UNIPORT Economics 2010/2011 Model 1 Past Questions

Which of the following statement describes a mixed economy?

Which of the following is used for measuring national income?

When a firm is reaping economies of large-scale production, it experiences a fall in its

The most important factor determining the location of the cement industry in Nigeria today is

The most basic concern of economist is to

The money market is a financial market that specializes the provision of

The major strategy used by OPEC to influence oil price is by

Price elasticity of supply is a ratio of the change in

Price can be defined as

Preye has the choice of buying either a house or a Peugeot car for N1.5m Plus 0.5m running cost. If he decides to buy the Peugeot car, his opportunity cost is

Plywood industries are often located near the source of

Inflation in the Nigerian economy may be fueled by increase in

In which of the following economic systems is the consumer referred to as king?

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

In perfect competition, every firm is a price

If price falls below the equilibrium point

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

Increase in the price of a commodity leads to increase in total revenue, then it means that the demand for the commodity is

Capitalism often encourages

Budget deficit is the amount by which

Bisi needs a book costing N10. If Bisi buys the book instead of a hat, the opportunity cost of his choice is

Below equilibrium, the gap between aggregate demand and the full employment level of income is called

Banks can create more money by

Scale of preference is a list

A production function relates