(a) What is economic integration?
(b) Outline the characteristics of a customs union.
(a) Define labour as a factor of production.
(b) Explain five characteristics of labour.
Distinguish between:
(a) Fixed Cost and Variable Cost;
(b) Marginal Cost and Marginal Revenue;
(c) Total Cost and Total Revenue;
(d) Average Cost and Average Revenue
What are the instruments used by the Central Bank to control the supply of money in any economy?
(a) Explain the concept of diminishing marginal utility.
(b) How is utility maximized?
(a) What is under-population?
(b) Under what conditions will it be advantageous for a country to promote population growth?
Why are many West African countries trying to adopt a free market system?
| Countries | Population (in million) | Gross National product (in million Dollars) |
| R | 120 | 2,500 |
| S | 180 | 12,000 |
| T | 60 | 4,000 |
| U | 100 | 6,500 |
| V | 25 | 2,500 |
(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.
(ii) Determine the range of the per capita incomes of the five countries.
(iii) Which one of the countries enjoyed the highest standard of living?
(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.
(c) Draw a simple bar chart showing all the countries and their respective per capita incomes.
The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow.
| Military goods (in toons) | Civilian goods (in toons) |
| 0 | 200 |
| 20 | 160 |
| 40 | 120 |
| 60 | 80 |
| 80 | 40 |
| 100 | 0 |
(a) Draw the production possibility curve (PPC).
(b) Indicate points S and K at which production is not feasible.
(c) Indicate points M and N at which resources are not efficiently utilized.
(d) What does the downward slope of the PPC indicate?
(e) Why is production not feasible at points S and K?
The main role of the Organization of Petroleum Exporting Countries (OPEC) is
- A. fixing oil production levels
- B. ensuring optimum production of oil
- C. promoting efficiency in the management of oil
- D. supply oil at affordable rates
A country is economically rich if
- A. If there is a lot of money in circulation relative to its population
- B. It has a large volume of goods and services relative to its population
- C. It has a large reserve of idle skilled manpower
- D. There is a large amount of reserved mineral resources
Which of the following is a major barrier to international trade?
- A. religious differences amongst nations
- B. uneve distribution of population across the world
- C. educational imbalace between the developed and developing countries
- D. ideological differences amongst nations
The exchange of goods and services across countries can be described as
- A. Bi-lateral trade
- B. multilateral trade
- C. national trade
- D. home trade
Balance of payment deficit can be corrected by
- A. purchasing foreign assets
- B. acumulating foreign reserves
- C. export promotion measures
- D. import promotion measures
Which of the following is associated with the development of petroleum industry in Nigeria?
- A. Neglect of agriculture
- B. increase in population growth
- C. increase in the rate of unemployment
- D. decrease in the rate of inflation
An ad volarem tax refers to a tax
- A. imposed on exports
- B. on goods manufactured in the country
- C. based on the value of the commodity
- D. levied on income
A greater burden of tax on a product with high price elasticity of demand rests mainly on the
- A. producer
- B. teacher
- C. civil servant
- D. middlemen
Tax evasion means
- A. postponing paymeny of tax
- B. tax payment according to ability to pay
- C. making false declaration of taxable income
- D. paying little amount of money as tax