ABU Economics 2020/2021 Past Questions

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

The maximization of profit tends to be the driving force in the economic decision making of:

A.entrepreneurs
B.workers
C.consumers
D.legislators

Which of the following equations is the correct one about Net National Product (NNP)?

A.NNP = Gross National Product (GNP) - Depreciation
B.NNP = Gross National Product (GNP) + Net incomes form abroad
C.NNP = Gross Domestic Product (GDP) - Depreciation
D.NNP = Gross Domestic Product (GDP) - Net incomes from abroad.

Middlemen in an economy perform the function of

A.protection
B.hoarding
C.distribution
D.exchange

The Structural Adjustment Programme was aimed at:

A.Encouraging capital flight
B.Discouraging capital inflow
C.Getting a realistic value of the Naira
D.Encouraging reduced exports.

If supply and demand established a price fern good such that there is no shortage or surplus of good then the price is successfully performing its _________ functions.

A.Constant
B.Non price
C.Rationing
D.Probability

To assure that the no price determinant demand and supply do not employ the _______ assumption

A.Demand and supply
B.Equilibrium price
C.Constant supply
D.Other things being equal