BUK Economics 2014/2015 Past Questions

The price of a commodity is determined by the

When the price of commodity X increases, the demand for commodity Y decreases, then X and Y are

An economic system in which most capital goods are owned by individuals and private firms is known as

Which of the following is not a feature of sole proprietorship

A market equilibrium exists when

The drawer of a cheque is the

An industry can best be described as

The term marginal propensity to consume can best be described as

The income elasticity of normal goods is

The imposition of high income tax by government to cut down demand is known as

When the demand for a commodity is inelastic, who bears he greater burden of the indirect tax

External economies occur when

Which of the following is a function of money? It is

Devaluation means

A government treasury bill is a form of debt instrument which falls due for repayment after

Money becomes a very poor store of value in period of

Which of the following is not regarded as money in economics

44.The most common index for measuring development is

Opportunity cost is defined as

Which of the following does not increase the population of a country

Which of the following is not a characteristic of a perfect competition

Inflation caused by increase in demand is known as

If the population of a country is low and the Gross National Product is high, the per capita income will be

Land is often different from other factors of production because

an account from which allocations are made to the three tiers of governmen in Nigeria is called the