OAU Economics 2019/2020 Past Questions

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

Whenever minimum price is set, there is always

A.Excess demand
B.excess supply
C.equilibrium quantity
D.satisfaction of consumer

Which of the following is necessary assumption in drawing a demand curve?

A.Prima facie
B.quid pro quo
C.ceteris paribus
D.laissz faire

Which of the following is likely to be regarded as free good?

A.Fridge in a poor man's house
B.clothes
C.fishes in the ocean
D.food given to students without paying

Which of the following is not true of production?

A.Miners discover gold
B.goods are sold
C.utility is created
D.hunters removed antelope skin for making shoe

Which of the following economists is against the principle of Laissez faire?

A.Adam Smith
B.Alfred Marshal
C.David Ricardo
D.Lord Keynes

Which of the following is used by a rational consumer when making economic decisions?

A.Total utility
B.marginal utility
C.marginal production
D.total production

Which of the following is the most mobile factor of production?

A.Capital
B.labour
C.land
D.machines

Which of the following is about producing at the lowest possible average money cost?

A.Lowest opportunity cost
B.productive efficiency
C.economies of scale
D.technical efficiency

A good whose quantity demanded is indirectly related to consumer's income is

A.Inferior good
B.substitute good
C.normal good
D.complementary good

Which of the following is not a feature of market economy?

A.Private property right
B.definitive objective
C.competition
D.profit motive