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.
The Economic Commission for Africa was set up by the________
UNO
ECOWAS
OAU
IMF
Correct answer is A
The economic commission for Africa (ECA) also known as the United Nations Economic Commission for Africa was established in 1958 with its headquarters in Addis Ababa, Ethiopia. It is an organ of the United Nations Organization (UNO). Its major aim is to promote the social and economic development of Africa.
If the pass mark was 40, how many students passed the examination?
100
120
160
200
Correct answer is C
No explanation has been provided for this answer.
International monetary Fund
Countries with comparative advantage
Countries with superlative advantage
Countries producing same or identical goods
Correct answer is D
Members producing the same or identical goods can form cartels or monopolies in other to obtain better bargaining or deals from other countries outside the membership.
The main concern of economists is to________
Control the growth of population
Redistribute income between the rich and poor
Satisfy all human wants
Allocate scarce resources to satisfy human wants
Correct answer is D
Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.
Utility is the satisfaction derived from____________
Production
Distribution
Consumption
Demand
Correct answer is C
Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.