Identify the likely problems that can be encountered in the compilation of National Income Account in Nigeria.
In what ways will the efficient functioning of the Economic Community of West African. States (ECOWAS) hasten the economic growth of its member states?
Give five reasons why Government participates in business enterprise.
(a) What is meant by the supply of a commodity?
(b) What are the probable factors that can bring about changes in the supply of beans?
Use the schedule to answer the follow-ing questions:
| Price per annum | Quantity Demanded | Quantity Supplied per week |
| 5 | 500 | 60 |
| 6 | 400 | 150 |
| 7 | 300 | 300 |
| 8 | 250 | 400 |
| 9 | 150 | 500 |
| 10 | 50 | 600 |
(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that
Table of Input and Output;
| Variable units of labour | Fixed Assets (Hecteres of Land) | Total Product (kg) | Average Product (kg) | Marginal product (kg) |
| 1 | 3 | 8 | 8 | – |
| 2 | 3 | 18 | 9 | 10 |
| 3 | 3 | 36 | P | 18 |
| 4 | 3 | 48 | 12 | 12 |
| 5 | 3 | 55 | 11 | 7 |
| 6 | 3 | 60 | Q | 5 |
| 7 | 3 | 60 | 8.6 | S |
| 8 | 3 | 56 | 7 | T |
Use the table to answer the following questions:
(a) Complete table by calculating the missing figures P, Q, R, S, T.
(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).
(c) Explain the relationship between TP and MP.
International trade takes place because of difference in
- A. production cost
- B. language
- C. government policy
- D. currency
- E. international boundary
Where is the headquarter of the African Development Bank (ADB) located?
- A. Lome
- B. Adis Ababa
- C. Accra
- D. Lagos
- E. Abdijan
Where was oil first discovered in commercial quantities in Nigeria?
- A. Oloibiri
- B. Warri
- C. Elesa Eleme
- D. Onitsha
- E. Port Harcourt
Which of the following is not an objective of the Indigenisaton policy in Nigeria? To
- A. Make Nigerians dominate their economy
- B. increase Nigerians participation in the economy
- C. prevent foreign monopoly of the economy
- D. eliminate foreign participation in the Nigerian economy
- E. protect the national interst and security
Which of the following is the source of raising funds for a public limited liability company in West Africa?
- A. Bank loans
- B. issue of shares
- C. issue of debentures
- D. ploughing back profits
- E. Sales of bonds
Which of the following is not a feature of a perfect market?
- A. large number of buyersand sellers
- B. Homogeneity of products
- C. Preferential treatment
- D. Absence of transport cost
- E. Perfect knowledge of market situation
Balance of trade can be define as
- A. the value of import in relation to the value of a country's exports
- B. the price ratio of imports as against that of exports
- C. equality in the total receipts and payments of a country in a year
- D. percentage value of imports over percentage value of exports
- E. price of exports versus price of imports
Terms of trade simply means the price
- A. ratio of import to export
- B. ratio of export multiplied by import
- C. ratio of export to import
- D. ratio of export multiplied by price ratio of import
- E. of export minus price of import
Net National Product (NNP) is equal to the
- A. Gross Domestic Product (GDP) less depreciation
- B. Gross National Products (GNP) less depreciation
- C. Gross Domestic Products (GDP) plus depreciation
- D. Gross National Products (GNP) plus depreciation
- E. Gross National Income plus Taxation
Which of the following best describes the multiplier?
- A. products of income and expenditure
- B. Curves of savings and expenditure
- C. Ratio of change in income to the expenditure that brought it about
- D. Constant level of income
- E. Equality of marginal propensity to consume and save
A tax whose rate increases as income increases is
- A. an indirect tax
- B. a progressive tax
- C. a regressive tax
- D. a direct tax
- E. a proportional tax