(a) What are natural resources?
(b) Describe any four roles natural resources play in economic development.
(a) What are the sources of government revenue?
(b) How does a government finance its budget deficit?
(a) What is (i) commodity money? (ii) token money? (iii) fiduciary issue? (iv) quasi money?
(b) State any four functions of money.
(a) Explain the following: (i) Peasant farming (ii) commercial farming (iii) State farming
(b) In what two ways will increased commercial farming contribute to the development of the economy of your country?
(a) Explain the following strategies of industrialization:
(i) import substitution (ii) export promotion
(b) Highlight any four objectives of industrial development programmes in your country.
(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market?
(b) In what two ways do consumers benefit from perfect competition?
(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm.
(a) What is elasticity of supply?
(b) when is supply elastic?
(c) Explain any four factors that influence elasticity of supply.
(a) What is population census?
(b) Describe the problems faced in conducting a population census in your country.
(a) What is an economic system?
(b) Outline any four features of a capitalist economy.
(a) Distinguish between wants and demand
(b) With the aid of diagrams show the effect on demand when (i) there is a reduction in the number of 2200 consumers (ii) prices of substitutes increase
(iii) there is a decrease in 0-16 years the price of the commodity
The pie chart below shows the age distribution of population in thousands of an island Y for the year 2000 The total population of the island is 245,000.
Use the information supplied to answer the questions that follow (Show all workings clearly)
(a) Calculate the number of persons in the different age groups
(b) What is the dependency ratio of the population?
(c) Give three implications of the above population structure
Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as Qs = 25 + 0.25 P, Where Qs is quantity supplied, P is price
(a) Determine the quantity supplied when price per litre is (i) 0 Naira (it) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira
(b) From your calculations in (a)(i) present the supply schedule (ii) draw the supply curve.
The full meaning of OPEC is
- A. Oil ans Petroleum Exporting Countries
- B. Original Petroleum Exporting Companies
- C. Organization of Petrol Exporting Countries
- D. Organization of Petroleum Exporting Countries
one of the functions of of the international Monetary Fund (IMF) is to
- A. devalue the currency of member state
- B. reduce drastically the size of deficit financing of member states
- C. giving financial assistance to member states that have temporary balance of payment difficulties
- D. discourage the rapid industrialization process in the less developed nation of the world
which of the following is an objective of economic integration?
- A. harmonization of cultural practises
- B. free movement of persons, goods and services
- C. payment of high tarrifs
- D. dumpoing of goods in less developed countries
In an attempt to correct a deficit balance of payment, a country may decide to increase
- A. domestic production
- B. imports
- C. domestic expenditure
- D. tax on infant industry
which of the following is an invisible term?
- A. Banking services
- B. Petroleum products
- C. Processed rice
- D. processed milk
The formula index of export prices/index of import prices * 100
is used to measure the
- A. volume of trade between countries
- B. direction of internatrional trade
- C. commodity terms of trade
- D. volume of imports
An increase in the quantity of goods and services produced in a country which raises her national income is known as
- A. economic development
- B. economic growth
- C. domestic investment
- D. productivity
where the burden of a tax finally rests is called
- A. tax object
- B. tax rate
- C. incidence of taxation
- D. system of taxation
which of the following is a form of tax evasion?
- A. wrong declaration of earnings
- B. payment of flat rate tax
- C. constant change of employment
- D. low capacity utilization