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.
Use the table below to answer the question below;
The International production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
From the table, it can be deduced that_______
Nigeria should produce cocoa and lace
Nigeria can benefit from producing lace only
Austria should produce lace and Nigeria should produce cocoa
Austria should produce cocoa and lace
Correct answer is C
No explanation has been provided for this answer.
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
The Opportunity cost ratio for cocoa and lace for Austria and Nigeria is_______
1.5:2
2:2
2:1.5
0.5:1.5
Correct answer is A
No explanation has been provided for this answer.
A firm incurred the following costs in production. Use the information in the table to answer the question below.
| Output (bags of rice |
0 | 10 | 20 | 30 | 40 | 50 | 60 |
| Total Cost ($) | 100 | 200 | 300 | 380 | 440 | 520 | 600 |
The average cost of producing 40 bags of rice is_____
$10
$11
$60
$80
Correct answer is B
No explanation has been provided for this answer.
A firm incurred the following costs in production. Use the information in the table to answer the question below.
| Output (bags of rice |
0 | 10 | 20 | 30 | 40 | 50 | 60 |
| Total Cost ($) | 100 | 200 | 300 | 380 | 440 | 520 | 600 |
The fixed cost of production is___________
$100
$200
$300
$600
Correct answer is A
No explanation has been provided for this answer.
The age distribution of a country's population is shown below. Use the information is answer the question below.
| Age group (YEARS) | Population |
| 0 - 15 16 - 40 41 - 60 Over 60 |
30% 45% 15% 10% |
What is the percentage of the working population?
75%
60%
45%
15%
Correct answer is B
No explanation has been provided for this answer.