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.
Opportunity cost of goods consumed
Incomes of consumers in order of size
Utilities enjoyed by consumers
Consumer's wants in order of priority
Correct answer is D
Scale of preference is a table showing an individual wants arranged in a chronological order or it shows an individual wants in order of priority.
The use of the bank rate, cash ratio and open market operations constitute
Monetary policy
Export policy
Fiscal policy
Import policy
Correct answer is A
Monetary policy refers to the policy taken by the Central Bank to control and regulate the supply of money with the public (economy). Examples are Open market operation, Bank rate, Cash reserve ratio etc.
2.00
0.50
0.65
2.50
Correct answer is A
e= ∆Qd/∆P x P/Qd
= 30 - 20/ 5 - 4 x 4/ 20
= 10/1 x 4/20
= 2
Cooperative societies are formed mainly to
Break the monopolies of private companies
Encourage thrift and credit among members
Assist producers to maximize their profits
Promote and maintain the welfare of members
Correct answer is D
Cooperative societies are formed with the aim of helping their members. It is often a voluntary association of individuals who come together with the intention of work together and to promote their economic interest.
Which of the following factors is not a cause of change in demand? Changes in
The size of the population
Price of the commodity
Income distribution
Taste and fashion
Correct answer is B
Change in demand is also known as shift in demand. A change / shift in demand is caused by taste, income of the consumer, population size, festival, price of other commodities etc.