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.
External economies arises essentially from_________
A firm's individual policies
Localisation of industry
Government economic policy
Free transferability of shares
Correct answer is B
External economies are the benefits a firm derives from concentration or localisation of industries in a particular area or the benefits a firm enjoys from increase in its output and decrease in cost as a result of the kind of assistance it derives from other firms.
Division of labour
Employment trends
Relative costs and benefits
Immobility of skilled labour
Correct answer is C
Location of industry is the sitting of a firm in a particular area. The benefits a firm derive i.e economies of scale is one of the principle in location of industry.
Most of the National debts is "dead weight" in the sense that is___
Bound to increase from year to year
Accumulated as the result of past capital investment
The responsibility of the treasury
Not covered by any real asset
Correct answer is D
Dead weight is a debt that is incurred to meet current needs without the security of an enduring asset. It is usually incurred by the government.
Buyer
Seller
Government
Local authority
Correct answer is B
The seller or producer will bear the whole burden of taxation. Any attempt to increase price will make the demand for the commodity to fall to zero.
The determination of wages in a labour market depends on the______
Government
People
Interaction between demand and supply of labour
Economy
Correct answer is C
Irrespective of the presence of labour unions, labour laws and other forces, the interaction between dd and ss of labour determines the wages in a labour market i.e where dd for labour equals ss of labour.