Economics problems arise because a country’s resources are limited in relation to her unlimited wants. Identify and explain these economic problems.
The table below shows the age distribution of hypothetical population.
| Age | No. of people (million) |
| Under 20 | 20.90 |
| 20 – 29 | 13.75 |
| 30 – 59 | 12.10 |
| 60 and above | 8/25 |
| Total | 55.00 |
Present this information in the form of a pie chart. Show your workings clearly.
Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 – 1/3 P, where Q is quantity demanded and P is the price,
(a) Find the quantity demanded when price is :
(i) N30.00;
(ii) N210.00;
(iii) NO.00.
(b) comment on (a) (ii) above.
(c) suppose the relation is now expressed as P = N (180 – 3Q); find P when:
(i) Q = 0;
(ii) Q = 60;
(iii) Q = 59.
What is the mode and when is it a suitable average to use? State its disadvantages.
Briefly outline the principles of taxation and give reasons why Nigerians are taxed.
(a) What is a development plan ?
(b) Discuss the various ways of financing economic development in Nigeria.
Briefly outline the measures which Nigeria has taken to improve the marketing of her agricultural produce.
What is devaluation? Under what conditions will devaluation improve a country’s balance of payment position ?
which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)? The
- A. US dollar
- B. Japanese Yen
- C. Pound Sterling
- D. Deutschemark
- E. Naira
The downward sloping of the Average Revenue curve of the monopolist indicates that he
- A. Can control both output and price
- B. Can only break-even
- C. Can control either the output or the price, but not both
- D. Can’t control anything
- E. Exploit the consumer
The reward of a debenture holder of a public company is a fixed rate of
- A. Interest
- B. Return
- C. Dividend
- D. Rent
- E. Allowance
Industry can simply be defined as
- A. Many firms producing different products
- B. A firm or firms producing similar goods and services
- C. Different firms producing different goods
- D. Different firms producing equal number of similar goods and services
- E. Many firms producing unidentical goods and services
which of these does not encourage industrial development?
- A. Tax exemption
- B. Provision of financial institution
- C. Provision of infrastructural facilities
- D. Limitation of markets for industruial products
- E. Government direct participation
which of these does not encourage industrial development?
- A. Tax exemption
- B. Provision of financial institution
- C. Provision of infrastructural facilities
- D. Limitation of markets for industruial products
- E. Government direct participation
Inflation in any economy
- A. Has no monetary connection
- B. Implies a sustained decrease in the general price level
- C. Always increase the value of national currency
- D. Tends to redistribute income arbitrarily
- E. Tends to bring down market prices
Wages are to some extent determine by the
- A. Marginal utility of labour
- B. Marginal productivity of labour
- C. Average productivity of labour
- D. Total productivity of labour
- E. Amount of goods and services that the wage can fetch
A legal tender is any
- A. form of money
- B. means of exchange authorized by the state
- C. commodity generally acceptable as a meduim of exchange
- D. total productivity of labour
- E. amount of goods and services that the wage can fetch
which of the following is the most important reason why wages differ among occupations?
- A. Length and cost of training
- B. Supply of labour
- C. Attractiveness of the job
- D. influence of trade unions
- E. Government decision
The grouping of a population into males and females is known as the
- A. geographical distribution
- B. age distribution
- C. sex distribution
- D. man-woman distribution
- E. occupational distribution