All 12 questions from the Post-UTME Screening (Post-UTME) Economics 2011 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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One advantage of population in Nigeria is
A large population can provide a correspondingly large workforce, which is often cited as a potential demographic advantage.
In stage I of the demographic transition theory, the death rate was high because of
Stage I of the demographic transition model is characterized by high death rates largely due to limited medical knowledge/healthcare.
The advantage a firm enjoys by producing a wide range of goods is known as
Producing a diversified range of goods spreads/reduces risk, a benefit known as risk-bearing economies of scale.
When average product is rising
Average product rises as long as marginal product exceeds it, pulling the average up.
A type of capital that aids production and makes labor more efficient is
Fixed capital (machinery, tools, equipment) directly enhances labour productivity/efficiency in production.
Labour productivity is likely to be high in a country where
Scarcity of resources often drives more efficient, productive use of available labour and capital (though this item's precise intended answer depends on the specific economic model referenced, flagged for some uncertainty).
The first co-operative society was founded in 1844, in which of these cities
The Rochdale Pioneers founded the first recognized modern co-operative society in Rochdale, England, in 1844.
In order for a product to increase their sales, they should
Lowering price is a classic, direct strategy to increase sales volume.
The scientific system of economies where conclusions are reached based on actual experience of data obtain from field is called
The inductive method draws general conclusions from specific, real-world observed data.
What could happen to business firm that fails to properly answer the question of 'for whom to produce'?
Failing to identify the target consumer ('for whom') typically results in poor patronage/sales.
The supply curve would shift to the left if
Unfavourable government policy (e.g. new taxes/regulation) raises costs or restricts production, shifting supply left.
The federal government's plan to increase the probability [of] production is mainly to
Diversifying the export base is a classic economic development strategy to boost/stabilize production and revenue.
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