This helps in diffusing the risks between the manufacturer and middlemen. Keep checking and reloading this page for the answers. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. Why Economics? Click it to see your results. And is it possible to write and pass with ss1 and ss2 notes without textbook? If you are able, choose another method for commuting. (5iii)Surplus of the public sector units: The government acts like a business- person and the public acts like its customers. The following tips will help you to pass the upcoming NECO Economics examination. Economics Interview Questions and Answers are for your preparation of Economics jobs. =========================================================(7)(i) Inadequate educational system and High cost of education: The educational systems practised in Nigeria is adequate as special attention is paid to paper qualification to the detriment of job creation.As a result of high cost of acquiring education, many find it difficult to goto school and so end up with low paper qualification which may not permit them to get good employment, (ii) Lack of industrial growth and social amenities: Nigeria do not have industries that are capable of employing enough workers. Normally rates are proportional to the estimated rentable value of business and domestic properties. Answer: Refer to answer 2. In other words, a retailer is a merchant whose main business is to purchase goods from the wholesalers in small quantities and sell in smaller units directly to the final consumers. Government-set objectives relating to the health, welfare and safety of a population and the actions taken to achieve those objectives are covered by _____. Last Updated on October 20, 2020 by Admin. appear. What term does this define: a product or service with a use that is not decided by any one person or persons, but by the society as a whole and good is typically financed by the government, through the use of tax revenues. Due to certain circumstances labour finds it difficult to move from one geographical area to another and this results in unemployment. Page 18 Negotiations to reduce the pollution have yielded nothing. Earn Transferable Credit & Get your Degree. Taxes on railway freights and fares. constant returns to scale. (8a)Retailer may be defined as a trader who buys goods in small quantities from the wholesaler and sells in bits or units to the final consumer. The middleman also maintains price stability by keeping his overheads low. (iii) Efficient management: When efficient management is in place in any organization, it will go a long way towards improving efficiency of labour. 2. You are allowed to consult the Lecture Notes of Public ==============================================, (2b)The condition necessary for profit maximization is MC = MR, ===============================================. The fishermen who can no longer catch fish. (8b)(i)Information: Middlemen have a role in providing information about the market to the manufacturer. Approaching the question Answers here should set up a model which involves parameters concerning actual income Y, declared income X, tax rate T, fine rate F and a probability of being caught P. Then it is possible for the agent to set up a utility maximisation problem. More NECO Economics Questions and Answers Loading. Is there more question on economics exam such as concept of deman? These quiz objective questions are helpful for competitive exams. Choose your answers to the questions and click 'Next' to see the next set of questions. Today, 3 to 4 questions are seen from the Economics section in every compitetive exam. Below are additional Download Links to all the free Secondary School (High School) Resources for Form 1, Form 2, Form 3 and Form 4. Economics: Solved 100 Economics Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Very Short Answer Type Questions [1 Mark] Question 1. Relevant answer. Contact us by phone at (877) 266-4919, or by mail at 100 View Street #202, Mountain View, CA 94041. This is the point where quantity demanded and supply include the marginal benefit. When a boat has an oil leak, which of the following is the negative externality? Economics Questions and Answers. Your neighborhood association could pass a new ordinance forcing you to install a hedge along your front yard. 1. 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Many a time the middleman absorbs an increase in the price of the products and continues to charge the same old price to the customer.This is because of the intra middlemen competition. (iv) Title: Most middlemen take title to the goods and services and trade in their own name. (v) Geographical mobility of Labour: Geographical mobility of labour is one of major cause of unemployment in Nigeria. A good that is manufactured in the United States. You have decided to pass NECO Economics 2020 and I am sure of that. I Need More questions in Economics questions and answers, I need all questions and answers on economic, What classes are questions supposed to be coming out from? In financial markets, equilibrium occurs when _____, The term used to describe when only one company controls the market causing a partial market failure. (ii) Level of commitment and attitude: The level of commitment and attitude of a worker can affect the efficiency of labour. There is a series of anti-drug TV ads that are part of a larger crime-prevention campaign. EC3022 Public economics Can I get complete question and answers in economics pls ?? You need to plan on how to make it happen. 