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.
Balance of payment surplus implies that receipts for exports are
At par with payments for imports
Greater than payment for imports
Less than payment for imports
Proportional to payments for imports
Correct answer is B
BALANCE OF PAYMENTS SURPLUS: An imbalance in a nation's balance of payments in which payments made by the country are less than payments received by the country (exports exceeds imports). It's considered favorable because more currency is flowing into the country than is flowing out.
The rate at which a country's export is exchanged for her imports is
Trade balance
Balance of payment
Term of trade
Balance on current account
Correct answer is C
Terms of trade, relationship between the prices at which a country sells its exports and the prices paid for its imports.
The principle of comparative cost advantage was propounded by
David Ricardo
Alfred Marshal
J. S Mill
Adam Smith
Correct answer is A
David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing every single good than workers in other countries.
Which of the following is not a major problem of development?
Shortage of skilled manpower
Inadequate data for planning
Political instability
Poor identification of projects
Correct answer is D
Common constraints on development are high economic poverty, hunger, high mortality rates, unsafe water supplies, poor education systems, corrupt governments, war, and poor sanitation.
Which is following is a cause of under-development in West Africa?
Availability of manpower
Increasing population
High rate of capital formation
Large size of market places
Correct answer is B
Underdevelopment in Africa is as a result of many contributing factors which include poverty, illiteracy, very large extended families, corruption and lack of accountability. Poverty is one of the causes of underdevelopment in Africa. Unfortunate events such as slave trade, wars and other bad incidents