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 an increase in the supply of beef increased the supply of hides, then beef and hides are in
Competitive supply
Joint supply
Composite supply
Joint demandÂ
Correct answer is B
Joint supply refers to a product that can end up being transformed into at least two other types of goods. for instance, hides are a natural by-product of meat production and are gotten from livestock. An increase in the supply of beef will automatically lead to an increase in the production and supply of hides.
Joint supply
Competitive supply
Market Supply
Composite supply
Correct answer is A
Joint supply occurs when a product or the process of producing a product can yield two or more outputs. For instance, cows can be used for both milk or beef, If the supply of cows increases, it will also lead to an increase in the supply of dairy and beef products.
Goods that are abundant in supply usually have low
Total utility
Marginal utility
Average utility
Time utility
Correct answer is B
No explanation has been provided for this answer.
A consumer is in equilibrium when
His market Supply is equal to his market demand
He maximizes his satisfaction from spending his income
The market is also in equilibrium
He has consumed all he wants
Correct answer is B
A consumer is in equilibrium when he derives maximum satisfaction from the goods, given his income and the market prices.
Goods are described as inferior if their demand
Decreases as price falls
Increases as income rises
Decreases as income increases
Increases as price increases
Correct answer is C
In economics, an inferior good is a good whose demand drops when people's incomes rise.