Post Utme University of Nigeria Economics Past Questions and Answers

Question 1:

International trade is necessary because ____________

A. No country can live in economic isolation
B. Different countries are differently endowed in natural and man-made resources
C. Some countries have comparative cost advantage in the production of particular commodities over other countries
D. The world demand for and supply of various categories of commodities is expanding
E. Countries want to build up their foreign exchange reserve

Question 2:

A rightward shift in the production possibility frontier may be due to ____________

A. Use of inferior inputs
B. Inefficiency
C. Improvement in production techniques and practices
D. Changes in the product mix
E. Changes in consumers' tastes and preferences

Question 3:

Which of the following does NOT represent the behaviour of a monopolist?

A. Manipulating the market price of his goods
B. Manipulating both the price and quantity of his goods at the same time
C. Raising the price at one market, lowering it at another market
D. Manipulating only quantity, price being a given factor
E. Manipulating the quality of his goods

Question 4:

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls die to repayment after ____________

A. 6 months
B. 9 months
C. 2 years
D. 5 years
E. 10 or more years

Question 5:

The unemployment associated with a recession is called ____________

A. Voluntary
B. Frictional
C. Cyclical
D. Structural
E. Disguise