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.
There is unemployment of resources when production is
Within the production possibility curve
Outside the production possibility curve
Along the production possibility curve
Adequate to meet market demand
Correct answer is A
Point inside the production possibility curve indicate that resources are not fully employed or inefficient use of resources or there is widespread unemployment.
Incomes of consumers in order of size
Utilities enjoyed by consumers
Opportunity cost of goods consumed
Consumer's wants in order of priority
Correct answer is D
Scale of preference is a table showing an individual wants arranged in a chronological order or it shows an individual wants in order of priority.
In a free market economy, the rationing of scarce goods is done principally by
The government
Business organizations
The price mechanism
Consumers
Correct answer is C
No explanation has been provided for this answer.
The lowest cost of producing goods
The cost of production of the most efficient firm in an industry
The cost of production of the most inefficient firm in an industry
The cost of production of the last or extra unit of goods produced by a firm
Correct answer is D
Marginal cost is the additional cost incurred in the production of an additional unit of a product or service.