Describe the contributions of natural resources to the economy of your country.
Highlight the causes of Balance of payments deficits in your country.
(a) What is a customs union?
(b) State three advantages and two disadvantages of a customs union.
Distinguish between:
(a) Economic resources and non-economic resources.
(b) Want and Demand.
(c) Money Cost and Real Cost.
What are the positive and negative effects of inflation on the economy?
Explain the advantages and disadvantages of a joint stock company as a form of business organization.
What would be the economic consequences if prices were fixed by the government?
The table below relates to the application of fertilizer to a fixed area of land and the production of maize. Use the table to answer the questions that follow.
| Tones of fertilizer Applied | Total production in Bags | Marginal product |
| 0 | 1,000 | – |
| 1 | 1,100 | 100 |
| 2 | 1,250 | 150 |
| 3 | 1,500 | 250 |
| 4 | – | 400 |
| 5 | – | 250 |
| 6 | – | 125 |
| 7 | 2,350 | – |
| 8 | 2,380 | – |
| 9 | 2,330 | – |
(a) What will be the total output of maize when no fertilizer is applied to the land?
(b) Calculate the total product after the application of the following quantities of fertilizer:
(i) 4 tonnes;
(ii) 5 tonnes;
(iii) 6 tonnes.
(c) Calculate the marginal product after the application of the following quantities of fertilizer:
(i) 7 tonnes;
(ii) 8 tonnes;
(iii) 9 tonnes.
(d) (i) After what level of the application of fertilizer does diminishing marginal returns occur?
(ii) After what level of fertilizer application will the total output decrease?
Given the demand function for commodity X Qd = 12 – 2P where Qd is the quantity demanded and P the price of the commodity.
| P | 6 | 5 | 4 | 3 | 2 | 1 | 0 |
| Qd |
Use the demand function to complete the table
(b) Draw the individual’s demand curve (use of graph paper is essential
(c) What is the maximum quantity the individual can buy of commodity X per unit of time?
(d) What is the relationship between quantity demanded and price in the function Qd = f(P)?
West African economy can best be described as
- A. agricultural
- B. backward
- C. developed
- D. industrialized
Gross National Product (GNP) less depreciation is known as
- A. Gross Domestic Products
- B. Gross National Income
- C. Fixed National Income
- D. Net National Income
in order to boost agriculture, West African countries should pay more attention to
- A. shifting cultivation
- B. animal husbandry
- C. seed multiplication
- D. mechanization
The most common form of business enterprise in West Africa is the
- A. Sole proprietorship
- B. Co-operative
- C. Partnership
- D. joint stock company
Infant industries are industries that
- A. deals in the production of infant books
- B. are in their earlier stage of production
- C. produce dresses for infants
- D. are well established
The reward for capital is
- A. interest
- B. rent
- C. risk premium
- D. premium
When a pen and a book is demanded together, the demand is said to be
- A. composite
- B. competitive
- C. joint
- D. derived
which of the following is an indirect tax
- A. income tax
- B. company tax
- C. profit tax
- D. sales tax
The quantity demanded of a commodity is influenced only by changes
- A. tastes
- B. weather
- C. price of the commodity
- D. Price of other commodities