OAU Economics 2015/2016 Past Questions

Consumers are referred to as "the king" in which of these economic systems?

The real cost of a commodity is:

Economic problems arise mainly as a result of:

The three (3) major agents of an economic system are the:

When the government chooses to use resources to build a school, these resources are no longer available to build a highway. This choice illustrates the concept of

The following can lead to change in supply, except;

Zero price elastic demand of a commodity means that

When disequilibrium between supply and demand has tendencies to be restored to another equilibrium point over a definite path of a time frame, the equilibrium is regarded as,

The demand curve facing the pure monopolist is

The law of diminishing returns begins to operate when the

A firm's declining long run average cost curve over some ranges of output can be explained by

If an oligopolist incurs losses in the short run, then in the long run

A firm maximizes its total profits when

In the short run horizon of production,

A firm that is running at a loss will continue to produce in the short-run if its:

All of the following are true about Total Product, Marginal Product and Average Product except one:

Average cost is equal to Marginal cost when:

Which of the following statements is not true: in the long-run

Which of the following is NOT a limited relevance of commodity money

GDP per capital is:

The best measure of economic well — being in any economy is:

All these are example of biases in using GDP or GNP to measure economic well-being except:

The difference between economic growth and economic development is that the latter deals with:

Suppose the Consumer Price Index (CPI) in 1989 is 124.0 and the CPI in 1990 is 130.7, the CPI expressed as a percentage is