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.
From the graph above, the consumer is at equilibrium at point
K
I
M
J
Correct answer is A
The consumer is at equilibrium is at point k where the slope of the indifference curve is tangential to the budget line.
All of the following describes conditions necessary for existence of a perfect market EXCEPT
Lack of homogeneity of goods
Perfect knowledge
Large buyers and sellers
Portability of goods
Correct answer is A
Lack of homogeneity of goods is not a characteristics or features of a perfect market. The features/ characteristics are: perfect knowledge about the market, there is free entry and exit, there are large number of buyers and sellers, the goods are portable and homogeneous, there is no preferential treatment etc
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
2
4
5
3
Correct answer is D
The supply curve of labour market is given as S = 4L + 8. To find the value of L when S = 20, we substitute S = 20 in the equation and solve for L. This gives us L = 3.
The quantity of commodity a consumer is willing and able to buy at a particular time is called
Supply
Wish
Demand
Desire
Correct answer is C
Demand for a commodity is its quantity which consumers are willing and able to buy at various prices during a given period of time.