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 arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______
145
15
90
6
Correct answer is B
| Arithmetic | Mean | = | ∑X
N |
, |
where N = Number of observation and X is observations
An economy in which the whole income is not consumed is referred to as______
Frugal economy
Spend thrift economy
Capitalist economy
Mixed economy
Correct answer is A
A frugal economy is an economy in which the income is shared between consumption and saving or consumption and investment i.e
γ = c + s or γ = C + I
The method obtained by adding all the reward of factors of production in national income is_______
Income approach
Expenditure approach
Value added method
Output approach
Correct answer is A
The reward of factors of production are: Rent, Interest, wages & salaries and profit. In national income adding the reward i.e R + I + W + P is used in calculating the income approach.
A rise in the supply of a commodity cause_________
An increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
An increase in both equilibrium
A decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
A decrease in both equilibrium
Correct answer is C
If supply increase while the demand remains constant, there will be an excess supply over demand which will lead to a decrease in the equilibrium price and an increase in equilibrium quantity.
A stock
A Flow
Constant
A table
Correct answer is B
Supply is a flow because its relates to a period of time i.e has a time dimension.