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.
How is NNP at factor cost derived from GNP at market prices?
GNP - Depreciation + Indirect taxes + Subsidies
GNP Depreciation - Indirect taxes + Subsidies
GNP + Depreciation Indirect taxes - Subsidies
GNP+ Depreciation- Indirect taxes + Subsidies
Correct answer is D
No explanation has been provided for this answer.
Which of the following are intermediate products?
Cement and steel
Furniture and shirt
Handkerchief and shoe
Table and door
Correct answer is A
Intermediate goods are products that are used in the production process to make other goods or further production. Cement and steel from option A above are examples of intermediate goods, as they are used in building and construction.
Import substitution as a strategy of industrialization is the
Replacement of locally produced goods with imported ones
Development of locally produced goods with imported ones
Establishment of firms to process imported raw materials
Act of using local inputs to produce goods for export
Correct answer is B
Import substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods.
The location of iron and steel industry at a place is due to
Easy access to raw materials
Access to cheap labour
Government policy
Good infrastructure
Correct answer is A
In choosing the location of a company involved in the production of iron and steel, the source of its raw material is the first and most important factor to consider.
Which of the following problem has the least effect on agricultural productivity in West Africa?
Incidence of pests and diseases
Unfavourable weather conditions
Urban-rural migration
Illiteracy
Correct answer is D
No explanation has been provided for this answer.