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.
Fairly inelastic
Perfectly inelastic
Unitary elastic
Perfectly elastic
Correct answer is C
No explanation has been provided for this answer.
The demand for two or more commodities to satisfy a particular want is _____?
Derived
Composite
Competitive
Joint
Correct answer is D
Joint demand refers to the relationship between two or more commodities or services when they are demanded together to satisfy one want. There is joint demand for cars and petrol, pens and ink, tea and sugar, etc. Jointly demanded goods are complementary.
In Nigeria, unemployment can be minimized through______?
Diversification of the economy
Strict immigration law
Paying unemployment benefits
Restrictive fiscal policy
Correct answer is A
Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development.
The concept of marginal utility indicates the relationship between utility and _________?
Price
Satisfaction
Cost
Revenue
Correct answer is B
Utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utility from an increase in the consumption of that good or service.
One of the characteristics of private enterprises is ______?
Provision of welfare to the citizens
That tax payers bear all the risks
Public ownership of shares
Individual funding of business activities
Correct answer is D
Characteristics of the private enterprise system: