(a) Define the term Balance of Payments.
(b) What are its main components?
State any three positive and any two negative effects of petroleum industry on the economy of Nigeria.
Explain any five reasons why a joint stock company is preferable to a one-man business.
With the aid of a diagram, explain the super-normal profit of a monopolist.
(a) Define population census.
(b) State the implications of
(i) optimum population.
(ii) over- population.
(a) Explain the term opportunity cost.
(b) Highlight the relevance of the opportunity cost concept to individuals, firms and government.
Use the table to answer the following questions:
| Quantity of yams(kg) | Total Revenue (TR) | Marginal Revenue (MR) | Total Cost (TC) | Marginal Cost (MC) |
| N | N | N | N | |
| 0 | 0 | – | 5 | – |
| 1 | 9 | 9 | 8 | 3 |
| 2 | 18 | 9 | 6 | T |
| 3 | 24 | 6 | 21 | 5 |
| 4 | 28 | Q | 25 | 4 |
| 5 | 30 | 2 | 25 | U |
| 6 | P | 1 | 25 | 0 |
| 7 | 28 | -3 | S | 1 |
| 8 | 24 | R | 24 | -2 |
(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise?
The data here shows an hypothetical age distribution of the population of a town in Nigeria.
| Sex | Age in years | |||
| 10 and below | 11-14 15-3 | 36 – 64 | 65 and above | |
| Male | 1350 | 2275 1135 | Y | 3250 |
| Female | 2650 | 2725 1365 | 4265 | Z |
| Total | 4000 | X 2500 | 7500 | 6000 |
From this data, calculate:
(a) X, Y, Z.
(b) The total population of the town.
(c) The difference be-tween the population of male and female aged 14 and below.
(d) The percentage of the population aged 14 and below.
(e) The dependency ratio in the town.
which of the following is not a visible item in international trade payments?
- A. payments for imported cars
- B. receits from cocoa exports
- C. receipts from oil exports
- D. payments for steel imports
- E. payments to foreign shipping companies
international trade is different from internal trade because of the
- A. manufactured goods involved
- B. currency differentials
- C. homogeinty of products
- D. heterogeinty of products
- E. uniformity of prices
Tariff can be define as a compulsory levy on
- A. goods that are produced and consumed locally
- B. foreign exchange earnings
- C. imported but inferior goods
- D. foreigners working in a country
- E. imports and exports
Term of trade is the
- A. ratio of capital movement to export movements
- B. ratio of import to short-term export
- C. difference between export and import
- D. ratio of short-term capital movement to long-term capital movements
- E. ratio of index of export prices to index of import prices
In a public company , entrepreneural function are performed by the
- A. workers
- B. shareholders
- C. creditors
- D. board of directors
- E. chairman
Free Trade means
- A. producers are free to determine their prices
- B. market forces are allowed to determine prices
- C. non-restriction of international trade
- D. goods are to be sold free of charge
- E. people are free to buy in foreign countries
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
- A. tax is borne entirley by the seller
- B. tax is shared equally between the buyer and the seller
- C. seller bears 70% and the consumer bears 30% of the tax
- D. tax is borne entirely by the consumer
- E. tax is borne by nobody
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
- A. amount of natural resources
- B. improvement in banking services
- C. size of the population
- D. quality of human resources
- E. improvement in government fiscal policies
Hoarding in distributive trade leads to
- A. non-availabilty of commodities
- B. production of inferior goods
- C. increase in the supply of goods
- D. decrease in the supply of goods
- E. artificial scarcity of goods
Hoarding in distributive trade leads to
- A. non-availabilty of commodities
- B. production of inferior goods
- C. increase in the supply of goods
- D. decrease in the supply of goods
- E. artificial scarcity of goods
which of the following is not true of a firm in equilibrium condition in perfect competition?
- A. MC is rising
- B. MC curves cuts AC curves from below
- C. MR>AR
- D. MC = AC
- E. MR = AR