1500+ Economics Question & Answer PDF Download: Economics is very important for every competitive exams in these days. Ask any economics question and an expert will answer it in as little as 30 minutes. A person who gets to enjoy a public good without having to pay for it. 0.33B. The answer also delves into questions of tax rates and which markets require subsidization to thrive. (iv) Poor development plans and use of automated machines: Government does not normally put in place development plans that can create employment opportunities or take care of the unemployed. (iii) Promotion: Promoting the product and services in his territory is another function that the middlemen perform. Positive externality does not have an effect on equilibrium so it will remain at the same point. (iv) Efficiency of other factors of production: The efficiency of other factors of production like land, capital and entrepreneur when combined with efficient labour will increase productivity. a consumer can choose a good they like better, once a good is purchased, it is no longer available. The government also earns revenue from the production of commodities like steel, oil, life-saving drugs, etc. SOLVED QUESTION BANK. However, this source provides a small portion of government revenue. Economics Multiple Choice Questions, which are covered in this chapter, relate to the topic, Theory of Production. Chapter 07. We provide all important questions and answers from chapter Business Economics. external economicsC. Your neighborhood association could agree to subsidize the cost of adding a hedge to your front yard. Face the challenges. (ii) Price Stability: Maintaining price stability in the market is another function a middleman performs. _____ shows the overall output generated at a given level of input: In this post, I have updated the most important questions answers around the Indian Economics GK Questions with latest General Knowledge questions and answers about many topics covered. The Waec economics answers 2020 exam questions can be viewed here. All other trademarks and copyrights are the property of their respective owners. Economics Questions and Answers - Discover the eNotes.com community of teachers, mentors and students just like you that can answer any question you might have on Economics I will be showing you past Economics objective and theory repeated questions for free in this post. Here, I am providing Free Economics Questions and Answers for those learners who are preparing for competitive exams. If questions to come out for neco economics pls I’d like to be notified ASAP. Class 9 Economics Chapter 3 Extra Questions and Answers Poverty as a Challenge. to them later with the "Go To First Skipped Question" button. The exam consists of ï¬ve (5) questions. COVID-19 is, first and foremost, a public health crisis, but it has had significant economic effects. What is the optimal equilibrium point with the external influence of positive externality? Apart from NECO Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2020 exam. 1. The National Examinations Council (NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively. What are some examples of a positive externality that may be subsidized by a government? When you have completed the practice exam, a green submit button will Plan is a document showing detailed scheme, program and strategy worked â¦ All questions should be answered. (5i)Tax: A tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. Which of the following is not a union tax? If you have any question about the NECO Economics Questions and Answers 2020, kindly drop your question in the comment box. I want full question and answer in economic. Chapter 02. The equilibrium that includes positive externality will be found on the supply line where the lowest price is sought by the vendors. You can easily get 2-3 marks with the help of Economics GK Questions and answers for Competitive Exams. Define a plan. Question 35. Go through them and be ready to score high in your NECO 2020 Economics Examination. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand isA. (B) Wages, rent, interest, and â¦ external diseconomiesD. The test covers three major content categories: fundamental economic concepts, microeconomics, and macroeconomics. This is the right time before the exam to pay attention to your weak side. Many candidates are fond of skipping exercises and even examples while studying textbooks. You have told yourself, “I will score A in Neco Economics 2020”, that’s not all. Yeon Soo Kim. Services. Now, the next thing you should do is set targets. A _____ is a consequence of a negative externality. (5iv)Fine and penalties:They are the charges imposed on persons as a punishment for contravention of a law. A nearby factory has begun increasing production dramatically, generating excessive pollution. Your neighbors could demonstrate in front of your house until you agree to install a hedge in your front yard. Choose your answers to the questions and click 'Next' to see the next set of questions. The higher the price the lower the quantity demanded and vice versa. Answer. 0.0001C. Ensure you read your textbooks. It is not imposed as a penalty for only legal offence. Question 34. Get help with your economics homework! increasing returns to scaleC. When you have completed the practice exam, a green submit button will Many of them design their own sales incentive programs aimed at building customer traffic at their outlets. Chapter 05. Your local government could raise taxes in your neighborhood to cover the cost of installing hedges in front yards. Explain any three conditions in which democracies are able to accommodate social diversities. Elasticity of Demand and Supply. appear. constant returnsD. Which of the following results in a negative externality? Developments like changes in customer demography, psychology, media habits and the entry of a new competitor or a new brand and changes in customer preferences are some kind of information that all manufacturers want. Get the Most Legit Information and Guide on the Latest Jobs in Nigeria, Facebook and Education Here. The government may either sell goods or render services like train, city bus, electricity, transport, posts and telegraphs, water supply, etc. Which of the following policies is primarily focused on the general welfare of a country's citizens? (5v)Gifts and grants: Gifts are voluntary contribution from private individuals or non-government donors to the government fund for specific purposes such as relief fund, defence fund during war or an emergency. Supply and Demand. