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.
Granting long-term loans
Assisting with technical expertise
Reducing tariff among members
Developing human resource
Correct answer is C
The major function of the International Bank for Reconstruction and Development (IBRD) is to grant long-term loans for developmental purposes to member states, provide technical support and expertise at each stage of a project being undertaken, and the development of human resources.
It is not the job of the IBRD to reduce tariffs amongst its members.
The line labelled M in the diagram above represent
Total cost
Fixed cost
Variable cost
Average cost
Correct answer is B
The curve labelled M represent fixed cost. The fixed do not vary with the level of output.
Total revenue curve
Total product curve
Marginal product curve
Marginal revenue curve
Correct answer is B
The curve x represent the total product curve, it rises and decline.
What type of price elasticity of demand is the diagram above representing?
Perfectly inelastic demand
Perfectly elastic demand
Fairly elastic demand
Composite demand
Correct answer is A
The diagram above shows that it is a perfectly inelastic demand. It is also known as Zero demand and it is an abnormal demand curve. The curve is vertical to the "Y-axis".
The pie chart above represent the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.
What is the population of the matured students?
600
800
1000
1200
Correct answer is C
Matured student = 60/360 x 1200
= 1000