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.
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
From the table, the mean of the distribution is___________
2.2
2.5
3.2
4.5
Correct answer is C
Mean= ∑fx/∑f
=(4+15+8+5)/(2+5+2+1)
=32/10
=3.2
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the mean?
24.0
17.0
18
27.2
Correct answer is B
Mean= ∑fx/∑f
=(16+10+48+48+54+20+144)/(2+1+4+3+3+1+6)
=340/20
=17.0
By calculation, the mean of the distribution is not 18
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the median___________
24.0
17.0
18
16
Correct answer is D
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[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
| Cumulative Frequency | 2 | 3 | 7 | 10 | 13 | 14 | 20 |
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[N/2+1]th)/2
For member of odd number items. That is, where N is odd
| No of Men | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |
| Total Product(unit) | 200 | 440 | 540 | 600 | 640 | 660 | 660 | 640 |
If the price per unit is N2, what is the average revenue when 6 men are employed?
N110
N120
N220
N330
Correct answer is A
Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
\(\frac{660}{6}\) = 110
Which of the following is a benefit to a member country of World Bank?
Easy access to long term loans
Management of foreign exchange
Mediating in labour dispute
Financing balance of payment deficit
Correct answer is A
The World Bank is a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development.