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.
Which of the following is not a strong basis for trade unions demand for higher wages?
Company is making higher profit
Productivity of workers has increased
Members of the union have high qualifications
Commodity produced by the workers is very essential
Correct answer is C
No explanation has been provided for this answer.
The movement of labour from one grade to an entirely different grade is an example of
Industrial labour mobility
Horizontal occupational mobility
Vertical occupational mobility
Geographical mobility
Correct answer is C
When a worker of a lower grade and status in an occupation moves to another occupation in a higher grade and status, it is vertical mobility. Just as a school lecturer becomes a college lecturer, a clerk becomes a manager, etc.
One reason for low agricultural productivity in most West African countries is that?
Farmers are not capable of producing cash crops
It does not provide income to farmers with large families
Farmers find it difficult getting help from financial institutions
It is not the only source of raw materials for agro-based industries
Correct answer is C
No explanation has been provided for this answer.
Which of the following will increase the demand for labour?
Increase wage rate
Labour's demand for output
Low wage rate
Low marginal productivity
Correct answer is C
Factors that can shift the demand curve for labour include: a change in the quantity demanded of the product that the labour produces; a change in the production process that uses more or less labour; and a change in government policy that affects the quantity of labour that firms wish to hire at a given wage. When the payment for labour is low, fills will be willing to employ more people than with an increased wage rate.
Frictional unemployment occurs when?
There is a change in the technique of production
Job seekers lack information where jobs exist
Bad weather prevents work from progressing
Job seekers have disabilities
Correct answer is B
Frictional unemployment is a type of unemployment that arises when workers are searching for new jobs or are transitioning from one job to another
Frictional unemployment refers to people who are simply moving from one job to another, but are taking their time. It is part of the jobless total caused by individuals who are spending time searching for another job, or perhaps are taking a break before beginning with a new employer. Even in a country where there is technically full employment, there will always be some frictional employment, simply because employees change jobs occasionally.