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.
Supply curve
Production possibility curve
Indifference curve
Demand curve
Correct answer is B
The digram above represent the production possibility curve which is also known as production possibility frontier, production possibility boundary, or transformation curve.
Sppose the public expenditure as a percentage of GDP of four countries is shown in the table below
| A | 40% |
| B | 50% |
| C | 33% |
| D | 36% |
Which type of economy exists in these countries?
Traditional
Planned
Pure market
Mixed
Correct answer is D
The economy is mixed with the highest GDP. It constitutes private expenditure as a percentage of GDP.
Which of the following Age group belongs to active Labour force?
15 - 25yrs
0 - 17yrs
65yrs and above
18 - 64yrs
Correct answer is D
18 - 64yrs Age group belongs to active Labour force (working population or active population) in a country.
From the graph below, Point "E" shows--------------
Product inefficiency
Product efficiency
Productive efficiency
Allocate efficiency
Correct answer is A
Point 'E" inside the graph indicates it is technologically inefficient" , Underemployed" or wide spread unemployent" or resources are not fully utilized or production inefficient"
A persistence rise in the prices of inputs will lead to
Cost push inflation
Demand pull inflation
Hyperinflation
Stagflation
Correct answer is A
Cost push inflation is inflation caused by an increase in prices of inputs like labour, raw materials etc.