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.
One relationship between marginal utility and total utility. When total is
Rising, marginal utility is rising
Falling, marginal utility is negative
Maximum, marginal utility is maximum
Falling, marginal utility is rising
Correct answer is B
The following are the various relationships between total and marginal utility.
The type of unemployment that occurs as a result physical or mental disability of labour is known as
Frictional unemployment
Structural unemployment
Cyclical unemployment
Residual unemployment
Correct answer is D
Residual unemployment: the unemployment that remains in periods of full employment, as a result of those mentally, physically, or emotionally unfit to work.
Which of the following measures will hinder efficient distribution of goods in West Africa?
Improving roads networks
Provision of adequate storage facilities
Instituting price control
Formation of producer's cooperative societies
Correct answer is C
Instituting price control can affect the efficient distribution of goods in west Africa. Price control government regulation establishing a maximum price to be charged for specified goods and services, especially during periods of war or inflation.
Indigenization policy is a measure aimed at
Privatizing the existing business owned by the state
Commercializing state owned businesses
Reducing foreign economic domination
Making the indegenes managing directors of businesses
Correct answer is C
Indigenization policy is a deliberate government policy aimed at replacing foreign investors and personnel in certain industries with indigenes or the natives of a country that is, excluding foreign participation in certain productive activities.
In a partnership, the conduct of members is guided by
A memorandum of understanding
The article of partnership
An article of association
A partnership constitution
Correct answer is B
Articles of partnership is a voluntary contract between/among two or more persons to place their capital, labor, and skills into business, with the understanding that there will be a sharing of the profits and losses between/among partners.