UNIZIK Economics 2020/2021 Past Questions

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

The sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as:

A.average utility
B.time utility
C.total utility
D.marginal utility

The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that:

A.the consumer acts rationally
B.the consumer’s taste, habit and income are consistent
C.utilities are measurable in monetary value
D.there are only two commodities existing in the market and their prices are known

The demand for a commodity not directly for immediate consumption but for the production of another commodity is:

A.joint demand
B.composite demand
C.derived demand
D.competitive demand

If a country has a balance of payment crisis, which of the following measures can best bring about an improvement in the short run?

A.Large scale importation on foreign goods
B.Investments in capital market abroad
C.Large scale export of locally made goods
D.Repayment of debt to her creditors.

The terms of trade of a country Is defined as

A.Index of import price / index of export price x 100
B.Index of exportation / index of importation x 100
C.Index of visible imports / index of importation x 100
D.Index of export prices / index of import prices x 100

One of the gains by member states of Economic Community of West African States is

A.Mono culture dependency
B.Trade creation
C.Trade inversion
D.Economic interdependency

Deflation is a persistent fall in the general price level and is usually caused by

A.Reduction in total demand
B.An increase in government spending
C.An increase in the money supply
D.An increase in aggregate demand

One of the gains by member states of the Economic Community of West African States is

A.monocultural dependency
B.trade creation
C.trade inversion
D.economic independency

Economics can he be defined as:

A.reduction in spending in the face of competing alternatives
B.allocation of resources to alternatives uses
C.economic behaviour of small units like the household and the firm
D.the study of economic aggregate, like inflation and national income

I. What and how much will be produced?
II. How will it be produced?
III. For whom will it be produced?
IV. How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.

A.I, II and III
B.I, II and IV
C.I, III and IV
D.II, III and IV