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 is NOT a source of government revenue?
Taxes, Fees, licenses and fines
Personal income, disposable income and transfer earnings
Interest, dividends, profits and earnings
Grants, aids and borrowing
Correct answer is B
Sources of government revenue
* Individual Income Tax.
* Grants, borrowing etc
* Corporate Income Tax.
* Federal Excise Taxes.
* Other Revenues.
* Interest, dividends, earnings
2.00
0.50
1.50
1.00
Correct answer is B
Percentage change in price divided by % change in quantity supply 15.00-13.50=1.5
1.5 ÷13.50 x (100)
=11.11% ÷ 20%= 0.1111 ÷ 0.2
0.55555..
=0.5ans
The study of economics is necessary mainly because of
Unemployment
Unlimited resources
Scarcity of resources
Overpopulation
Correct answer is C
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
One of the ways of improving the marketing of agricultural produce is by
Reviewing the land tenure system
Ensuring even distribution of farm inputs
Embarking on irrigation farming
Establishing agricultural marketing boards
Correct answer is D
Improving the marketing of agricultural produce
1. Identify your farm's market.
2. Set your farm apart.
3. Create a farm logo.
4. Write a tagline.
5. Launch a website.
6. Join farm associations.
7. Attend farm-related events.
8. Begin advertising.
If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?
Nigeria produces cocoa more cheaply than Ghana
Nigeria and Ghana produce at the same level
Ghana produces cocoa more than Nigeria
Nigeria produces more cocoa than Ghana
Correct answer is A
Comparative advantage is the ability of an individual or group (Nigeria as the case maybe) to carry out a particular economic activity (such as making a specific product) more efficiently than another activity. Comparative advantage is when a country produces a good or service for a lower opportunity cost than other countries.