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 curve faced by a monopolist is_____?
Positively sloped
Vertical
downwards sloping
Negatively Sloped
Correct answer is C
The Demand Curve for a Monopolistic Market is of the same form as a regular Demand Curve. It is downward sloping because of the Substitution Effect, the Income Effect, and the Law of Declining Marginal Utility.
One of the problems facing the Nigerian oil and gas industry is____________________?
Over-capacity utilization
The discovery of alternative oil sources
Shortage of indigenous manpower
The excess supply of petroleum products
Correct answer is C
No explanation has been provided for this answer.
Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55. Determine the range
0.25
10.00
1.55
9.95
Correct answer is D
The range of a set of data is the difference between the highest and lowest values in the set. To find the range, first order the data from least to greatest. Then subtract the smallest value from the largest value in the set. Thus we have;
0.25, 1.25, 1.55, 1.80, 1.110, 10.15 and 10.20
range = 10.20 - 0.25 = 9.95
Which of the following is NOT among the financial institutions in Nigeria?
Federal Mortgage Bank
Microfinance Banks
Insurance Banks
Federal Ministry of Finance
Correct answer is D
The major categories of financial institutions include central banks, retail and commercial banks, internet banks, credit unions, savings, and loans associations, investment banks, investment companies, brokerage firms, insurance companies, and mortgage companies.
The major characteristics of an undeveloped nation is
Over-dependence on foreign products
Dominance of the industrial sector
High per capita income
Efficient and sensitive financial sector
Correct answer is A
Characteristics
* Low per Capita Income
* Inequitable Distribution of Wealth and Income
* Predominance of Agriculture
* Deficiency of Capital
* High Rate of Population Growth
* Unemployment and Underemployment
* A Dualistic Economy
* Technical Backwardness
* Dependence on foreign products