Economics questions and answers

Economics Questions and Answers

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

76.

The rate of output per worker (or group of workers) per unit time is called

A.

Labour productivity

B.

Total output

C.

Individual output

D.

Work done

Correct answer is C

Individual output is also called average product and it is calculated as:

total output
total number of labour

77.

Economists refer to private goods as

A.

Rivalrous and non-excludable

B.

Rivalrous and excludable

C.

non-rival and non- excludable

D.

non-rival and excludable

Correct answer is B

They are goods that are divisible and to which principle of exclusion is fully applied. It is based on the following assumptions: Ability to pay, Rivalry in consumption, price is its basis, willingness to pay etc.

78.

40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.

A.

1,300 tonnes

B.

1,100 tonnes

C.

1,200 tonnes

D.

1,400 tonnes

Correct answer is C

The total product can be calculated by multiplying the number of workers by the average product per worker. In this case, 40 men produced an average of 30 tonnes of cassava each. Therefore, the total product is 40 men * 30 tonnes/man = 1,200 tonnes.

79.

Sppose the public expenditure as a percentage of GDP of four countries is shown in the table below

A 40%
B 50%
C 33%
D 36%

 

Which type of economy exists in these countries?

A.

Traditional

B.

Planned

C.

Pure market

D.

Mixed

Correct answer is D

The economy is mixed with the highest GDP. It constitutes private expenditure as a percentage of GDP.

80.

Which of the following Age group belongs to active Labour force?

A.

15 - 25yrs

B.

0 - 17yrs

C.

65yrs and above

D.

18 - 64yrs

Correct answer is D

18 - 64yrs Age group belongs to active Labour force (working population or active population) in a country.