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.
Alternative commodities forgone
Amount of money spent on goods and services
Cost of goods and services
True cost
Correct answer is C
Real cost is the cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
P1
P2
P3
P4
Correct answer is D
The highest price is P4 the monopoly can charge.
What is the lowest price the monopolist can charge
P2
P1
P3
P4
Correct answer is A
The monopolist can charge P2 price and still make profit as long as he covers his AVC. Any price below price P2, the monopoly will run at loss or shut down.
Perfect competition
Monopoly
Demand curve
Competitive market
Correct answer is B
The diagram above represent a monopolist diagram.
The fundamental problem of economics is
Finding striking determinants between the forces of supply and demand
The scarcity of productive resources relative to society's unlimited wants
The establishment of a political framework to determine the what, how and for whom of production
To establish an equitable distribution of income
Correct answer is B
The fundamental problem of Economics is Scarcity. Scarcity explains the basic economic problem that the world has limited or scarce resources to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.