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.
Given that Q d = 20 - 4P and Q = 6P + 12
Determine the equilibrium quantity
14.2
16.8
20.8
30.2
Correct answer is B
Q d = 20 - 4P and Q = 6P + 12
Qd = Qs
20 - 4p = 6p + 12
20 - 12 = 8
6p + 4p = 10p
p = 8/10 = 0.8
Substitute '0.8' in Qd equation. Hence we will have
Qd = 20 - 4 (0.8)
Qd = 20 - 3.2 = 16.8
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.
What is the modal score?
36
42
54
62
Correct answer is D
The mode is the number that appears most frequently in a data set. From the set of data, '62' is the mode because it has the highest appearance in the data.
Use the data below to answer this questions
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.
Calculate the mean?
45.5
55.6
55.8
65.8
Correct answer is C
The mean is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are.
54 + 36 + 62 + 79 + 83 + 36 + 62 + 42 + 62 + 42 = 558
558/10 = 55.8
One way of solving the problem of double counting is by
Value-added method
Income method
Output method
Expenditure method
Correct answer is A
This problem is perfectly solved by the value-added method. According to this method, rather than taking the value of final products, value-added by each firm at each stage of production is included.
In the circular flow of income model, the outflow variables represent
Income
Expenditure
Injections
Leakages
Correct answer is D
The outflow of income from the Circular Flow Income is called leakages.
Leakages take the form of :
Savings
Taxes
Import