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Economics Post UTME Past Questions | Obafemi Awolowo University (OAU)



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Question 1

The Consumer Price Index (CPI) measures the prices paid

Options

A)
for farm tractors
B)
for goods and services purchased by a typical household
C)
for goods and services bought by companies
D)
none of the above
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Question 2

If the real market price of a product is ₦20 per unit and in this market the government places a price ceiling at ₦30 per unit, what will happen?

Options

A)
people will buy the product at ₦30
B)
there will be surplus of the product in the market
C)
government price ceiling will not be effective
D)
government can put price ceiling below or above equilibrium price
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Question 3

A rational consumer, does not

Options

A)
think marginally
B)
intentionally make himself or herself worse off
C)
try to maximize net benefit from consuming goods and services
D)
ever consume the wrong amount
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Question 4

The participation rate is the

Options

A)
ratio of those working to those looking for work
B)
ratio of the unemployed to the labour force
C)
ratio of the labour force to the population
D)
ratio of the employed to the labour force
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Question 5

A utility function is homothetic if

Options

A)
the marginal utility depends on the average of the goods
B)
the total utility depends on the sum of the goods
C)
the marginal rate of substitution for the function depends only on the ratio of the amount of the two goods
D)
the MRS for the function depends on the total quantities of the two goods
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Question 6

A pricing behavior in which a firm charges different prices to different consumers for the same good or service is known as

Options

A)
uniform pricing behavior
B)
price discrimination
C)
market separability
D)
price differentiation
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Question 7

_____ is a market for the sale and purchase of existing securities

Options

A)
primary markets
B)
money market
C)
secondary market
D)
capital market
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Question 8

The demand curve for a commodity is more elastic

Options

A)
the greater the number of goods substitutes available
B)
the greater the proportion of income spent on the commodity
C)
the longer the period of time considered
D)
all of the above
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Question 9

The velocity of money measures

Options

A)
the use of each unit of money in purchasing final output
B)
the average use of money in purchasing final output
C)
the average use of money by consumers in purchasing consumers goods
D)
the average use of money by the business sector
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Question 10

In computation of GDP, the following are not included except

Options

A)
all final goods produced and sold within the country
B)
all used good or goods sold outside of traditional market
C)
all produce from home gardens that is grown and consumed by household
D)
all the farm products that farmers exchange among themselves without ever being sold
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