(a) Explain the term balance of payments deficit
(b) What four measures can be taken to reduce the balance of payments deficit of a country?
(a) Distinguish between personal income and national income
(b) Describe any four uses of national income data.
(a) Define the term taxation.
(b) In which four ways can the government of your country use taxation to improve the economy?
Describe any four ways by which industrial development can promote agricultural productivity in your country
Outline the role of development banks In the economic development of West African countries.
(a) What is trade by barter?
(b) Highlight the problems posed by trade by barter.
(a) Distinguish between a public company and a public corporation
(b) What are the problems of public corporations in your country?
(a) Outline any two differences between monopoly and perfect competition
(b) State any four entry barriers that can prevent the emergence of competitive firms.
(a) Explain the term net migration.
(b) Describe any four economic effects of rural to urban migration in your country.
(a) What are capital goods.
(b) Explain the problems associated with the distribution of goods in your country.
The Table below relates to the supply of labour in response to the given wage rates Use the information in the table to answer the questions that follow .
|
Wage rate ($ per hour) |
Hours worked (per day) |
Income per day (S) |
| 10 | – | 10 |
| 20 | – | 60 |
| 30 | – | 150 |
| 40 | 6 | – |
| 50 | 4 | – |
| 60 | 3 | – |
(a) Determine the number of hours of work per day if the wage rate is (i) $10 per day (ii) $20 per day (16) $30 per day
(b) Calculate the income per day when the wage rate is (i) $40 (ii) $50 (iii) 60
(c) (i) Which wage rate per hour attracts the highest earnings?
(ii) Name the type of supply curve that can be associated with the data in the table.
(iii) Explain the nature of the supply curve named in (c)(ii)
The diagram above illustrates the demand for and supply of maize. Use the information in the diagram to answer the questions that follow
(a) (i) What is the total revenue of the farmer at the initial equilibrium?
(ii) Calculate the total revenue of the farmer if the supply curve shifts to S\(_1\)S\(_1\)
(b) What change occurs in the total revenue of the farmer when the price falls from 100 Dollars to 40 Dollars per tonne?
(b) (i)Use the figures in the diagram to determine the price elasticity of demand for maize (u) Interprete your answer.
(c) Give two reasons for the shift of the supply curve from SS to S\(_1\)S\(_1\)
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
- A. Stabilization of oil prices
- B. Co-ordinating prices
- C. Co-ordinating prices
- D. Stagnation of developed economies
Economic development is define as
- A. Outward shift of the production possibility curve
- B. Availability of more goods and services
- C. Growth accompanied by qualitative change in living standards
- D. Growth in the national income
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
- A. double counting
- B. price fluctuation
- C. price differentiation
- D. price discrimination
An economy which exhibits features of both private and State enterprises is known as
- A. Capitalist economy
- B. Mixed economy
- C. communist economy
- D. socialist economy
In a capitalist system goods are produced for those who
- A. Want them most but cannot pay for them
- B. can pay for them but do not want them
- C. want them and can also pay for them
- D. are dependent on the labour force
An essential characteristics of market economy is
- A. government control
- B. producer surplus
- C. consumer surplus
- D. consumer sovereignty
Mono-product economies are those that
- A. produce one main commodity
- B. produce only raw materials
- C. depend on the export of their raw materials
- D. specialize in agricultural industries
One reason for the low agricultural production in West African countries is that
- A. agriculture employs the highest percentage of the labour force
- B. too much money is invested in agriculture
- C. farmers lack the finance and technology required
- D. the farms are toolarge.
The Economic Community of the West African States (ECOWAS) is an example of
- A. billateral trade
- B. economic integration
- C. regional marketing board
- D. international competition