UI Economics 2020/2021 Past Questions

Income elasticity of demand is the measurement of the responsiveness of

Total revenue is always equal to

A perfect example of a public good is

If one orange cost 20k and one kilogram of beef cost N10, the opportunity cost of beef is

One of the major advantages of specialization is that

The most dominant economic activity which employs the largest number of people in West Africa is

Retailers in an economy perform the function of

For two substitute goods, the cross elasticity of demand is

An economic system in which most capital goods are owned by individual private firms is known as

The coefficient of price elasticity of demand is zero when demand is

Which of the following factors is not important in deciding the location of an industry?

The clearing house of all commercial banks in Nigeria is the

Macroeconomics is the study of economic science from the point of view of

The demand and supply equations for a commodity are given respectively as D = 20 - ½P and S = 8 + ¼P. Recalling that at equilibrium D=S, the equilibrium price(p) and quantity (Q) can be obtained as

A commodity is said to have a derived demand when the commodity

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

The natural growth rate of a population is the

Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

Which of these is not a feature of under-development?

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

When economists say that people act rationally in their self interest, they mean that individuals:

As it relates to international trade, dumping:

A nation's production possibilities curve is bowed out from the origin because:

If the production possibilities curve were a straight downsloping line, this would suggest that:

Productive efficiency refers to: