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.
Positive check as envisaged by Thomas Malthus can be prevented if
Death rate is reduced
Moral restraint abolished
More hospitals are built
There is natural calamities
Correct answer is D
The positive checks are: famine, war, disease, pestilence, floods and other natural calamities. To control over population resulting from the imbalance population and food supply, Malthus suggested preventive and positive checks.
If workers at the school canteen cannot sell during the holidays, this is example of
Structural unemployment
Frictional unemployment
Seasonal unemployment
Residual unemployment
Correct answer is C
Seasonal unemployment occurs in industries or activities that are seasonal in nature. Such activities engage labour temporarily during the peak period.
Wholesalers play an important in the distribution of goods and services because they
Are located very close to consumers
Finance both producers and retailers
Pass information on from retailers to consumers
Sell in small units to consumers
Correct answer is B
Wholesalers finance the manufacturer/producer by providing fund for the producer to produce and grant credit to the retailer.
In the event of bankruptcy, owners of joint-stock companies lose
Their private properties
Both company and private assets
Only the capital invested
Only their dividends
Correct answer is C
In the event of bankruptcy, owner of joint stock/limited liability companies loses only the amount invested in the company. They cannot lose their personal or private properties.
In the long-run, a firm must shut down if its average revenue is
Greater than average cost
Less than average variable cost
Equal to the minimum average revenue
Equal to the average cost
Correct answer is B
In the long-run, a firm shut down if its average revenue ( price) is less than average variable cost. A firm shut down, when it is unable to cover its average variable cost or average cost or Average fixed cost is zero(0).