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.
The relationship between the tax rate and income which is relevant to progressive tax is shown by?
Curve X
Curve Y
Curve Z
Curve X and Z
Correct answer is B
No explanation has been provided for this answer.
Which of the following rewards is associated with entrepreneurship?
Salaries
Profits
Interest
Rent
Correct answer is B
The reward for entrepreneurship is profit. Profit is described as the financial benefit gotten when the revenue generated from a business activity exceeds the expenses, costs, and taxes paid.
An entrepreneur is an individual who creates or owns a business and combines all the factors of production to make a profit.
Total utility must fall
Marginal utility must fall
Marginal utility may rise
Marginal utility may fall even though his total utility may be rising
Correct answer is B
The law of diminishing marginal utility states that as a consumer consumes an item or a product, the satisfaction or utility that they derive from the product reduces as they consume more and more of that product.
In economic life, the choice among alternatives depends on the
Income of the decision maker
Scarcity of resources
The scale of preference of the decision-maker
Status of the decison maker
Correct answer is C
No explanation has been provided for this answer.
Efficiency in production means
Reducing the size of the work force
Producing a given output with the lowest cost of combination of factors of production
Adoption of capital intensive technology
Increasing the quantity of the fixed factors of production
Correct answer is B
Efficiency of production means that an entity is operating at maximum capacity, where a firm is focused more on increasing the quantity being manufactured while reducing cost.