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.
One objective of organisation of patroleum exporting countries (OPEC) is to?
Harmonize and stabilize oil prizes
Ensure excess supply of oil to consuming countries
Subsidize oil prices in member countries
Assist member countries to exploit oil resources
Correct answer is A
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
One problem facing the economic integration of countries in west Africa is the
Presence of large and developed market
Uneven development among west African countries
Existence of different central banks in the countries
Fairly of labour to move freely in the country
Correct answer is B
No explanation has been provided for this answer.
Investment income
Foreign direct investment
Longterm capital flows
Long-term loans
Correct answer is A
The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments.
Modern international trade is based on the principle of
Absolute cost advantage
Comparative advantage
Terms of trade
Balance of trade
Correct answer is B
Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.
Infant industries can be described as
Newly established industries
Industries enjoying tax holidays
Industries producing baby products
Newly commercialized industries
Correct answer is A
In economics, an infant industry is a new industry, which in its early stages experiences relative difficulty or is absolutely incapable in competing with established competitors abroad.