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.
Consumers have access to a variety of goods through the activities of the
Retailers
Advertising agencies
Mass media
Wholesalers
Correct answer is A
Retailers are businesses that sell goods directly to consumers, whether through physical stores or online platforms. They offer a wide range of products from various manufacturers and wholesalers, making them easily accessible to consumers. Retailers create a convenient and engaging shopping experience, allowing consumers to browse, compare, and purchase goods in one location.
Increase
Remain constant
Decrease
Turn negative
Correct answer is A
When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will increase. This is because the increase in demand will create a shortage at the current price. As a result, sellers will be able to raise prices, and the quantity traded will increase.
The equilibrium price will increase until the quantity demanded equals the quantity supplied. At this point, the market will be in equilibrium again.
The dependency ratio of a country is the
The children and aged who rely on the active population for support
People who are cared for by their extended families
Total active population who depend on government for survival
Number of children who depend on their parents for survival
Correct answer is A
The dependency ratio of a country is the children and aged who rely on the active population for support.
The dependency ratio is a measure of the number of people who are not of working age (children and the elderly) compared to the number of people who are of working age (15-64 years old). A high dependency ratio means that there are a lot of people who are not of working age, which can put a strain on the economy. A low dependency ratio means that there are a lot of people of working age, which can be a sign of a healthy economy.
A fall in the price of a normal commodity which has elastic demand will result in
A fall in demand
A fall in quantity demanded
An increase in revenue
A decrease in revenue
Correct answer is C
A fall in the price of a normal commodity which has elastic demand will result in an increase in revenue. This is because elastic demand means that consumers are very responsive to changes in price. When the price falls, consumers will buy more of the commodity, which will increase the total revenue.
An example of government's recurrent expenditure is
Electrification projects in rural areas
The cost of building a school
Purchase of new vehicles
Paying salaries of workers
Correct answer is D
The cost of paying salaries of workers is an example of government's recurrent expenditure. Recurrent expenditure is a type of government spending that is necessary to keep the government running on a day-to-day basis. It includes costs such as salaries, benefits, and pensions for government employees, as well as the cost of operating government buildings and facilities.