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.
In a free market economy, resources are allocated through the
Government department
Price mechanisms
Trade union
State planning committee
Correct answer is B
In a free market economy, the allocation of resources and distribution of goods and services are made on the basis of the relative market price known as the price mechanism.
Land as a factor of production is made useful through the
Application of human effort
Acts of nature
Application of fertilizer
Use of machines
Correct answer is A
No explanation has been provided for this answer.
When the production possibility curve shifts outwards, the economy experiences
Growth
Over-production
Inefficient use of resources
Under-production
Correct answer is A
When the curve shifts outward, or to the right, that means output is increasing.
Which of the following is central to the definition of Economics?
Resources
Wants
Scarcity
Capital
Correct answer is C
Scarcity is one of the most important components of the definition of economics. It signifies the gap between limited resources and limitless wants.
Natural resources that are renewable are found in the
Mining sector
Traditional sector
Agricultural sector
Secondary sector
Correct answer is C
Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or non-living ones like wind, water, solar energy, and biomass which includes wood, sewage, and ethanol (which comes from corn or other plants).