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.
Which of the following cannot be classified as land in economics?
Bauxite deposit in the ground
A lake used for irrigation
A bulldozer for clearing farm land
Grazing field for cattle
Correct answer is C
No explanation has been provided for this answer.
In a socialist economy, prices of commodities are determined by
Forces of demand and supply
Producers of the commodities
The central planning authority
Consumers who are sovereign
Correct answer is C
No explanation has been provided for this answer.
Scale of preference is important for the following reasons except in
Satisfying wants
Making rational
Making optinum allocation of resources
Using scarce resources efficiently
Correct answer is A
No explanation has been provided for this answer.
Human wants are insatiable because wants are
Limited while means are scarce
Unlimited and means are also unlimited
Limited and means are also limited
Unlimited while means are scarce
Correct answer is D
No explanation has been provided for this answer.
A company's expenditure on raw materials is termed as_______?
Prime cost
Explicit cost
Average cost
Implicit cost
Correct answer is A
A prime cost is the total direct costs of production including raw materials and labour.