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.
The main objective of marketing boards is to
Accumulate revenue for government
Educate farmers on pricing of cash crops
Stabilize the incomes of cash crop farmers
Provide warehousing facilities
Correct answer is C
The prime motive in the establishment of most marketing boards is to stabilize producer prices, particulary in the case of products designed primarily for those export markets in which price fluctuations are most violent.
The type of unemployment found among workers who leave their jobs in search of other jobs is termed
Seasonal unemployment
Structural unemployment
Frictional unemployment
Cyclical unemployment
Correct answer is C
Frictional unemployment arises when a person is in between jobs. It is also a sort of unemployment where job seekers search for jobs while the jobs seek the employees or workers.
Which of the following factors may not affect the efficiency of labour?
Education and training
Provision of welfare service
Race and colour of workforce
Quality of other factor inputs
Correct answer is C
The factors affecting the efficiency of labour are:
- Level of technology
- Attractive wages
- Conditions of service
- Security of job
- Education and training
- Promotion
A positive effect of a rapid population increase is
An excessive budget deficit
A reduction in standard of living
A wider market for goods and services
A higher dependency ratio
Correct answer is C
The positive effect of the large population is that :
- it increases the availability of cheap labour
- It leads to the formation of the large market as investors would like to invest in a country with a large population
- it motivates people to innovate
A major function of the retailer is to
Grant credit to the wholesaler
Break bulk and sell products in small units
Reduce cost of distribution
Generate demand for products through advertisement
Correct answer is B
The primary function of a retailer is selling the products in small units to the consumers/customers. They also perform several marketing functions such as sales promotion, advertising and point of purchase display etc.