OAU Economics 2007/2007 Past Questions

The only essential attribute of a good currency is

What happens to a supply curve when the variable(s) that are normally held constant are allowed to change?

If the price of Pepsi decreases relative to the price of coke and 7up the demand for

Suppose wages paid by a firm increase what would reasonably be expected to happen to the equilibrium price and equilibrium quantity for the firm's output?

The multiplier is always the reciprocal of

If the marginal propensity to save is 0.4 and consumption expenditure changes by N10 million, the equilibrium level of income will change by

Economic freedom is bought about by the existence of

Which of the following is the best general definition of the study of economist?

What implication does resource scarcity have for the satisfaction of wants?

In economics, rational decision-making requires that:

A deficit budget is usually drawn up during

A drawer of a cheque is the

The liability of a sole trade is

Which of the following is regarded as fixed cost?

Which of the following is not a member of OPEC?

The creation of utility can be referred to as

The production within the domestic territory of a country is called the

Suppose a consumer's income increases from N30,000 to N36,000. As a result, the consumer increases her purchase of compact discs (CDS) from 25 CDS to 30 CDS. What is consumer's income elasticity of demand for CDS?

Inflation is likely to benefit

For which market model is there a very large number of firms?

Which of the following is an economic cost?

Which tends to be progressive tax in Nigeria?

When a nation's export are greater than its imports.