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.
The age distribution of a country's population is shown below. Use the information to answer the question below.
| Age group (YEARS) | Population |
| 0 - 15 16 - 40 41 - 60 Over 60 |
30% 45% 15% 10% |
What is the dependency ratio?
2:3
3:2
1:2
6:1
Correct answer is A
No explanation has been provided for this answer.
Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?
Language barriers
Inadequate supply of labour
Production of the same commodities
Poor transportation and communication
Correct answer is B
Inadequate supply of labour is not a problem facing the Economic Community of West African States (ECOWAS).
ECOWAS is a regional economic community of 15 countries in West Africa. The countries in ECOWAS share a common goal of economic integration, and they have made significant progress in this area. However, there are still some challenges that the community faces, including language barriers, production of the same commodities, and poor transportation and communication.
Inadequate supply of labour is not one of the challenges facing ECOWAS. In fact, the region has a large and growing labor force. This is due to the high population growth rates in many of the ECOWAS countries. The labour force is also relatively young, which means that there is a large pool of potential workers.
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