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.
Consider the following figures which refer to a firm's production department during one week:
₦7,300
₦7,100
₦1,300
₦1,100
Correct answer is B
Total variable costs also known as variable cost. TVC is the cost that varies or changes with the level of output.
TVC = 6000 + 800 + 300
TVC = ₦7100
A contractionary monetary policy is used to control_________
Deflation
Inflation
Recession
Balance of Payment deficit
Correct answer is B
A contractionary monetary policy leads to a balance of payment surplus and there is increase in interest rate or cash reserve ratio thereby reducing investment and output. It is used to control inflation, to stabilise the price level exchange rate and achieve equilibrium in the balance of payment and also promote economy development.
The term "Money at call and short notice" in a bank's assets represents the bank's loans to_____
Industry and commerce
Overseas central banks
The capital market
The money markets
Correct answer is D
Money at call or at short notice is a loan that is made for a very short period for a few days only for duration of a week. Money market is a market for short-term loans.
The term M \(^3\) comprises M \(^1\) together with deposits on deposit account held by
Banks only
Discount houses only
Banks and discount houses
Banks, discount houses and stock, exchanges
Correct answer is C
No explanation has been provided for this answer.
The following are measures of location except_______
Arithmetic mean
Harmonic mean
Range
Geometric mean
Correct answer is C
The measure of central tendency also known as measure of location are = mean (Arithmetic mean), median, mode, geometric mean and Harmonic mean.