Post Utme University of Calabar Economics Past Questions and Answers

Question 1:

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as ____________

A. Capitalist economic system
B. Command economic system
C. Combined economic system
D. Traditional economic system

Question 2:

The theory of consumer behaviour is based on all the following assumptions except that the ____________

A. Consumer is assumed irrational
B. Consumer taste remains constant
C. Consumer has budget constraint
D. Consumer aims at maximizing his utility

Question 3:

During the consolidation exercise most banks in Nigeria got the required capital through ____________

A. Mergers only
B. Mergers and acquisition
C. Acquisition only.
D. Getting money from people

Question 4:

Economics can best be defined as the study of ____________

A. How to spend the family income efficiently
B. How to find minimum cost of production
C. The interpretation of scarce resources and date
D. How scarce resources can be used efficiently

Question 5:

Which of the following is specialized in lending money for the purpose of developing real estate?

A. Commercial banks
B. Central bank
C. Mortgage banks
D. Merchant banks.