Economics questions and answers

Economics Questions and Answers

Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.

1.

Which of the following is a major export crop in Nigeria?

A.

Cocoa

B.

Coffee

C.

Copper

D.

Kola nut

E.

Soy beans

Correct answer is A

In the Nigerian agricultural sector, cocoa is one of the major export crops.

2.

In the equation MV = PT; V stand for

A.

Velocity of circulation of money

B.

Velocity of price change

C.

Volume of goods produced

D.

Volume of money

E.

Volume of transaction

Correct answer is B

No explanation has been provided for this answer.

3.

The best way of presenting data in tabular form is in

A.

Bars and columns

B.

Charts and lines

C.

Maps and rows

D.

Pictographs and histogram

E.

Rows and columns

Correct answer is C

No explanation has been provided for this answer.

4.

Which of the following is true of a perfect market situation?

A.

Price = AR = MC = AC

B.

Price = DD = MC = AC

C.

Price = AC = MC = AR

D.

Price = AR = MR = DD

E.

Price = MR but MR < AR

Correct answer is A

No explanation has been provided for this answer.

5.

The professional that view cost in term of alternatives sacrificed is the

A.

Accountant

B.

Cashier

C.

Economist

D.

Manager

E.

Tax collector

Correct answer is C

No explanation has been provided for this answer.

6.

Which of the following is NOT a component of agriculture?

A.

Crop farming

B.

Drilling

C.

Fishing

D.

Forestry

E.

Livestock farming

Correct answer is B

No explanation has been provided for this answer.

7.

Data presented in a circular chart is known as

A.

Circular chart

B.

Component chart

C.

Histogram

D.

Pictograph

E.

Pie chart

Correct answer is E

No explanation has been provided for this answer.

8.

An economy is described as spend-rift if it

A.

Does not concern itself with savings and investment

B.

Has a great ability to generate foreign exchange from investment

C.

Has greater opportunity to receive large income from investment

D.

Invests in income generating industries

E.

Has trade connection with other countries

Correct answer is A

No explanation has been provided for this answer.

9.

Which of the following is a characteristic of private enterprises?

A.

Business risks are borne by the buyers

B.

Capital is provided by the public

C.

Control and management of the business is in the hands of customer

D.

The business is owned and run by government

E.

The main aim of setting up the business is to maximize profit

Correct answer is E

No explanation has been provided for this answer.

10.

Which of the following is NOT a sources of national income statistics?

A.

Foreign trade figure

B.

Pay-rolls of various establishment

C.

Income tax return

D.

Economic surveys

E.

Level of infrastructural development

Correct answer is E

No explanation has been provided for this answer.