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 minimum price legislation is also called
Price ceiling
Price mechanism
Price control
Price floor
Correct answer is D
Minimum price is often called price floor and it is fixed by the government to protect the producer or seller. Minimum price is set above the equilibrium price and when this occur, there will be excess supply over demand i.e surplus.
The sufficient condition for a firm to be in equilibrium is that the
Marginal revenue curve is above the average revenue curve
Marginal cost curve cuts the marginal revenue curve from below
Firm must show that it is profitable
Marginal cost must be equal to average revenue
Correct answer is B
A firm is said to be in equilibrium when it satisfies the following conditions:
- the first condition for the equilibrium of the firm is that its profit should be maximum
- Marginal cost should be equal to marginal revenue
- Marginal cost must cut Marginal revenue from below
Which of the following cannot be classified as a natural resource?
Iron rod
Wild life
Solar energy
Gold
Correct answer is A
Iron ore is a natural resources not Iron rod. Major mineral resource includes: coal, iron ore, tin and columbite, limestone, lead and zinc etc.
One benefit a country can derive from the extraction of crude oil is increase in
Population
Employment
Money supply
Demand for imports
Correct answer is B
Extraction of crude oil increase employment or create employment.
An electrical engineer who is teaching physics in a secondary school is said to be
Under-employed
Unemployed
Fully employed
Technologically unemployed
Correct answer is A
Underemployed is when a labour is not use up to full capacity e.g Accountant working as a petty cashier in a company.