UNN Economics 2006/2007 Day 1 Past Questions

Which of the following best describes the production function?

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the

Which of the following reward is associated with entrepreneurship as a factor of production?

In a market economy, the question of what, how and for whom to produce are solved by the

At any given level of output, a firm's total variable cost equals

Age group (years)	Distribution (%)
Above 60	30
15 - 60	45
0 - 14	25

The estimated dependency ratio of the population shown above is

Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?

The necessity of choice is due to the fact that

What is meant by labour supply?

Any payment to a factor of production in excess of what is necessary to keep its present employment is know as

The market where there are many differentiated products is called

One of the dangers of localizing of industries is

In commercial banking, an account from which a customer cannot withdraw money instantly is a

Banks can create more money by

The most important factor in ensuring economic development is the