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.
If demand is perfectly inelastic, a tax imposed
Is borne only by the producer
Is borne only by the consumer
Will have greater impact on the seller
Will have no impact on the buyer
Correct answer is B
The incidence of tax when demand is perfectly inelastic is borne by the consumer.
The use of mass advertising media enable a firm to enjoy
Managerial economies
Financial economies
Marketing economies
Welfare economies
Correct answer is C
Marketing economies of scale is an advantage of large firms, which have a lower unit cost for advertising and promotion than small firms. A large firm can buy raw materials in bulk, produce in large quantities and distribute to many areas where they are required.
The production of rice and yam on the same farmland is an example of
Joint supply
Composite supply
Competitive supply
Market supply
Correct answer is A
Joint supply is a type of supply in which the production of one article in itself leads to the production of other article as well. for example, leather and beef etc. It is also a process that can yield two or more outputs.
A benefit that is present in all forms of economic integration is that
Common agricultural policy is in place
The size of the market is widened
Factors of production are free to move and be moved
Common currency is in use
Correct answer is C
Economic integration forms international co-operation among nations to foster their economic interests. Countries with common interests form themselves into an organisation whose major objectives are to remove trade barriers and other obstacles that reduce the free flow of goods and service between them.
Foreign investment and long term securities in the balance of payment accounts are recorded as
Current account transaction
Capital account transaction
Balance of trade account transaction
Invisible balance account transaction
Correct answer is B
Capital account transaction is the net balance of international investments. In order words, it keeps track of the flow of money between a nation and its foreign partners.