UNICAL Economics 2009/2010 Past Questions

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

The theory of consumer behaviour is based on all the following assumptions except that the

A.consumer is assumed irrational
B.consumer taste remains constant
C.consumer has budget constraint
D.consumer aims at maximizing his utility

During the consolidation exercises, most banks in Nigeria got the required capital through:

A.merger only
B.mergers and acquisition
C.acquisition only
D.getting money from people

Economics can best be defined as the study of

A.how to spend the family income efficiently
B.how to find minimum cost of production
C.the interpretation of scares resources and date
D.how scarce resources can be utilized efficiently

Which of the following is specialized in lending money for the purpose of developing real estate?

A.commercial bank
B.central bank
C.mortgage bank
D.merchant bank

Factors of production can be described as the

A.resources required for the provision of goods and services
B.skills involved in deciding and directing the flow of goods
C.monetary tools employed by government to ensure stable production
D.elements

The systemic record of the various levels and types of economic activities is called

A.gross national product
B.national income accounting
C.the budget
D.census

When the rate of inflation increases

A.savings will increase
B.income will increase
C.savings will decrease
D.price will decrease

The tax imposed on goods manufactured within a country is called

A.value added tax
B.capital gains tax
C.excuse tax
D.profit tax

One of the criticisms against delegated legislation is that it

A.promotes separation of powers
B.is not parctised in advanced countries
C.encroaches on parliamentary power
D.gives too much power to the judicary

Devaluation of the country’s currency is as a result of

A.forces of demand and supply
B.official policies of local economy
C.the economic melt down
D.foreign policies