How can the International Bank for Reconstruction and Development (World Bank) contribute to the economic development of your country?
Give five reasons for the low rate of industrial growth in your country.
(a) What is unemployment?
(b) Explain any three types of unemployment
Explain each of the following:
(a) Indigenisation policy
(b) Localization of industry
(c) Economies of scale
(d) National budget.
(a) What is mobility of labour?
(b) What factors serve as obstacles to occupational mobility of labour?
What form of business enterprise would you recommend for a tailor? Give reasons for your answer.
(a) State the laws of demand and supply.
(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.
(a) What is income elasticity of demand? The table below shows the various incomes and demand for different commodities.
| Income (N) | Quantity Demanded (kg) |
| A 20,000 | 120 |
| B 36,000 | 96 |
| C 40,000 | 160 |
| D 44,000 | 200 |
| E 45,000 | 240 |
| F 47,000 | 252 |
(b) Calculate the income elasticity between
(i) A and B
(ii) C and D
(iii) E and F
(c) What kind of good is between
(i) A and B?
(ii) C and D?
The pie chart here represents the hypothetical output of farmers in a country in a particular year. The total output of the crops was 72,000 tonnes.
(a) Calculate the quantity of each product.
(b) (i) By what quantity is the export crops greater than the food crops?
(ii) Which crop contributed the least and by what quantity?
(iii) Which crop has the highest output?
Which of the following countries is not a member of the Economic Community of West African States (ECOWAS)?
- A. Ghana
- B. The Gambia
- C. Cameroun
- D. Guinea Bissau
West African countries have low level of economic development due to
- A. under-population
- B. inadequate labour
- C. failure to plan
- D. ineffective plan implementation
Balance of payment deficit implies that a country is
- A. importing more than she is exporting
- B. consumed less than she is producing
- C. living below her means
- D. more productive than others
One major export crop in West Africa is
- A. rice
- B. maize
- C. palm kernel
- D. cocoa
The Organization of Petroleum Exporting Countries (OPEC) is a
- A. cartel
- B. duopoly
- C. monopoly
- D. monopsony
Small enterprises finds it difficult to expand due to
- A. inadequate capital
- B. lack of skilled manpower
- C. the high level of technology required for expansion
- D. their inability to provide after-sale services
The primary objectives of the Nigerian Industrial Development Banks(NIDB) is the provision of loans to
- A. farmers
- B. manufacturers
- C. setate agents
- D. transporters
Mono-product economies are those that produce
- A. only intermediate products
- B. petroleum products
- C. agricultural products
- D. one main commodity
Unemployment that arises because of introduction of new machines and equipment in production is called
- A. cyclical
- B. structural
- C. seasonal
- D. disguised