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.
Agriculture accounts for about 60% of the
Commodity market in West Africa
Arable land in West Africa
Active labour force in West Africa
Service sector activities in West Africa
Correct answer is C
Agriculture accounts for about 60% of the active labour force in West Africa. This is because a large portion of the population in West Africa is engaged in farming and other agricultural activities for their livelihood. The other options are incorrect as agriculture does not account for 60% of the arable land, service sector activities, or the commodity market in West Africa.
11
12
\(\frac{1}{2}\)
2
Correct answer is D
Explanation
e = \(\frac{∆Q}{∆P}\times\frac{p}{q}\)
where ∆Q = Q2 - Q1 and ∆P = P2 - P1
e = \(\frac{30 - 20}{6 - 8}\times\frac{8}{20}\)
= -2 since price elasticity of demand is always positive, then e = 2
2000
100
1500
1400
Correct answer is D
y = \(\frac{a + i + G}{1 - b}\)
where b = 0.75
= \(\frac{100 + 50 + 200}{1 - 075}\)
= \(\frac{350}{0.25}\)
= 1400
Alternatively:
Y = C + I + G
Y = 100 + 0.75Y + 50 + 200
Y - 0.75Y = 350
Y( 1 - 0.75) = 350
= \(\frac{350}{0.25}\)
Y = 1400
From the graph above, the consumer is at equilibrium at point
K
I
M
J
Correct answer is A
The consumer is at equilibrium is at point k where the slope of the indifference curve is tangential to the budget line.
All of the following describes conditions necessary for existence of a perfect market EXCEPT
Lack of homogeneity of goods
Perfect knowledge
Large buyers and sellers
Portability of goods
Correct answer is A
Lack of homogeneity of goods is not a characteristics or features of a perfect market. The features/ characteristics are: perfect knowledge about the market, there is free entry and exit, there are large number of buyers and sellers, the goods are portable and homogeneous, there is no preferential treatment etc