UNIPORT Economics 2015/2016 Model 1 Past Questions

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

A profit-maximising monopolist should produce within the range where his demand is

A.inelastic
B. elastic
C. infinitely elastic
D. unitarily elastic

One way of controlling deflation is by

A.decreasing wages
B.rigid fiscal policy
C.contractionary monetary policy
D.deficit financing

The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for

A.ensuring equity in the sharing of fiscal responsibilities
B.evolving revenue-sharing formula
C.evolving an acceptable wage for public servants
D.maintaining the fiscal supremacy of the central government

In computing national income, transfers are excluded because

A.they are not payments for productive activities
B.the figures reduce the size of national income
C.it is difficult to get the exact figures
D.they are received only by the poor

Choice involves opportunity cost because

A.available resources are inadequate
B.there are many goods to select from
C.goods give different utilities
D.not all goods have the same price

A straight line indifference curve indicates that the two products are

A.inferior goods
B.perfect substitutes
C.normal goods
D.close substitutes

The law of demand can be expressed as

A.P = f(Q_d)
B.Q_d = f(1/_p)
C.P = f(1/Q_p)
D.Qd = f(P)

The savings deposit in a commercial bank is called

A.capital
B. fund
C. near money
D. call money

A commodity will be demanded only if

A.consumers' income increases
B.it has no close substitutes
C.it has utility
D.the price is low

The range of the data 14,13,15,18,20,35 and 13 is

A.22
B.20
C.18
D.13