(a) Define Gross National Product (GNP).
(b) Describe the three methods of measuring national income.
Explain each of the following terms:
(a) Export promotion
(b) Depreciation
(c) Terms of trade
(d) Balance of trade.
(a) What is a tax?
(b) Describe any four principles of a good tax system.
(a) Distinguish between:
(i) a mortgage bank and a merchant bank.
(ii) a commercial bank and a development bank.
(b) Explain any four functions of commercial banks.
(a) Explain any four reasons why small-scale farmers dominate agricultural production in your country
(b) Suggest any two measures that can be taken to encourage large scale farming in your country.
(a) Distinguish between:
(i) a firm and an industry.
(ii)location and localization of industry.
(b) Describe any four factors which influence the location of industries in your country.
(a) What are public corporations?
(b) State any four merits of public corporations.
(a) Outline any two objectives of a price control policy.
(b) Highlight any three effects of a maximum price control policy.
(a) Describe each of the following:
(i) Abnormal demand
(ii) Effective demand
(b) Give three reasons for the occurrence of abnormal demand.
(a) Explain any two causes of a declining population:
(b) Outline any three factors which determine the size of your country’s working population.
The table below represents the output level of a particular firm producing soft drinks. Use the information in the table to answer the questions that follow.
| output (units) |
| 0 |
| 12 |
| 23 |
| 36 |
| 48 |
| 58 |
Give the cost equation of the firm in Naira as C = 20 + 2q where C is total cost and q is quantity produced, calculate:
(a) The total cost of producing: (i) 12 units of output (ii) 36 units of output.
(b) The average cost when: (i) 48 units were produced (ii) 58 units were produced.
(c) The marginal cost when: (i) 23 units were produced (ii) 36 units were produced.
(d) If the firm is operating in a perfectly competitive market and the market price is N5 per unit, determine the profit when: (i) 23-units are produced (ii) 48 units are produced.
Use the diagram below to answer the questions that follow.
(b)(i) Which of the curves represents the monopoly demand curve?
(ii) What is the point on the diagram?
(iii) State the equilibrium price and quantity
(iv) Which area represent monopoly profits?
(c) If P\(_1\) q = 5 Naira and q\(_1\) = 50 units and C = 2 Naira, deter mine the monopoly profit.
A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that
- A. crude oil price has increased tremendously
- B. petroleum product price have remained low
- C. producing countries are highly industrilized
- D. price of crude oil has remained relatively state
The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of
- A. political instability in member state
- B. the activities of multinationals
- C. inadequate personnel at the secretariat
- D. inadequate international support
which of the following is excluded when making national income?
- A. dividends
- B. wage and salaries
- C. transfer of payments
- D. profits
The national income of a country can be estimated by the
- A. cost-benefit method
- B. distribution method
- C. expenditure method
- D. consumption method
Development planning which take an overall view of the economy is described as
- A. aggregate economic planning
- B. disaggregate economic planning
- C. sectorial economic planning
- D. system economic planning
A surplus in the balance of payment should be used to
- A. subsidized multinational companies
- B. build infracstructures for friendly nations
- C. make donations to developed countries
- D. buy investment overseas
which of the following item is under the capital account of a balance of payment?
- A. repayment of foreign loans
- B. visible imports
- C. invisble exports
- D. cocoa exports
A policy by which government restrict the amount of foreign currencies bought and sold is known as
- A. devaluation
- B. credit creation
- C. exchanging control
- D. export promotion
Trade among West African countries is poor because the
- A. countries are self-sufficient
- B. communication links are weak
- C. number of banks is insufficient
- D. people are not enterprising