UNICAL Economics 2011/2012 Past Questions

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

Economic planning in Nigeria faces all these problems except

A.shortage of land
B.shortage of capital
C.lack of skilled manpower
D.political instability

The natural growth rate of population is the

A.sum of the birth rate and the death rate
B.sum of the birth rate and the net migration rate
C.birth rate minus the death rate
D.death rate minus the net migration

Which of the following is not correct?

A.population refers to the number of people living in a place
B.the population of a place is not static
C.population is known through a census
D.population is affected by the amount of money in circulation

Which of the following is not characteristic of a perfect competition?

A.many sellers and buyers are in the market
B.there is perfect knowledge of the market situation
C.supply and demand are equal
D.there is no discrimination

If the price elasticity of demand is greater than one, then its demand will be

A.inelastic
B.infinitely elastic
C.infinitely inelastic
D.relatively elastic

In any economic system, which of the following is not an economic problem?

A.what goods and services to produce
B.for whom to produce goods and services
C.what techniques of production to be adopted
D.equal distribution of the goods and services

Which of the following is not an agent of division of labour?

A.wholesalers
B.retailers
C.consumers
D.government agencies

Which of the following is not an advantage of division of labour? It

A.saves time
B.makes possible the use of machines
C.is monotonous
D.leads to specialization

An inflation in which the price level rises steadily at an average rate of about 2% per annum is best described as

A.galloping
B.induced
C.creeping
D.suppressed

The greatest disadvantage of the barter system is the need for

A.durability
B.divisibility
C.homogeneity
D.double coincidence of wants