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 major problem facing West African countries is
Relations with Colonial Masters
Joint Military operations in Member States
Political integration
Financial crunch of Member States
Correct answer is A
One of the major problem of West African state is the relation of West African states with the colonial masters.
A normal profit of N750,000
An economic profit of N750,000
A normal profit o N1,750,000
An economic profit of N250,000
Correct answer is D
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000
The theory of ............... was propounded by ..................
Comparative advantage; Mercantilists
Absolute advantage; Adam Smith
Comparative advantage; Adam Smith
Absolute advantage; David Ricardo
Correct answer is B
The theory of absolute advantage was propounded by Adam Smith while the theory of comparative advantage was propounded by David Ricardo.
Structural unemployment
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
Correct answer is A
Structural unemployment occurs when production structure changes or changes in demand or technology. It also occurs when a worker loses job because their jobs are transferred to other countries.
The part of income after tax that is not consumed is defined as
Wages and salaries
Saving
Capital investment
Nondurable goods expenditure
Correct answer is B
The part of income after tax that is not consumed is defined as saving. This is because when income is earned, it is either used for consumption or saved. Therefore, if it is not consumed, it is saved. Capital investment, wages and salaries, and nondurable goods expenditure are all forms of consumption, not saving.