FUTA Economics 2017/2018 Past Questions

If one orange costs #20 and one kilogram of beer costs #400, the opportunity cost of one kilogram of beer is

In economics life, choice alternative depends on the

Given an original price of #400 per kilogram of rice and a change in price of #20, and given the quantity purchased at the old price as 10kg and a change in quantity as 5kg after the price changed the elesticity is equal to

For normal goods the income elasticity of demand is

An increase in supply will lower price unless

Air is essential to life but commands no price! Diamond is not essential to life but commands a high price! This is the paradox of

Average fixed cost is .....

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called

The average production of labor in given Period is obtained by dividing the

Which of the following best describes product function?

Which of the following factors enhance the ability of commercial banks to create money

In any economy, what is used as money is determined by

The rate at which money changes hands is known as the

Merchant banks perform all the following functions EXCEPT

The most acceptable economics measure For trade protection is to

Export promotion policy is primarily concerned with the

Which of the following classes of goods account for the largest proportion of Nigerians' import?

If birth rate is constant and death rate declines, population

The higher the dependency ratio, the

The age distribution of a countries population is of economic importance because it affects the