UNN Economics 2017/2018 Past Questions

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

Structural unemployment is mainly caused by

A.seasonal variations
B.changes in production techniques
C.changes in the demand pattern of an economy
D.shortage of information about job opportunities

The total money values of all goods and services produced in a country during a certain period is measured by using the

A.income method
B.expenditure method
C.output method
D.factor method

The loans from the World Bank to developing countries are mainly to support

A.the establishment of more universities
B.capital-intensive technology
C.their low level of consumption
D.infrastructural investments

Fiscal policy is the government's plan to control aggregate demand by manipulating

A.revenue and expenditure
B.the demand and supply of money
C.tastes and preferences of consumers
D.the structure of production and employment

A commodity will be demanded only if

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

If P = 1/2 (Qs + 15), what is the quantity supplied at N9.00?

A.1.5
B.3.0
C.12.0
D.33.0

A public liability company is run on a daily basis by

A.the chief executive
B.the shareholders
C.the board of directors
D.financial consultants

The term balance of trade can be defined as the?

A.relation between value of exports and value of imports over a given period of time
B.balance owed to the rest of the world in payment for imports
C.price paid for imports in term of exports
D.relation between payments of all kind made by a country to the rest of the world, over a given period of time

The main function of price mechanisms is to

A.limit consumer demand
B.enable producers make profit
C.allocate scarce resources among competing needs
D.ensure consumer sovereignty

Average Fixed Cost is

A.Average Total Cost less the sum of Average VArriable Cost
B.half the sum of all costs
C.Total Fixed Cost divided by the level of output
D.Total Fixed Cost plus Marginal Cost

If a good is an inferior good, then

A.it is also necessarily a Giffen good
B.the quantity of the good demanded varies inversely with its price
C.its income elasticity of demand is negative
D.the poor buy the good only out of habit

The Law of Diminishing Returns begins to operate when

A.total product begins to rise
B.total product begins to fall
C.marginal product begins to fall
D.marginal product begins to rise

One of the dangers of the localization of industries is

A.residual unemployment
B.mass unemployment
C.cyclical unemployment
D.structural unemployment

If a government wants to reduce the level of inflation, it will

A.run a budget surplus
B.run a budget deficity
C.run a balanced budget
D.borrow more money

An issue of bank-notes not backed by gold but by government securities is known as

A.fiduciary issue
B.guaranteed money
C.seigniorage
D.legal tender