3 questions. Try each one, then open the answer to check yourself and read the explanation.
Use the pie chart (Mining 126°, Agric 72°, Manufacturing 108°, Services) to answer this question. What is the percentage contribution of services to the national income?
Answer: A (15%)
Services = 360 − (126 + 72 + 108) = 54°, so its share = 54/360 × 100 = 15%.
Use the pie chart (Mining 126°, Agric 72°, Manufacturing 108°, Services) to answer this question. If the national income is #60m, the contribution of the manufacturing sector is
Answer: C (₦18m)
Manufacturing = 108/360 × ₦60m = ₦18m.
Price (₦): 8, 10; Quantity supplied: 20, 24. From the table above, calculate the price elasticity of supply
Answer: B (0.80)
% change in quantity = 4/20 × 100 = 20%; % change in price = 2/8 × 100 = 25%; PES = 20/25 = 0.8.