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.
Government uses all of the following ways to redistribute income, except
Market intervention
Transfer earnings
Limited liability
Taxation
Correct answer is C
Limited liability is not a mechanism Government use to redistribute income. Government redistribute income in the following ways: taxation, welfare, public services, land reform, monetary policies etc.
..................... is the highest body in ECOWAS organogram
Authority of Head of State and Government
The Executive Secretariat
The Defense Council
Council of Ministers
Correct answer is A
The authority of heads of state and government is the foremost, and the highest authority of the organization. It is made up of heads of state and government within the sub-region. This organ is headed by a chairman, who holds office for one year.
Alternative commodities forgone
Amount of money spent on goods and services
Cost of goods and services
True cost
Correct answer is C
Real cost is the cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
P1
P2
P3
P4
Correct answer is D
The highest price is P4 the monopoly can charge.
What is the lowest price the monopolist can charge
P2
P1
P3
P4
Correct answer is A
The monopolist can charge P2 price and still make profit as long as he covers his AVC. Any price below price P2, the monopoly will run at loss or shut down.