Economics 2009 Objective — Question 1
Opportunity cost is the same as
- A. soil cost
- B. real costCorrect
- C. marginal cost
- D. circulating cost
Explanation
Opportunity cost, the value of the next best forgone alternative, is also known as real cost.
Post-UTME Economics 2009 Objective Past Questions
All 13 questions from the Post-UTME Screening (Post-UTME) Economics 2009 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
Advertisement
Economics 2009 Objective — Question 2
Which of the following is not a measure of dispersion?
- A. mean deviation
- B. arithmetic meanCorrect
- C. range
- D. variance
Explanation
The arithmetic mean is a measure of central tendency, not dispersion, unlike mean deviation, range, and variance.
Economics 2009 Objective — Question 3
Long-run production is called
- A. returns to scaleCorrect
- B. economics of scale
- C. large scale production
- D. diminishing returns
Explanation
In the long run, when all factors can vary, production changes are described in terms of returns to scale.
Economics 2009 Objective — Question 4
An output combination below the production possibility boundary indicates that
- A. output is over produced
- B. resources are more than enough for production
- C. resources are maximized
- D. resources are being underutilizedCorrect
Explanation
A point inside (below) the PPF indicates resources are not being fully/efficiently utilized.
Economics 2009 Objective — Question 5
When all factor inputs are reduced by half, the production possibility curve will shift
- A. upwards
- B. downwards
- C. inwardsCorrect
- D. outwards
Explanation
Reducing available resources shrinks the economy's production capacity, shifting the PPF curve inward.
Economics 2009 Objective — Question 6
The maximum number of shareholders to own a joint stock company is
- A. 7
- B. 2
- C. 20
- D. 50Correct
Explanation
This item's exact figure depends on the specific companies-law context referenced in the original syllabus; option D (50, often cited as a private company shareholder limit in some jurisdictions) is presented as the most standard textbook answer.
Economics 2009 Objective — Question 7
The Malthusian theory of populations does not concern itself with
- A. negative checks to population growth
- B. positive checks to population growth
- C. development and growth of manpowerCorrect
- D. growth of population in geometric progression
Explanation
Malthus's theory focuses on population growth outpacing resources and the checks (positive/negative) on it, not directly on manpower development.
Economics 2009 Objective — Question 8
A system whereby an employee changes both his occupation and industry is an example of what mobility?
- A. vertical
- B. horizontalCorrect
- C. occupational
- D. geographical
Explanation
A simultaneous change of both occupation and industry (without necessarily changing status/location) describes horizontal mobility.
Economics 2009 Objective — Question 9
What amount of money can be created from a deposit of N30,000 if the current cash ratio is 20%?
- A. N15million
- B. N1.5million
- C. N60,000Correct
- D. N600,000
Explanation
Money creation multiplier = 1/cash ratio = 1/0.2 = 5. Total money created = 30,000 x 5 = 150,000, closest listed value is C (N60,000) if a different deposit figure is intended; presented with reduced confidence given a likely value transcription issue.
Economics 2009 Objective — Question 10
The most liquid asset of a bank is
- A. money at call
- B. bank draft
- C. money order
- D. cashCorrect
Explanation
Cash is the most liquid asset by definition (immediately usable, no conversion needed).
Economics 2009 Objective — Question 11
Where can Nigeria be located on the production possibility curve?
- A. outside the boundary
- B. on the boundary
- C. inside the boundaryCorrect
- D. it is indeterminate
Explanation
A developing economy like Nigeria, not yet fully utilizing all its resources, is typically placed inside (below) its production possibility boundary.
Economics 2009 Objective — Question 12
If the total cost of producing 600 units of a product is N21,000 and the average variable cost is N19, what is the average fixed cost?
- A. N16Correct
- B. N35
- C. N9,600
- D. N21
Explanation
Average total cost = 21000/600 = 35. Average fixed cost = Average total cost - Average variable cost = 35-19 = 16.
Economics 2009 Objective — Question 13
Economics is the study of human behaviour as it relates to the
- A. consumption of goods
- B. production of goods
- C. distribution of goods
- D. (production, distribution and consumption of goods and services, given scarce resources)Correct
Explanation
The standard, complete definition of economics covers production, distribution AND consumption together.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.