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.
Labour productivity is defined as
Output per man-hour
Average Output
The maximum number of hours Worked
Total output of labourÂ
Correct answer is A
Labour productivity measures the hourly output of a country's economy.
In the long run, as individuals receive higher wages, it causes
Demand for food to decrease
Demand for leisure to decrease
Supply of normal goods to decrease
Supply of labour to decrease
Correct answer is A
No explanation has been provided for this answer.
Which function of the wholesaler enables him to stabilize prices?
Warehousing goods
Advertising the goods
Granting credit to retailers
Transporting goodsÂ
Correct answer is A
One function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stockpiling at the production point. Goods are stored at the warehouse until they are bought, hence it gives the wholesaler an edge in the bargaining power of the products. He can decide to keep the goods as long as possible and sell them at a price he considers considerable.
The public sector in a mixed economy is not always because of
Bureaucratic practice
The desire to make huge change
Annual planning of activities
The activities of shareholders
Correct answer is A
No explanation has been provided for this answer.
Organization and entrepreneurship are vested in diferrent persons in a
Cooperative society
Sole proprietorship
Partnership
Public company
Correct answer is D
No explanation has been provided for this answer.