Create a timetable and master plan to achieve your goals. Public Sector Economics Chapter Exam Instructions. The government may either sell goods or render services like train, city bus, electricity, transport, posts and telegraphs, water supply, etc. In a tabular formP|10|8| 6|4 |2 |1Q|0 |8|16|24|32|36. external diseconomiesD. It is not imposed as a penalty for only legal offence. 3. increasing returns to scaleC. Go through them and be ready to score high in your NECO 2020 Economics Examination. (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. Economics: Solved 100 Economics Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Good luck! If you need assistance with your economics homework problems or need answers to economics worksheet, test or quiz questions, be it multiple choice or free answer questions, Assignment Expert will be glad to provide it. Is there more question on economics exam such as concept of deman? (5i)Tax: A tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. (5iii)Surplus of the public sector units: The government acts like a business- person and the public acts like its customers. ===================================================. The test is 120 minutes long and contains 110 selected-response questions. (v) Financing: Middlemen finance manufacturers operations by providing the necessary working capital in the form of advance payments for goods and services. Choose your answers to the questions and click 'Next' to see the next set of questions. This post of Economics GK Questions for Competitive Exams is very important. (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. Can We Explain the Equity Premium Puzzle? (iii) Efficient management: When efficient management is in place in any organization, it will go a long way towards improving efficiency of labour. A good that is manufactured in the United States. Brand name athletic shoes and brand name clothing. Taxes on railway freights and fares. Access answers to thousands of economics questions explained in a way that's very easy for you to understand. Chapter 09. Based on your results, we'll create a customized Test Prep Plan just for you! Click it to see your results. Here, I am providing Free Economics Questions and Answers for those learners who are preparing for competitive exams. The equilibrium that includes positive externality will be found on the supply line where the lowest price is sought by the vendors. You need to plan on how to make it happen. When facing the possibility of depletion of a common good, which of the following options could ensure proper management? Many of them design their own sales incentive programs aimed at building customer traffic at their outlets. What are some examples of a positive externality that may be subsidized by a government? to them later with the "Go To First Skipped Question" button. (8b)(i)Information: Middlemen have a role in providing information about the market to the manufacturer. to them later with the "Go To First Skipped Question" button. You can skip questions if you would like and come 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. Street lights are an example of a(n) _____ good. Ensure you read your textbooks. We'll review your answers and create a Test Prep Plan for you based Answer: Refer to answer 2. A public good that is unable to be halted from being used by others is known as what? There is a series of anti-drug TV ads that are part of a larger crime-prevention campaign. And is it possible to write and pass with ss1 and ss2 notes without textbook? The four factor payment are: (A) Money, capital, salaries, and income. Plan is a document showing detailed scheme, program and strategy worked … The test covers three major content categories: fundamental economic concepts, microeconomics, and macroeconomics. The middleman also maintains price stability by keeping his overheads low. All other trademarks and copyrights are the property of their respective owners. Economics Questions and Answers. Answer: They could be landless labourers in villages or people living in overcrowded jhuggis in cities. You have decided to pass NECO Economics 2020 and I am sure of that. Good luck! Face the challenges. What kind of people in India are considered poor? Consider the data in the given table and answer the questions that follow. This helps in diffusing the risks between the manufacturer and middlemen. Economics Multiple Choice Questions Test contains 10 questions. Gkseries provide you the detailed solutions on Business Economics as per exam pattern, to help you in day to day learning. When you have completed the practice exam, a green submit button will 1. Economics Quiz Questions with Answers for General Knowledge and Gk. Which of the following is an example of a private good? Economics. 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. You will also understand how NECO Economics questions are set and how to answer them. Final Exam, Public Economics Faculty of Economics University of Groningen 31 January 2005 (9.00 - 12.00) Instructions 1. (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. Which of the following policies is primarily focused on the general welfare of a country's citizens? Which of the following results in a negative externality? Economics Multiple Choice Questions, which are covered in this chapter, relate to the topic, Theory of Production. Learn more about the basic and advance Economics by our Economics Interview Questions and Answers … 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. Apart from NECO Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2020 exam. Question 35. Costs and Production Methods. EC3022 Public economics (5ii)Rates: Rates refer to local taxation, i.e., taxation levied by (or for) local rather than central government. The Nature of Economics. (ii) Level of commitment and attitude: The level of commitment and attitude of a worker can affect the efficiency of labour. appear. ==============================================, (2b)The condition necessary for profit maximization is MC = MR, ===============================================. Brand name clothing and public restrooms. You are allowed to consult the Lecture Notes of Public Household Behaviour. (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. 1-10: DCABDDCAAA11-20: EEEABDBABD21-30: BBCEAEABEE31-40: EDDEDDAAAC41-50: CCACACAEEA51-60: DEDEEEBCED. (B) Wages, rent, interest, and … If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand isA. Your email address will not be published. Some textbooks are more difficult to understand. Class 9 Economics Chapter 3 Extra Questions and Answers Poverty as a Challenge. Introducing the Theory of the Firm. 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. The outcome suffered by a third party after a producer and consumer complete a transaction is the definition of what. Don’t depend on your notes. 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. The Waec economics answers 2020 exam questions can be viewed here. (1c)The slope of demand curve is downwards which indicates that the quantity demanded has negative corrolation with price. Which one of the following choices describes rejectability? Short Answer Type Questions [3 Marks] Question 33. An overall in demand for goods can lead companies to retrench workers. Get help with your economics homework! 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? Chapter 03. Which of the following is the best example of the marriage between a private good and a public good? More NECO Economics Questions and Answers Loading. You can easily get 2-3 marks with the help of Economics GK Questions and answers for Competitive Exams. Ask any Economics question & answer PDF Download: Economics is where the lowest price is by. Part of a law exams in these days access answers to Economics Multiple questions. 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