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 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.
The middlemen is responsible for
Providing research facilities
Purchasing raw materials
Designing the product
Breaking the bulk
Correct answer is D
The middlemen plays the role of an intermediary in a distribution or transaction chain who facilitates interaction between the involved parties. The middlemen are the whoselars and retailers who specialise in performing activities relating to the purchase and sale of goods in the process of their flow from producer to the final buyers