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 demand curve for goods of ostentation is usually
Negatively sloped
Positively sloped
Vertical
Horizontal
Correct answer is B
Ostentation goods are goods that are expensive such as jewelries, gold wrist watch etc. The higher the price, the higher the quantity demanded. Therefore, the relationship between price and quantity demanded is positive.
In complementary demand
Of the same quality
In composite demand
In competitive demand
Correct answer is D
Competitive demand is also known as subtituted demand. There are alternative commodities which can satisfy similar wants wants i.e they posses identical utilities. An increased in demand for one will lead to a decreased demand for the other.
A major disadvantage of a capitalist economy is that it
Leads to low production of goods and services
Requires large number of officials to operate
Considers individual consumer's satisfaction
Worsens income inequality among the citizens
Correct answer is D
One of the disadvantage of capitalism is that wealth and control of means of production is concentrated in the hands of every few individuals. The rich families alwalys control the wealth of the society.
A major characteristic of natural resources is they
Are unlimited in supply
Have high cost of production
Are free gifts of nature
Do not command any price
Correct answer is C
Natural resources exist naturally unlike man made resources that are created by human beings. The existence of natural resources is not attributed to any human activities, they are acts of nature.