people who own Treasury Bills 4 / 30 Which of the following is not used by Central bank to control commercial banks? direct control use of bank rate accepting deposits use of bank rate 5 / 30 Which of the following cannot be used to measure National income? total output of goods and services total expenditure on National output total value of privately owned factors of production total factory incomes 6 / 30 Which of the following is the action taken by the government or monetary authorities to control and regulate demand and supply of money with the hope of controlling the economy? fiscal policy monetary policy market economy command or planned economy 7 / 30 What does liquidity mean in economics? Having a lot of cash to spend from Clearing of cheques Ability to convert assets to cash fairly easily and with little or no delay Selling bills of exchange on the money market 8 / 30 What are the three main functions of money? IOU, inflation edge, store of value Medium of exchange, inflation hedge, store of value Medium of exchange, unit of account, IOU Medium of exchange, unit of account, store of value 9 / 30 What is the economic term for the rate at which money changes hands velocity of circulation money multiplier transactions speed of money accelerator principle 10 / 30 An advocate of the classical model of theeconomy would claim that unemployment is created when ______ is above its equilibrium level in the ____ price level, aggregate economy interest rate, market for loanable funds wage rate, labour market tax rate, government budget 11 / 30 Which of the following is not included in the labour force? people who do not have jobs, but who are actively searching for one the entire population is included int the labour force people who do not have jobs, and do not want one people who are employed 12 / 30 If somebody is prepared to work at the going wage rate but cannot find work then they are victims of Classical unemployment Involuntary unemployment Frictional unemployment Voluntary unemployment 13 / 30 Which of the following attaches more importance to the exportation of goods and discourages imports? Marshallian Adam Smith Liberalism Mercantilist 14 / 30 When the MPC is 0.8 and the APC is 0.95 the MPS is A. 0.05 and the APS is 0.05 0.05 and the APS is 0.20 0.20 and the APS is 0.20 0.20 and the APS is 0.05 15 / 30 Disposable income is equal to: national income real GDP national incomeminus taxes national incomeminus taxes plus transfers 16 / 30 Which of the following is considered to be studied in macroeconomic studies? prices of commodities market economy aggregate demand supply of and demand for goods and services 17 / 30 Banks create money by Lending output of their deposits Printing it Accepting cheques Issuing debit cards 18 / 30 Frictional unemployment cannot result from which of the following when real GDP grows or falls at a slower-than-normal rate migration from northern Nigeria to Southern Nigeria when people change jobs taking time to find an appropiate job after graduation 19 / 30 Who among the following believed that economy should not be left uncontrolled? mercantilists traditionalist classicals keynessians 20 / 30 Suppose the income changes from N10000 to N15000 and consumption changes from 10 units to 20 units, what is the multiplier? 2.05 5000 1.00 0.83 21 / 30 Which of the following is the type of unemployment associated with lack of information technological unemployment cyclical unemployment frictional unemployment geographical unemployment 22 / 30 Which ONE of the following people is likely to gain from inflation? Monetarists who argue that an increase in money supply causes total spending to increase Someone living on a pension which remains unchanged Someone who has borrowed money at a fixed rate of interest Someone who is saving money by holding it in a cash box at home 23 / 30 When government sells securities money in circulation will increase aggregate demad will increase expansionary policy occurs money supply will increase 24 / 30 The table below shows the index of retail prices in a country, calculated at the end of each year Which of the four years 1985, 1986, 1987 and 1988 had the highest rate of inflation? 1985 1986 1987 1988 25 / 30 Which of the following is correct? national income can be used to measure the wealth of a nation national income includes the incomes of house wives national income is a measure of purchasing power parity national income is a measure of country’s standard of living 26 / 30 If in 1972, the total supply of money in Nigeria was N1,000 million and on average each unit of money changes hands 5 times each year, then total spending in 1972 was N1,000 million N5,000 million N200 million N6,000 million 27 / 30 Which of the following is counted as part of money supply? Bills of exchange Postal orders Cheques Bank deposits held on current account 28 / 30 The quantity theory of money says that changes in ____ lead to equivalent changes in ___ but have as effect on ____ Nominal money, output, prices Prices, wages, output and employment Output, Prices, employment Nominal money, the price level, output and employment 29 / 30 Which of the following would not cause consumption to fall? C. when income is taken from poor people and given to rich people increase in transitory income rise in the GDP Deflator a greater proportion of the population is between age 20 and 30 30 / 30 Ceteris paribus, which of the following is likely to increase the number of people in employment in a country? an increase in Imports an increase in exports an increase in taxation a decrease in government spending Your score is The average score is 39% LinkedIn Facebook Twitter VKontakte 0% Restart quiz Exit See review Send feedback Share this:TwitterFacebookTelegramWhatsAppMorePrintEmailLinkedInPinterestLike this:Like Loading... Related Discover more from 9jabaz Subscribe to get the latest posts to your email. 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