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.
Competitive goods
Composite goods
Jointly supplied
Derived goods
Correct answer is A
Competitive goods means goods and/or services that meet the same buyer or customer needs as one or more goods and /or services offered by a member or any of its affiliates. An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are competitive supply.
The supply curve of a locally-produced good may shift to the right if
There is an increase in taxes on inputs
Government increases subsidies
Rural-urban migration is encouraged
The price of the commodity increases
Correct answer is D
One of the law of supply is, as price increases , the quantity demanded also increase due to the posiive relationship. Therefore, an increase in price will shift the supply curve to the right.
The demand curve for goods of ostentation is usually
Negatively sloped
Positively sloped
Vertical
Horizontal
Correct answer is B
Ostentation goods are goods that are expensive such as jewelries, gold wrist watch etc. The higher the price, the higher the quantity demanded. Therefore, the relationship between price and quantity demanded is positive.
In complementary demand
Of the same quality
In composite demand
In competitive demand
Correct answer is D
Competitive demand is also known as subtituted demand. There are alternative commodities which can satisfy similar wants wants i.e they posses identical utilities. An increased in demand for one will lead to a decreased demand for the other.
$90.00
$180.00
$324.00
$350.00
Correct answer is C
The contribution of the mining sector = 60% x 540
= 324