HIGHER INSTITUTE OF TRANSPORT AND LOGISTICS

QUESTIONS FOR REVIEW

A) Multiple Choice Questions (MCQs)

1. Which of the following defines Economics most comprehensively?

a) The study of buying and selling b) The organization of markets c) The study of human

behavior in the allocation of resources d) National development planning and budgeting

2. Economics is

a) A pure science b) A social science c) A physical science d) An art subject

c) The act of producing intangible goods d) None of the above

6. Scarcity necessitates

a) A choice b) Arrangement c) Decision d) Satisfaction

7. The real cost or opportunity cost of anything is best described in terms of

a) The alternative forgone b) The forgone conclusion c) The amount spent d) All of the above

8. The upper most item on a scale of preference arranged in descending order of importance

represents

a) The last pressing need b) The most pressing need c) None of the above d) All of the above

a) Mean b) Median c) Average d) Mode

Consider the series 1, 2, 3, 3, 2, 2, 2, 3, 3, 2 for questions 12 and 13

12. The mode of the data above is

a) 1 b) 2 c) 3 d) None of the above

13. The mean of the data is

a) 3 b) 1 c) 2.3 d) None of the above

14. Which of these is not a problem confronting every society

a) What goods and services to

c) How are the gifts of nature to be distributed d) For whom are the commodities to be produced

REPUBLIC OF CAMEROON

Peace — Work — Fatherland

THE UNIVERSITY OF BAMENDA

REPUBLIQUE DU CAMEROUN

Paix — Travail — Patrie

ENSEIGNEMENT GENERAL

18. The aim of every society is to use

a) its limited resources to produce maximum output b)Its unlimited resources to produce

minimum output c) its limited resources to produce minimum output d) All of the above

19. In a socialist economy, productive resources are

a) Privately owned b) collectively owned c) owned by Government officials d) None of the above

20. Which of the following is not a feature of the free enterprise economy?

a) Private ownership b) inheritance c) private motive d) Government controls all nocks

operate in specific ways d) To occupy ourselves

23. How is Economics different from Chemistry?

a) It is clear b) It is practical c) It is easy d) It is dynamic

24. Name another example of social science

a) Chemistry b) Botany c) Economics d) Philodophy

25. Consumer sovereignty means

a) Consumers are organized b) Producers have the right to do anything c) Consumers

have the right to choose anything d) Consumers should not respect instructions

26. In a mixed economy, the private sector is autonomous, True or False

27. The economic problem resulting from scarcity of economic resources is

a) Macroeconomics b) Microeconomics c) Normative statement d) Positive statement

B) Essay Questions for Review

1. (a) What does scarcity and choice mean in Economics? (10 marks)

(b) How are scarcity and choice related to opportunity cost? (10 marks)

2. (a) What is Economics, are basic economics problem? (12 marks)

(b) Name and explain two main types of economic problems? (12 marks)

3. (a) What policies might the government implement to redistribute incomes in favour of the lower

paid? (12 marks)

(b) Why might the government take such measures? (8 marks) GCE 1981

(b) How is the study of Economics useful to mankind? (8 marks)

7. (a) What is the role of the government in a mixed economy/ (8 marks)

(b) Distinguish between a free enterprise economy and a command economy (12 marks)

Reference: Contact Economics in Practice and the Password to Economics for MCQs and Past

G.C.E Easy Questions and Model answers, examination technics and counseling.