OAU Economics 2013/2014 Past Questions

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

Question 1

The following is the main difference between firm and industry

A.Industry is the group of firms producing related products
B.Industry is the group of firms in the manufacturing sector
C.Industry is the group of firms in different sectors of the economy
D.Industry is the group of firms with a single pressure group

Objective

Question 2

Roles of central bank include the following except

A.Lender of last resort to commercial bank
B.Banker to commercial bank
C.Regulator of both the money and capital markets
D.Receipt of government deposits

Objective

Question 3

If salary of worker increases from 50,000 Naira to 80,000 Naira and average price of certain commodities consumed by the worker increase from 120 Naira to 160 Naira then

A.The nominal income increases but leave the real income constant
B.The real income increases, but nominal income has reduced
C.The real income increases, but real income decreases
D.Both the nominal and real income increase

Objective

Question 4

Ordinary shareholders and preferential shareholders are different because

A.Preferential shareholders participate and can vote and be voted for during the AGM
B.Ordinary shareholders are given priority in case the company is liquidated
C.Preferential shareholders are given prominent shareholders than ordinary shareholders
D.Ordinary shareholders are the core shareholders in the company

Objective

Question 5

Yam and palm oil are used together; therefore

A.Yam is a substitute good while palm oil is a complimentary good
B.Yam is complimentary good while palm oil is a substitute good
C.Yam and palm oil are complimentary goods
D.Yam and beans are substitute goods

Objective

Question 6

Private and public limited companies are not the same because

A.Former is limited to fifty shareholders but not the latter
B.Both are not legal entities
C.Former is established secretly but latter is located in central places
D.Former is managed by board of directors but latter is managed by board of management

Objective

Question 7

Price discrimination exist when

A.The same product of the same quality is sold for different prices to the same buyer
B.The same product of the same quality is sold for different prices to different buyers
C.Different products are sold for the same price to the same buyers
D.Different products are sold for the same price to different buyers

Objective

Question 8

A commodities is said to be price inelastic if

A.A changes in the quantity purchased of a good is less than proportionate changes in its price
B.Changes in the quantity purchased of a good is proportional to change in its price
C.Changes in the quantity purchased of a good is more than proportionate changes in its price
D.The quantity purchased of a good never responds to change in its price

Objective

Question 9

The parameter ' b' in a consumption function of the form; c = a + bY; where Y is the National Income is

A.Marginal benefit of consumption
B.Marginal propensity to purchase
C.Marginal propensity to consume
D.Marginal propensiity to save

Objective

Question 10

Indifference curve and ti are respectively relevant in

A.Theories of consumer behaviours and production
B.Theories of human indifference and production
C.Theories of trade and production
D.Theories of production and trade

Objective

Question 11

Perfect price elastic supply means

A.No change in supply as price changes.
B.Any change in price completely stops supply
C.Changes in price double supply
D.A change in price leads to proportionate change in supply

Objective

Question 12

Change in demand and change in quantity demanded are not the same because

A.All factors affecting change in demand also affect change in quantity demanded except income
B.All factors affecting change in demand are not affecting change in quantity demanded except income
C.Many factors leads to change in demand but only change in price affect change in quantity demanded
D.Many factors leads to change in demand but only change in income affect change in quantity demanded

Objective

Question 13

Discount rate means