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 information to answer the following question
| Items | Amount ($m) |
| Rents and royalties | 75.00 |
| Company income tax | 150.00 |
| Custom and excise duties | 300.20 |
| personal income tax | 80.00 |
| Fees and fines | 60.00 |
| value added tax | 100.00 |
What is the total revenue from non-tax sources?
$400.20 m
$375.20 m
$135.00 m
$75.00 m
Correct answer is C
Total revenue can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.
Non-tax revenue or non-tax receipts are revenue not generated from taxes and from the table above, only rents and royalties do not fall under taxes.
They include:
Rents and royalties + fees and fines
75.00 + 60.00 = 135.00m
Use the information to answer the following question
| Items | Amount ($m) |
| Rents and royalties | 75.00 |
| Company income tax | 150.00 |
| Custom and excise duties | 300.20 |
| personal income tax | 80.00 |
| Fees and fines | 60.00 |
| value added tax | 100.00 |
What is the total revenue from indirect tax
$686.0 m
$400.20 m
$135.80 m
$100.00 m
Correct answer is B
Indirect tax is a tax levied on goods and services rather than on income or profits. Thus we have;
Indirect tax = customs and excise duties + value-added tax
300.20 + 100.00 = 400.20
Use the table to answer the following question
| Quantity | Total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
At output level 5, the total variable cost is?
$5.00
$20.00
$55.00
$35.00
Correct answer is D
No explanation has been provided for this answer.
Use the table to answer the following question
| Quantity | Total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
The total fixed cost is?
$7.00
$30.00
$20.00
$135.00
Correct answer is C
No explanation has been provided for this answer.
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
What is the median of the distribution?
5
4
3
2
Correct answer is C
When a group data is involved, cumulative frequency is used. The formula will be: Median=[(N+1)/2]th
For member of odd number items. That is, where N is odd
Median=([N/2]th + [N/2 + 1]th)/2
For member of odd number items. That is, where N is odd
Solution:
From the table, there are 20 members as indicated by the cumulative frequency. Since the members are odd (10) the median age will be ([N/2]th + [N/2 + 1]th)/2
Median=([10/2]th + [10/2 + 1]th)/2
=(5th + 6th)/2
The 5th member is 3 and the 6th member is on 3
Median=(3 + 3)/2
=6/2
Median = 3