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.
Textile materials with elastic demand
Alcoholic beverages with inelastic demand
Agricultural products with inelastic supply
Luxury goods with elastic supply
Correct answer is A
No explanation has been provided for this answer.
When a government cuts down her expenditure to reduce inflation, she has embarked on__________
A restrictive Fiscal policy
An expansionary monetary policy
Physical policy
Implementing budget deficit
Correct answer is A
No explanation has been provided for this answer.
An increase in cash ratio by the central bank will_______
Increase the supply of money
Increase banks lending
Encourage borrowing
Reduce the supply of money
Correct answer is D
No explanation has been provided for this answer.
Demand-pull inflation can be as a result of__________
Increase in the cost of production
Excessive supply of foodstuff
Deficit financing by the government
Increase in import duties
Correct answer is C
Demand-pull inflation is when there is an increase in aggregate demand, and the supply remains the same or decreases.
Demand-pull inflation can be caused by an expanding economy, increased government spending, or overseas growth.
Functions of money does not include______
Store of value
Medium of exchange
Standard of deferred payment
General acceptability
Correct answer is D
No explanation has been provided for this answer.