ABU Economics 2015/2016 Past Questions

Practice each question, then open it to see the full details.

Differential product is the characteristic feature of

A.perfect competition
B.pure competition
C.monopoly
D.monopolistic competition

The channel for food distribution in Nigeria consists of

A.producers wholesalers and retailers
B.producers and consumers
C.producers and processor
D.farmers processor and consumers

One disadvantage of sole proprietorships is its

A.limited liability
B.high profits
C.high sense of ownership
D.low credit rating

For two substitute goods, the cross elasticity of demand is

A.greater than one but less than two
B.zero
C.negative
D.positive

An imperfectly competitive market is one where

A.a large number of firms sell homogeneous product
B.input and output prices are unaffected
C.each firm maximize profit by selecting and output level at which marginal cost equal market place land is suitable for oil

Which one of the following is NOT a determinant of the size of economically active population

A.age structure
B.occupation of workers
C.proportion of men to women
D.efficiency of labour force

The economic goal of public utilities is to

A.maximize profit
B.expand assets
C.minimize cost
D.provide essential services

The most important characteristic of money is

A.portability
B.intrinsic values
C.acceptability
D.usefulness

Which of the following is not a feature of economic under development of a country?

A.large number of hg income earners relative to the population
B.high annual income for the few
C.high incidence of poverty
D.high infant mortality

Given the present state of the Nigerian economy which of the following measures will promote a more rapid development

A.complete dependence on oil exports
B.concentration on agriculture development
C.diversification of the economy
D.introduction of nuclear energy in Nigeria