OAU Post UTME Economics Past Questions

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Which of the following is NOT a limited relevance of commodity money:

In standard production-cost theory, which statement is NOT true in the long run?

A price-taking firm is making a loss. At a chosen positive output, fixed costs are unavoidable in the short run and variable costs are the only avoidable production costs. Which condition makes producing give a strictly…

In the short run horizon of production,

Suppose the Consumer Price Index (CPI) is 124.0 in 1989 and 130.7 in 1990, using the same reference base. What is its percentage increase, to one decimal place?

The difference between economic growth and economic development is that the latter deals with;

All these are exampleof bases in using GDP or GNP to measure economic well-being except

Which listed measure adjusts total economic output for population size?

In the standard smooth U-shaped average-cost model, when marginal cost is equal to average cost, average cost is

In the usual smooth production curve, with a positive amount of input and positive output, all of the following statements about Total Product, Marginal Product and Average Product are true except one:

With input prices held constant, a firm’s declining long-run average cost over a range of output can be explained by

With technology and other inputs held fixed, diminishing returns from adding a variable input begin when the

The real cost of a commodity is:

Consumers are referred to as “the king” in which of these economic systems?

The demand curve facing the pure monopolist is

When supply and demand are out of balance and adjust over time towards a new equilibrium, the adjustment is regarded as:

Perfectly price-elastic supply means

A firm maximizes its total profits when

If an oligopolist incurs losses in the short run, then in the long run

Zero price elastic demand of a commodity means that

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