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.
In a country with large population of full-time house wives, national income
Will be composed of goods produced by women
Figures will be grossly over-stated
Statistics will be difficult to calculate
Figures will be grossly under-estimated
Correct answer is B
In a country with large population of full-time housewives, national income figures will be grossly over-stated because the income of the housewives may be computed in estimation of National Income which result to double counting.
Positive check as envisaged by Thomas Malthus can be prevented if
Death rate is reduced
Moral restraint abolished
More hospitals are built
There is natural calamities
Correct answer is D
The positive checks are: famine, war, disease, pestilence, floods and other natural calamities. To control over population resulting from the imbalance population and food supply, Malthus suggested preventive and positive checks.
If workers at the school canteen cannot sell during the holidays, this is example of
Structural unemployment
Frictional unemployment
Seasonal unemployment
Residual unemployment
Correct answer is C
Seasonal unemployment occurs in industries or activities that are seasonal in nature. Such activities engage labour temporarily during the peak period.
Wholesalers play an important in the distribution of goods and services because they
Are located very close to consumers
Finance both producers and retailers
Pass information on from retailers to consumers
Sell in small units to consumers
Correct answer is B
Wholesalers finance the manufacturer/producer by providing fund for the producer to produce and grant credit to the retailer.