UNIPORT Economics 2009/2010 Past Questions

The main economic objective behind the production of goods and services in any economy is to

In market economic resources are allocated through the

Which of the following statement describes a mixed economy?

If a good is an inferior good

The pressure group that resorts to unconventional methods to achieve its objectives is called

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 cross-elasticity of demand between complementary good is

The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the

A firm with marginal cost equal to its marginal revenue will produce the equilibrium output if it is in

If the price elasticity of demand for a certain commodity is less than unity, then

Wheat grows best in

A demand which is positively related to price is true of

A major shortcoming of the sole proprietorship form of business is lack of

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of

The most important goal of OPEC is to

Banks can create more money by

One of the economic problems of Nigeria today arises from

The short-run period in the produce is defined as a period when

The shape of a production possibility frontier is determined by the

In a planned economy, what shall be produced is determined primarily by

In a small scale business, the fixed cost is N5000, variable cost is N15,000 and the output is 500units. What will be the unit cost of the goods