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.
Economics is a social science concerned with the proper use and_____
Production of goods and services
Distribution of wealth
Allocation of resources for growth
Creation of utility
Correct answer is C
Economics study scarcity because the resources are limited. Also, it helps to study how resources are allocated or used up by the government, firm and individual.
ECOWAS was formed for the purpose of________
Promoting co-operation and integration
To facilitate the expansion of international trade
To provide insurance
To insure new investment
Correct answer is A
The Economic Community of West African States (ECOWAS) was formed to promote cooperation and integrate member state to accelerate economic growth and development in West Africa.
The release of a liquid petroleum hydrocarbon into the environment is_______
Oil glut
Oil spill
Oil shock
Oil wastage
Correct answer is B
Oil is release into the ocean or coastal waters but also occur on land. Oil spill is release into the environment especially marine areas due to human activity and is a form of pollution.
The most reliable and acceptable index of economic growth is the__________
Wholesale Price Index
Consumer Price Index
National Income
Retailer's Price Index
Correct answer is C
If the national income or output is increased, economic growth will also increase.
Among the disadvantages of the one-man business is the fact that______
Its capital may not be increased without government permission
The proprietor is personally liable for the firm's debts
The proprietor is not able to obtain credit
The proprietor may not sue for bad debts
Correct answer is B
A one man business also sole proprietorship is run by an individual. The debts of the proprietor can affect the firm.