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.
A major disadvantage of a capitalist economy is that it
Leads to low production of goods and services
Requires large number of officials to operate
Considers individual consumers' satisfaction
Worsens income inequality among the citizens
Correct answer is D
One of the disadvantages of capitalism is that wealth and control of means of production are concentrated in the hands of every few individuals. Rich families always control the wealth of society.
A major characteristic of natural resources is that they
Are unlimited in supply
Have high cost of production
Are free gifts of nature
Do not command any price
Correct answer is C
Natural resources exist naturally unlike man made resources that are created by human beings. The existence of natural resources is not attributed to any human activities, they are acts of nature.
There is unemployment of resources when production is
Within the production possibility curve
Outside the production possibility curve
Along the production possibility curve
Adequate to meet market demand
Correct answer is A
Point inside the production possibility curve indicate that resources are not fully employed or inefficient use of resources or there is widespread unemployment.
If petrol is no longer needed to produce energy, then demand for crude oil
Will increase
Will remain constant
May be limited to chemical industries
Will make producing countries richer
Correct answer is C
The transportation industry is the highest demand for petrol while the chemical industry a close second.
The main function of the African Development Bank (AFDB) is to
Promote free trade and development among members
Provide loans to finance balance of payment problems
Provide loans to members to finance viable projects
Help members overcome their internal problems
Correct answer is C
African Development Bank is a bank owned by African countries which belonged to the African Union. The objective are:
- Provision of loans to aid social and economic development of member nations.
- Provision of technical assistance for development projects and programms embarked upon by member nations.
- It fosters economic integration among member nations.