Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.

1.

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_______

A.

Nigeria should produce cocoa and lace

B.

Nigeria can benefit from producing lace only

C.

Austria should produce lace and Nigeria should produce cocoa

D.

Austria should produce cocoa and lace

No explanation has been provided for this answer.

3.

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_____ A.$10

B.

$11 C.$60

D.

$80 Correct answer is B No explanation has been provided for this answer. 4. A firm incurred the following costs in production. Use the information in the table to answer the question below.  Output (bags of rice 0 10 20 30 40 50 60 Total Cost ($) 100 200 300 380 440 520 600

The fixed cost of production is___________

A.

$100 B.$200

C.

$300 D.$600

No explanation has been provided for this answer.

5.

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?

A.

75%

B.

60%

C.

45%

D.

15%