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.
A point X inside the production possibility curve indicates that
Resources are fully utilized
The country is poor
Some resources are idle
Resources are not available
Correct answer is C
Point X in the production possibility curve represents an inefficient use of resources, while points A, B, and C on the PPF curve represent the most efficient use of resources by the economy.
The fundamental economic problem in every society is
The large number of the unemployed
Limited supply of productive resources
Inadequate supply of money
Corruption and mismanagement
Correct answer is A
The fundamental economic problem facing all societies is the problem of scarcity or limited resources to satisfy human wants. As we all know, human wants and unlimited, and the resources meant to satisfy these needs are less than required.
One of the major criticism of the 1962 -1968 National Development Plan was that
It failed to incorporate lessons gained from earlier plans to enhance its efficiency
It came too quickly after the country's independence
Planned expenditure was based too heavily on expected earnings from crude oil
Its execution was based largely on foregn-sourced financial resources
Correct answer is A
No explanation has been provided for this answer.
The use of legally permissible means to reduce tax liabilities is known as tax?
Evasion
Avoidance
Relief
Exemption
Correct answer is C
Tax relief is any government program or policy initiative that is designed to reduce the amount of taxes paid by individuals or businesses.
When a country's population is experiencing increasing returns, that country is said to be
Overpopulated
Economically poor
Over-producing goods and services
Underpopulated
Correct answer is A
Increasing returns occur when the output increases in a greater proportion than the increase in input. Now, when a country population is experiencing increasing returns, it means its population is rising and may get to a point where it becomes over populated.