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.
In a country with large population of full-time house wives, national income
Will be composed of goods produced by women
Figures will be grossly over-stated
Statistics will be difficult to calculate
Figures will be grossly under-estimated
Correct answer is B
In a country with large population of full-time housewives, national income figures will be grossly over-stated because the income of the housewives may be computed in estimation of National Income which result to double counting.
$302.00
$52.00
$18.00
$622.00
Correct answer is C
Value added by the baker simply means profit which is calculated thus, profit= selling price - cost price
= $320 - (250 + 52)
= $320 - 302
Profit = $18
The largest component of national income in developing countries consist of
Profit
Profit and rent
Rent
Wages and salaries
Correct answer is D
The largest component of national income is compensation of employee that is Wages and salaries.
Local firms can help in reducing unemployment in a country when
Land acquisition becomes centralized
Imports of substitutes are reduced
Waste in the firm is eliminated
Subsidies to firms are decreased
Correct answer is B
When imports of substitute are reduced it will encourage the employment of labour to produce more commodities.
Which of the following factors is not a reason for farmer's unstable incomes?
Dependence on too many crops
Poor storage facilities
Adverse weather conditions
Recession in the world economy
Correct answer is A
Dependence on too many crops is not a reason for farmer's unstable incomes. Poor storage facilities, adverse weather condition and recession in the world economy are reasons for farmer's unstable incomes.