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.
An example of transfer payments in national income accounting is
Money transferred to another country
Unemployment allowance paid to the citizens
The amount paid to a worker on transfer
Transfer of funds from one bank to another
Correct answer is B
Transfer payment are payment of receipts not resulting from contribution to productive activities in the economy. They are mere transfers from one person to another, for example: pension, bursary, award, gift, unemployment benefit etc. When estimating or calculating national income, transfer payment are excluded.
Gross National Product (GNP) less the provision for the wear and tear of assets is the
Net present value
Net national product
Net factor income
Net indirect taxes
Correct answer is B
Net National Product is the gross national product minus depreciation i.e NNP = GNP - Depreciation or Capital consumption allowance.
Which of the following industries will add more value to primary products?
Service industry
Construction industry
Mining industry
Processing industry
Correct answer is C
Primary products are goods that are available from cultivating raw materials without a manufacturing process. Significant primary product industries include agriculture, fishing, mining and forestry. Examples of primary products are: oil, water, fish, fruit, crops, wood etc.
The point x inside the ppc indicate?
Resources are fully utilized
The country is poor
Some resources are idle
Resources are not available
Correct answer is C
Point x inside the PPC indicates that resources are underemployed or idle. It also indicate that resources are not fully employed.
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, particularly in the case of products designed primarily for those export markets in which price fluctuations are most violent.