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.
An industry is described as a group of firms
That provides jobs for many people
Which uses advance technology in production
Which produces similar products
That provides jobs for few people
Correct answer is C
An industry is a group of manufacturers or businesses that produce a particular kind of goods or services.
Local firms can help in reducing unemployment in a country when
Land acquisition becomes centralized
Imports of substitutes are reduced
Waste in the firm is eliminated
Subsidies to firms are decreased
Correct answer is B
Import substitution is a trade and economic policy which advocates replacing foreign imports with domestic production, it is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.
Which of the following factors is not a reason for farmer's unstable incomes?
Dependence on too many crops
Poor storage facilities
Adverse weather condition
Recession in the world economy
Correct answer is A
No explanation has been provided for this answer.
Positive checks as envisaged by Thamos Malthus can be prevented if
Date rate is reduced
Marriage is abolished
More hospitals are built
More restraint is adopted
Correct answer is D
Positive checks are those, according to Thomas Malthus, that increase the death rate. These include disease, war, disaster, and finally when other checks don't reduce the population, famine. Malthus felt that the fear of famine or the development of famine was also a major impetus to reduce the birth rate.
If workers at the school canteen sell during the holidays, this is an example of?
Structural unemployment
Frictional unemployment
Seasonal unemployment
Residual unemployment
Correct answer is C
Seasonal unemployment occurs when people are unemployed at certain times of the year, because they work in industries where they are not needed all year round. Examples of industries where demand, production and employment are seasonal include tourism and leisure, farming, construction and retailing.