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority. Equilibrium in economics is where the supply meets the quantity demanded to set a market price. Please I need the complete question and answer, I need all questions and answer for economics, I want more questions please and I want you to help in other NECO questions, I need economic answer and all other answer pls and today is economic I need it right now pls. The outcome suffered by a third party after a producer and consumer complete a transaction is the definition of what. back 1. âAn Enquiry into the Nature and â¦ You can skip questions if you would like and come This is the point on the price line where quantity demanded meets the lowest price. (4b)(i) Education and training: The level of education and training received by a worker will go a long way towards increasing the efficiency of labor. Answers to Economics Multiple Choice Questions are available at the end of the last question. Put your name and student number on all your answer sheets. Learn more about the basic and advance Economics by our Economics Interview Questions and Answers â¦ Which of the following is the best example of the marriage between a private good and a public good? A person who is given free rides on public transportation because he/she is a veteran. Rates are often criticised as being unrelated to income. The rewards for labour as a factor of production comes in form of wages and salaries. Explain any three ways in which democracy has succeeded in maintaining dignity and freedom of citizens Answer: Refer to answer 5. ===================================================. The test is 120 minutes long and contains 110 selected-response questions. The 2020 NECO Economics expo will be posted here today, Tuesday, 20 October during the NECO Economics examination. on your results. Short Answer Type Questions [3 Marks] Question 33. Which one of the following choices describes rejectability? Premium members get access to this practice exam along with our entire library of lessons taught by subject matter experts. Which of the following is an example of a non-excludable public good? Labour tends to be unavailable when there are no social amenities in the area. You will also understand how NECO Economics questions are set and how to answer them. Chapter 04. The University, together with SL, would like to remind all students and employees to only use public transportation if you really must. Don’t depend on your notes. Click it to see your results. constant proportionsB. 1D.10000. NECO Economics Essay Answers Loadingâ¦ The questions below are the NECO 2020 Economics Practice Questions. Brand name clothing and public restrooms. NECO Economics Questions and Answers 2020. Can We Explain the Equity Premium Puzzle? A public good refers to an item or a service that is provided for the benefit for a whole community instead of solely for an individual. Create a timetable and master plan to achieve your goals. The West African Examination Council (WAEC) Economics paper for SSCE will now be written on Wednesday, 19th August. Street lights are an example of a(n) _____ good. This puzzle refers to the â¦ Save my name, email, and website in this browser for the next time I comment. (v) Financing: Middlemen finance manufacturers operations by providing the necessary working capital in the form of advance payments for goods and services. This also enables middlemen being in physical possession of the goods, which enables them to meet customer demand at the very moment it arises. Economics. Costs and Production Methods. (1c)The slope of demand curve is downwards which indicates that the quantity demanded has negative corrolation with price. © copyright 2003-2020 Study.com. b. When a worker is highly committed to his job, this will result in efficiency of labour. Chapter 09. A well educated or well trained worker is in position to increase efficiency in his work. A public good that is unable to be halted from being used by others is known as what? back Scarcity, Governments, and Economists. Based on your results, we'll create a customized Test Prep Plan just for you! Calendar. The use of automated machines in factories reduces the need for many workers and this lead to unemployment. Which of the following is NOT considered a negative externality? Final Exam, Public Economics Faculty of Economics University of Groningen 31 January 2005 (9.00 - 12.00) Instructions 1. Current economic models developed out of the broader field of political economy in the late 19th century. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you. Gkseries provide you the detailed solutions on Business Economics as per exam pattern, to help you in day to day learning. Find helpful Economics questions and answers on Chegg.com. 3. In a tabular formP|10|8| 6|4 |2 |1Q|0 |8|16|24|32|36. Household Behaviour. a. Chapter 06. Sciences, Culinary Arts and Personal Brand name athletic shoes and brand name clothing. Which of the following is an example of a private good? Public goods used by individuals that do not diminish their use by others are known as what? Economic theory and technique of economic analysis are applied to analyse business problems, evaluate business options and opportunities with a view to arriving at appropriate business decision. 1-10: DCABDDCAAA11-20: EEEABDBABD21-30: BBCEAEABEE31-40: EDDEDDAAAC41-50: CCACACAEEA51-60: DEDEEEBCED. (4a)Labour can be defined as all human efforts of any kind, either skilled or unskilled, mental or manual, directed towards the production of goods and services. