OAU Economics 2022/2023 Past Questions

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

In a perfect competition, the short run supply curve is equal to the

A.total cost curve
B.average variable coal
C.marginal cost curve
D.average fixed cost curve.

The biggest source of government revenue in Nigeria is

A.mining,rents and royalties
B.company income tax
C.import duties
D.petroleum profit taxation

An increase in revenue requirements by the central bank of Nigeria will result in

A.a reduction in commercial banks’ excess reserves
B.more commercial hank loan to members of the public
C.an increase in commercial banks excess reserves
D.no change in commercial banks excess reserves

A distinguishing characteristics of a consumers cooperative is the fact that

A.the customers are the owners
B.the customers are the workers
C.the customers are the managers
D.the customers are low income people

Scarcity of Economics means that resources

A.are not enough to share among the producers of goods and services
B.need to satisfy human wants are limited
C.are never enough to share among consumers of goods and services
D.required to meet our essential wants are unlimited

Land is a most significant factor in terms of contribution to the economy because

A.it enables us to build industries
B.we build house on it
C.all our highways are constructed on it
D.vital resources it enrich economy

All of the following are assets of a commercial bank except

A.cash
B.bills discounted
C.bank deposits
D.advances to customers

The quantity theory of money state that an increase in the quantity of money would bring about

A.a geometric rise in prices
B.an unequal rise in price
C.a proportionate rise in price
D.an absolute rise in price

Which of the following is not a fixed cost?

A.salaries
B.cost of machines
C.power
D.rent

Agriculture is important to West African economy because it is the source of

A.Industrial input
B.irrigation
C.equipment supply
D.technological excess demand

Farmers often find it difficult to obtain loans from banks for agricultural projects because they

A.lack skills
B.lack entrepreneurial ability
C.lack of government support
D.lack collaterals