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.
.............is presently used in Nigeria to measure inflation
GNP implicit price deflator
Consumer price index
Wholesale price index
Real Gross Domestic Product
Correct answer is B
In Nigeria, the Consumer Price Index (CPI) is used to measure inflation. The CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is the most widely used measure of inflation and is sometimes viewed as an indicator of the effectiveness of government economic policy.
A major factor contributing to productivity is
Immigration of young workers
The labour force
The baby boom of generation
The rate of GDP per year
Correct answer is B
Labour is by far the most common of the factors used in measuring productivity. One reason for this is, of course, the relatively large share of labour costs in the value of most products.
The development of an economic hypothesis through intuition, insight, or logic is associated with
Deduction
Policy economics
Normative economics
Induction
Correct answer is C
Normative economics is a perspective on economics that reflects normative, or ideologically prescriptive judgments toward economic development, investment projects, statements, and scenarios. It expresses ideological judgments about what may results in economic activity if public policy changes are made.
One major problem facing West African countries is
Relations with Colonial Masters
Joint Military operations in Member States
Political integration
Financial crunch of Member States
Correct answer is A
One of the major problem of West African state is the relation of West African states with the colonial masters.
A normal profit of N750,000
An economic profit of N750,000
A normal profit o N1,750,000
An economic profit of N250,000
Correct answer is D
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000