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.
R
S
T
V
Correct answer is D
Law of diminishing returns states that as more units of a variable input are added to fixed amounts of land and capital, the change in total output will first rise and then fall. From the above diagram, diminishing returns set in at point V.
As a factor of production, the reward for land is?
Profit
Interest
Rent
Wage
Correct answer is C
As factors of production, the reward for land is rent, capital is interest, labour is wages and salaries and entrepreneur is profit.
Rent is the reward for Land as a factor of production.
Taxes and government expenditures are instruments of____________
Monetary policy
Tax policy
Economic policy
Fiscal policy
Correct answer is D
Fiscal policy may be defined as the use of income and expenditure instruments or policies to control or regulate the economic activities in a country. It is a plain action by government pertaining to the raising of revenue through taxation and other means and the pattern of expenditure to be applied.
National Poverty Eradication Programme
National Agency for Poverty and Education Program
National Air Pollution and Environmental Purification
None of the above
Correct answer is A
National Poverty Eradication Programme (NAPEP) is a 2001 program by the government aimed at poverty reduction, in particular, reduction of absolute poverty. NAPEP goals include training youths in vocational trades, to support internship, to support micro-credit, create employment in the automobile industry and help VVF (Vesico-vaginal fistula) patients.
The expression of cost in terms of alternative forgone is referred to as ____?
Scarce resources
Decision making
Opportunity cost
Choice
Correct answer is C
Opportunity cost is defined as the expression of cost in terms of alternative forgone. It is the satisfaction of one’s want at the expense of another want.