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 demand for torch and batteries is an example of
Competitive demand
Composite demand
Complementary demand
Derived demand
Correct answer is C
Complementary demand: Demand for a product generated by the demand for a related but different product, such as by computers for software, vehicles for tires, shaving razors for blades.
Increase
Fall
Fluctuate
Remain unchanged
Correct answer is A
If prices for inelastic goods are increased, the total revenue increases, but it would lead to a small decrease in quantity demanded. This means that firms that deal in inelastic goods or services can increase prices, selling a little less but making higher revenues.
The demand curve for neccessity is usually
Vertical
Backward bending
Horizontal
Negatively sloped
Correct answer is A
Necessity goods are products and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change.
What is the ratio of expenditure on health to agriculture?
2.3
3.4
4.3
5.4
Correct answer is B
No explanation has been provided for this answer.
If the budget of the country was $7,200, how much is allocated to Education?
$2,400.00
$2,000.00
$1,200.00
$1,000.00
Correct answer is A
No explanation has been provided for this answer.