Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
In order to correct adverse balance of payments problem, government should
Reduce tariffs
Increase subsidies on exports
Increase tax on local industries
Reduce personal income tax
Correct answer is B
Methods of correcting adverse balance of payments
Well- known Methods of Correcting in Adverse Balance of Payment
Free trade
Custom union
Common market
Economic union
Correct answer is D
An economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. The countries may also coordinate social and financial policies to support this common market.
A country has favourable terms of trade when the prices of her
Exports rises relative to the price of her imports
Exports falls relative to the price of her imports
Imports rise faster than the prices of imports
Imports and exports move in the same direction
Correct answer is A
If the prices of a country's exports rise relative to the prices of its imports, one says that its terms of trade have moved in a favourable direction, because, in effect, it now receives more imports for each unit of goods exported.
A concious effort of government to achieve a specific set of goals is?
Economic planning
Economic development
Economic growth
Economic target
Correct answer is A
An economic plan is an outline of schemes designed to achieve certain pre-determined economic objectives, in a particular order of priorities within a specified period of time. This is the technique that a state follows to achieve economic development.
The main features of economic planning are as follows:
1. Determining the objectives that are to be achieved.
2. Estimating the resources that are available in the country.
3. Determining the order in which the objectives are to be achieved.
4. Designing suitable schemes for realizing of the objectives.
5. Determining the plan outlay and investment.
6. Allocation of resources between different sectors as per the priority of objectives
7. Establishing a body for the formulation, organization and appraisal of the plans
The export of West African countries are mostly composed of
Service
Raw materials
Manufactured goods
Consumer goods
Correct answer is B
Raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials which are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are highly important with regard to producing other products.