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.
Business cycle is associated with
Recession
Unemployment
Seasonal variation
Inflation
Correct answer is A
Business cycle are intervals of expansion followed by recession in economic activity. It is characterized by general upswings and downturns in a span of macroeconomics variable.
Options A, B and C
Medium of exchange
Settlement of debt
Medium of payment
Correct answer is A
Money can be defined as anything that is generally acceptable as a medium of exchange (means of payment) and in the settlement of debt. It can also be defined as a medium of exchange recognized by law.
Principle of economy
Principle of convenience
Principle of simplicity
Principle of certainty
Correct answer is D
The principle of certainty states that a tax should be certain and clear to everybody concerned. The time of payment, the manner of payment and the amount to be paid should be clear and plain to the tax payer.
Government uses all of the following ways to redistribute income, except
Market intervention
Transfer earnings
Limited liability
Taxation
Correct answer is C
Limited liability is not a mechanism Government use to redistribute income. Government redistribute income in the following ways: taxation, welfare, public services, land reform, monetary policies etc.
..................... is the highest body in ECOWAS organogram
Authority of Head of State and Government
The Executive Secretariat
The Defense Council
Council of Ministers
Correct answer is A
The authority of heads of state and government is the foremost, and the highest authority of the organization. It is made up of heads of state and government within the sub-region. This organ is headed by a chairman, who holds office for one year.