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.
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.
A joint stock company enjoys perpetual existence because
There is a higher degree of specialization
It is a corporate entity
It is formed by a minimum of seven members
Its shares are easily
Correct answer is B
A joint stock company enjoys perpetual existence because it is a corporate entity. This means that the company is a legal person separate from its members. As a result, the company can continue to exist even if the members change or die.
A country is described as developing if
The income per head is low
The contribution of tertiary sector to national income is high
The population is decreasing
There is low labour supply
Correct answer is A
A country is described as developing if the income per head is low. A developing country is a country that is in the process of economic development. This means that the country is trying to increase its standard of living and improve the quality of life for its citizens.
One of the key indicators of a developing country is the income per head. This is the average income of a person in the country. If the income per head is low, it means that the standard of living in the country is also low.
Trade protection will assit economic growth in developing countries if it can
Allow the importation of cheaper goods people want
Effectively safeguard newly established firms
Eliminate importation of all commodities
Generate enough revenue through export duties
Correct answer is B
Newly established firms in developing countries often face stiff competition from established foreign firms. Trade protection can help these new firms to compete by shielding them from some of the competition. This can give them time to grow and develop, and eventually become competitive on their own.
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