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.
Which of the following factors is not a cause of change in demand? Changes in
The size of the population
Price of the commodity
Income distribution
Taste and fashion
Correct answer is B
Change in demand is also known as shift in demand. A change / shift in demand is caused by taste, income of the consumer, population size, festival, price of other commodities etc.
One benefit a country can derive from the extraction of crude oil is increase in
Population
Employment
Money supply
Demand for imports
Correct answer is B
Extraction of crude oil increase employment or create employment.
Granting long-term loans
Assisting with technical expertise
Reducing tariff among members
Developing human resource
Correct answer is C
The major function of the International Bank for Reconstruction and Development (IBRD) is to grant long-term loans for developmental purposes to member states, provide technical support and expertise at each stage of a project being undertaken, and the development of human resources.
It is not the job of the IBRD to reduce tariffs amongst its members.
The line labelled M in the diagram above represent
Total cost
Fixed cost
Variable cost
Average cost
Correct answer is B
The curve labelled M represent fixed cost. The fixed do not vary with the level of output.
Total revenue curve
Total product curve
Marginal product curve
Marginal revenue curve
Correct answer is B
The curve x represent the total product curve, it rises and decline.