RSUT Economics 2012/2013 Past Questions

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

An advanced environmental impact of the petroleum industry on the economy is

A.the vandalization of oil equipment
B.oil spillage
C.communal riots
D.community development

A major cause of the slow pace of industrialization in Nigeria is inadequate

A.Skilled labour
B.Communal labour
C.raw materials
D.landmass

If there is an increase in demand without a corresponding increase in supply, there will be a

A.rise in price
B.shift in demand curve to the left
C.fall in price
D.shift in supply curve to the right

The excess of aggregate expenditure over full employment level of output is referred to as

A.GNP gap
B.deflationary gap
C.recessionary gap
D.inflationary gap

The price of a commodity is determined by the

A.supplier
B.consumer
C.quantity of goods demanded
D.interaction of demand and supply

A normal demand curve

A.is concave to the point of origin
B.is convex to the point of origin
C.is parallel to x-axis
D.is parallel to y-axis
E.slopes upwards from left to right

An economic system in which most capital goods are owned by individual private firms is known as

A.mixed economy
B.planned economy
C.capitalist economy
D.traditional economy
E.civilized economy

The coefficient of price elasticity of demand is zero when demand is

A.fairly elastic
B.perfectly inelastic
C.fairly inelastic
D.unitary elastic
E.perfectly elastic

Which of the following factors is not important in deciding the location of an industry?

A.the native language of the people
B.availability of suitable labor
C.sources of cheap power and raw materials
D.proximity to the location of similar industry
E.proximity to the market

The clearing house of all commercial banks in Nigeria is the

A.General post office
B.Bank for commerce and industry
C.Nigeria industrial development Bank
D.Mortgage Bank
E.Central Bank