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.
Devaluation of currency may not correct a balance of payments deficit if the demand for export is
Perfectly inelastic
Perfectly elastic
Fairly elastic
Unitary elastic
Correct answer is A
No explanation has been provided for this answer.
Balance of trade involves the exchange of
Goods only
Services only
Goods and services
Goods and capital
Correct answer is C
Balance of trade is the difference between the value of a country's exports and the value of its imports. These exports and imports include both goods and services.
In a period of unemployment and falling prices, the government should adopt a
Zero-based budget
Budget deficit
Balanced budget
Surplus budget
Correct answer is C
No explanation has been provided for this answer.
In most underdeveloped countries, development plans do not achieve their objective due to
Poor coordination between local and national governments
Exportation of more primary products
Lack of educational institutions in those countries
Urban-rural migration of citizens
Correct answer is B
Developing economies mainly trade in primary exports. These primary products are transformed into finished goods by the developed economies and sold to underdeveloped countries. The money raised from the sale of the primary products is then used to pay for manufactured imports, this has been a serious impediment in its developmental strides.
In most developing countries, a large percentage of the labour force is engaged in
Trading
Mining
Agriculture
Manufacturing
Correct answer is C
Developing countries are characterized by a large percentage of the labour force engaged in agricultural activities. These are countries with low per capita income and a high number of poor people. These poor persons are predominantly found in the agricultural sector.