UNIPORT Economics 2006/2007 Past Questions

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

An advanced environmental impact on the economy is

A.the vandalization of oil equipment
B.oil spillage
C.communal riots
D.community development

A major cause of the slow space of industrialization in Nigeria is inadequate

A.Skilled labour
B.Communal labour
C.raw materials
D.landmass

If there is an increase in demand without a corresponding increase in supply, there will be a

A.rise in price
B.shift in demand curve to the left
C.fall in price
D.shift in supply curve to the right

The excess of aggregate expenditure over full employment level of output is referred to as

A.GNP gap
B.deflationary gap
C.recessionary gap
D.inflationary gap

The price of a commodity is determined by the demand

A.supplier
B.consumer
C.quantity of goods demanded
D.interaction of demand and supply

A normal demand curve

A.is concave to the point of origin
B.is convex to the point of origin
C.is parallel to x-axis
D.is parallel to y-axis

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

A.mixed economy
B.planned economy
C.capitalist economy
D.traditional economy

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

A.fairly elastic
B.perfectly inelastic
C.fairly inelastic
D.unitary elastic

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

A.the native language of the people
B.availability of suitable labor
C.sources of cheap power and raw materials
D.proximity to the location of similar industry

The clearing house of all commercial banks in Nigeria is the

A.General post office Bank for commerce and industry
B.Nigeria industrial development Bank
C.Mortgage Bank
D.Central

Which of the following is the normal channel by which commodities reach the final consumers?

A.manufacture - wholesaler - agent - retailer - consumers
B.manufacture - wholesaler - retailer -consumer
C.manufacturer - wholesaler -sales representative - retailer - consumer
D.manufacturer - wholesaler - retailer - agent - consumer

Economic can be best defined as the study of

A.how to spend the family income efficiently
B.how to find minimum cost of production
C.the interpretation of scarce resources and data
D.how scarce resources can be used efficiently

The purchasing power of the naira will fall when

A.workers are reterenched
B.the colour of the naira is changed
C.the government cuts all salaries and wages
D.there is inflation

The most important attribute money has is

A.homogeneity
B.relative scarcity
C.divisibility
D.general acceptability

One of the dangers of the localization of industries is

A.residual unemployment
B.mass unemployment
C.structural unemployment
D.cyclical unemployment

Stocks and shares as well as bonds are examples of instruments used in the

A.commodity markets
B.money markets
C.capital markets
D.security markets

GDP differs from GNP because GDP

A.emphasizes the final goods and services produced within the country at a particular period of depreciation
B.emphasizes the goods and services produced within the country
C.is inclusive of depreciation
D.emphasizes the market value of all final goods and services produced by nationals

A major function of the entrepreneur is to

A.finance public projects
B.donate to the needy
C.bear risks
D.discourage investors

The economic resources of capitalist are controlled by

A.the state
B.private individuals
C.the workers
D.foreigners

Countries pose custom duties to protect

A.multinational companies
B.public corporations
C.indigenous enterprises
D.military installations