(a) What is economic planning?
(b) Outline the problems associated with economic planning in West Africa.
(a) Explain the term economic integration.
(b) Highlight any four problems of economic integration in West Africa.
Write notes on each of the following:
(a) Savings account
(b) Current account
(c) Fixed deposit account.
(a) Define the term unemployment.
(b) Highlight the effects of unemployment on an economy.
(a) Distinguish between cost-push inflation and demand pull inflation.
(b) Explain any four ways of controlling inflation.
Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures.
(a) What is price elasticity of demand?
(b) With carefully labeled diagrams, illustrate each of the following:
(i) perfectly inelastic demand
(ii) unitary elastic demand
(iii) fairly elastic demand
(iv) perfectly elastic demand.
(a) Why is the scale of preference important
(b) Explain the concept, opportunity cost.
(c) State the opportunity cost in each of the following actions:
(i) A shirt was purchased for N500.00 instead of a pair of shoes.
(ii) Onions were planted on a farm realizing N20,000.00 instead of maize that could have realized N25,000.00
The table below shows the tax payments of four income earners in a year. Use the information in the table to answer the questions that follow.
| Income Earners |
Income Base |
tax | Payments |
| A | B | ||
| Jawara | 15,000.00 | 1,500.00 | 1,200.00 |
| Ade | 25,000.00 | 2,000.00 | 2,000.00 |
| Eke | 32,000.00 | 3,200.00 | 2,240.00 |
| Audu | 60,000.00 | 6,000.00 | 3,000.00 |
(a) Determine the percentage rate of taxation paid by
(i) Jawara in columns A and B.
(ii) Audu in columns A and B.
(iii) Ade in columns B.
(iv) Eke in column B
(b)(i) Identify the systems of taxation employed in columns A and B.
(ii) Which of the income earners have the least burden under column B?
(c) (i) If government increases its rate of taxation to 15% flat rate, how much revenue will be generated from the payees?
(ii) At 15% flat rate taxation, calculate the disposable incomes of Messrs Jawara, Ade, Eke and Audu.
Study the following extract on country Y’s population data and answer the questions that follow.
The population of country Y in 1970 was 60 million. From 1971 to 1975 the total number of births was 25 million and deaths stood at 3 million. 8 million immigrants and 4 million emigrants were recorded in the reporting period.
(a) Present the above data in a table.
(b) (i) Determine the net migration within the period.
(ii) Calculate the population of the country in 1975.
(c) What is the percentage increase in the population of the country from 1970 to 1975?
The Organization of Petroleum Exporting Countries (OPEC) is an example of a
- A. perfect competition
- B. monopsony
- C. duopoly
- D. cartel
It is necessary to estimate the national income of of a country because it
- A. indicates the overrall performance of the economy
- B. ensure equitable distribution of wealth
- C. assits investors in identifying profitable ventures
- D. enables governments to conserve national resources
In a socialist economy, the means of productions owned and controlled by the
- A. state
- B. rich
- C. entreprenuer
- D. traders
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
- A. increasing population
- B. willingness of members to co-operate
- C. geographical contiguity
- D. weal trade relation
budget deficit can be financed by
- A. reducing the level of taxation
- B. printing more money
- C. lending to financial institution
- D. employing more workers
Public expenditure on on education and health is known as expenditure on
- A. general services
- B. social services
- C. commercial services
- D. economic services
The tax whose rate increase as the level of income increases is known as
- A. regressive tax
- B. proportional tax
- C. progressive tax
- D. company tax
Which of the following is a direct tax?
- A. import duties
- B. purchase tax
- C. export duties
- D. personal income tax
Government of West African countries levy taxes to
- A. prevent prices from falling
- B. make people richer
- C. limit the number of banks
- D. finance government projects