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.
Decrease, appreciation
Increase, de-appreciation
Decrease, depreciation
Increase, consolidation
Correct answer is C
Currency depreciation is a fall in the value of a currency in a floating exchange rate system. Therefore, a decrease in the price of the domestic currency in terms of a foreign currency is referred to as depreciation.
There is scarcity relative to demand
All raw materials are imported
Many people are out of work
There are no buyers for our goods
Correct answer is A
Scarcity explains the basic economic problem that the world has limited or scarce resoures to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
Business cycle is associated with
Recession
Unemployment
Seasonal variation
Inflation
Correct answer is A
Business cycle are intervals of expansion followed by recession in economic activity. It is characterized by general upswings and downturns in a span of macroeconomics variable.
Options A, B and C
Medium of exchange
Settlement of debt
Medium of payment
Correct answer is A
Money can be defined as anything that is generally acceptable as a medium of exchange (means of payment) and in the settlement of debt. It can also be defined as a medium of exchange recognized by law.
Principle of economy
Principle of convenience
Principle of simplicity
Principle of certainty
Correct answer is D
The principle of certainty states that a tax should be certain and clear to everybody concerned. The time of payment, the manner of payment and the amount to be paid should be clear and plain to the tax payer.