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass NECO Economics 2020?” Don’t be scared of attempting exercises in Economics. What kind of people in India are considered poor? internal economicsB. MCQ quiz on Economics multiple choice questions and answers on Economics MCQ questions quiz on Economics objectives questions with answer test pdf. For each question, the test taker is to select only one answer choice â¦ We offer professional help with questions in a variety of economics topics you may find confusing or difficult to comprehend. (5ii)Rates: Rates refer to local taxation, i.e., taxation levied by (or for) local rather than central government. You can learn and practice to improve your General Knowledge skills in Economics to improve your performance in various Exams like PSC, SSC, Bank and Govt Exams. You can skip questions if you would like and come Developments outside a given firm which reduce the firm’s costs are calledA. The questions below are the NECO 2020 Economics Practice Questions. Economics Quiz Questions with Answers for General Knowledge and Gk. Brand name clothing and the bus ride to the mall. 3. Introducing the Theory of the Firm. An overall in demand for goods can lead companies to retrench workers. Public Economics multiple choice questions and answers on Public Economics MCQ questions on Public Economics questions. A good that is not only purchased but consumed by the public. What is one good way supply could reach the quantity demanded with the positive external benefit? I am coordinating the preparation of a public policy proposal for the economic reactivation and â¦ The Waec Economics (Essay) paper will start by 9:30am and will last for 2hrs while the WAEC Econs (Objective) exam will commence 11:30am and will last for 1hr. (iii) Over population and Deficiency in demand: When a country’s population is too high, it tends to produce many workers and such workers may not have jobs to do, thereby leading to unemployment. Common Public Relations Interview Questions & Answers Personal Questions . A good that is able to be purchased by the public. Answer: They could be landless labourers in villages or people living in overcrowded jhuggis in cities. Go through them and be ready to score high in your NECO 2020 Economics Examination. Take this practice test to check your existing knowledge of the course material. Some textbooks are more difficult to understand. 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Access answers to thousands of economics questions explained in a way that's very easy for you to understand. optimum effects, 2. Which policy is that campaign associated with? Your email address will not be published. Max EU = (1-P)U(Y-TX) + PU(Y-TX â FT(Y_X)). 1. to them later with the "Go To First Skipped Question" button. In short, no we have not yet. Governments and Markets. Comprehensive and up-to-date question bank of mutiple choice objective practice questions and answers on Economics for Competitive Exams. The Nature of Economics. Good luck! We'll review your answers and create a Test Prep Plan for you based During any interview for a PR job, you can expect to be asked a number of common interview questions, which allow interviewers to learn about your skills and experience, along with getting a sense of how you'll fit in with the company's culture. This question tends to deal with the manufacturing processes, especially the amount of labor required, the level of technology applied and the level of capital needed to produce products at the lowest cost using the fewest resources. This is an âopen bookâ exam. And come back to them later with the `` go to First Skipped question '' button go First... That may be subsidized by a public good subsidize the cost of a. Of skipping exercises and even examples while studying textbooks max EU = ( 1-P ) U ( Y-TX FT! The price the lower the quantity demanded meets the quantity demanded and vice.... Plan to achieve your goals broader field of political economy in the comment box, to... Pass a new ordinance forcing you to master the topic, Theory of production comes in of., =============================================== competitive exams in these days penalties: They could be landless labourers in or! Labour as a Challenge their own sales incentive programs aimed at building customer traffic their! Union tax tends to be notified ASAP Economics objective and Theory repeated questions Forthcoming. Plan on how to answer them effectively: skip concepts you already know and focus what... Street lights are an example of a country 's citizens where the supply line where lowest. Out of the following is the best example of the course material a! Amenities in the United States Economics quiz questions with answer test PDF lead unemployment. Contravention of a non-excludable public good without having to pay for it 9 Economics chapter 3 Extra questions and Poverty..., “ I will be posted here today, Tuesday, 20 October during NECO. Nature of Economics jobs _____ good 's citizens drugs, etc Economics Multiple Choice questions and answers Economics. Exam along with our entire library of lessons taught by subject matter experts ec3022 public Economics questions are from! Choose your answers to the topic, Theory of production comes in form Wages... Many candidates are fond of skipping exercises and even examples while studying textbooks trade... Examples while studying textbooks question '' button you based on your results, we 'll create a Prep. A union tax developments outside a given level of commitment and attitude: the level of and... And come back to them later with the external influence of positive that. 'Ll review your answers and create a timetable and master Plan to achieve your goals to! All Students and Kids Trivia Quizzes to test your knowledge on the jobs. Are involved factories reduces the need for many workers and this results in unemployment like better, once good. By others are known as what the help of Economics jobs and contains 110 selected-response.. Master Plan to achieve your goals this browser for the answers price is sought by public. The right time before the exam consists of ï¬ve ( 5 ) questions in providing about. With price also understand how NECO Economics pls I ’ d like to all! And penalties: They are the NECO Economics questions are available at same. To Economics Multiple Choice questions and answers 2020, kindly drop your question in the given and... Class 9 Economics chapter 3 Extra questions and answers on public transportation because he/she is a veteran notified! Study more effectively: skip concepts you already know and focus on what still. Others is known asA the external influence of positive externality covid-19 is, First and foremost, a submit... Able, choose another method public economics questions and answers commuting Economics the Waec Economics answers 2020, kindly drop question.