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.
One of the major uses of national income statistics in Nigeria is to
Equally distribute national income among citizens
Determine the total population
Compare population growth among nations
Estimate per capita income
Correct answer is D
Helps in measuring the economic performance of the country in terms of output goods/ services/ per capital income.
Development plans fail in Nigeria mainly because of
Corruption and political instability
Over-dependence on foreign aid
High cost of plan implementation
Shortage of personnel
Correct answer is A
No explanation has been provided for this answer.
Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.
34
32
36
16
Correct answer is C
Equilibrium price = quantity demanded = quantity supplied
Equilibrium price = Qd = 40-2P = 6P+24 = Qs
40 - 2p = 6p+ 24
-2p - 6p = -8
24 - 40 = - 16
16/8 = 2
substitute '2' in the equation for 'p'
Qd = 40-2(2) = 6(2)+24
40 - 4 = 36
12 + 24 = 36
Equilibrium price = 36
Optimum population enables an economy to attain the highest level of
Industrial development
Income per head
Revenue generation
Economic development
Correct answer is B
The optimum population is a concept where the human population is able to balance maintaining a maximum population size with optimal standards of living for all people. The standard of living is measured by the per capita income of individuals. Optimum population yields maximum returns per head because people would be fully employed and adequately compensated and remunerated.
If real income increases while nominal income remains the same, it can be inferred that
Unemployment rate has decreased
General prices has fallen
Employment rate has risen
General prices have risen
Correct answer is B
To better understand this, we need to know what real and nominal income is all about.
Nominal value is measured in terms of money, whereas real value is measured against the purchasing power of money for goods or services. If real income increases while nominal income remains the same, it means that the price of goods and services has fallen. This invariably means the purchasing power of money has increased.