(a) What is economic integration?
(b) Highlight any three problems of economic integration in west Africa.
(a) What is economic integration?
(b) Highlight any three problems of economic integration in west Africa.
Explain:
(a) (i) supply of money (ii) Value of money
(b) highlight the three motives for holding money.
(a) Outline any three disadvantages of monopoly
(b) In what two ways can monopoly be controlled?
Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.
(a) Distinguish between labour and labour force.
(b) State four reasons for the differences in earnings among workers.
(a) State the law of diminishing return
(b) What is (i) marginal product (ii) average product?
(c) Explain any three factors that determine the size of firms.
(a) Define elasticity of supply
(b) When is supply described as (i) elastic (ii) inelastic
(c) Outline any two factors that influence elasticity of supply.
(a) What is an Economic system?
(b) Explain any three characteristics of a mixed economic system.
(c) State any two disadvantages of a mixed economic system.
(a) Give two major views of Rev. Thomas Malthus in population theory.
(b) How relevant are his views to the economic realities of West African countries?
Study the diagram below carefully and use the given information to answer the questions that follow:
(a) Determine: (i) the profit maximizing output; (ii) the firm’s profit if it produces 600 units of output; (iii) the total cost if the firm produces 400 units.
(b) Calculate the (I) total revenue (ii) profit of the firm at the output level of 900 units
(c) What will happen if a firm’s market price falls below its average variable cost?
| Oranges | Total Utility | Mangoes | Total Utility |
| 1 | 100 | 1 | 50 |
| 2 | 190 | 2 | 95 |
| 3 | 270 | 3 | 135 |
| 4 | 340 | 4 | 170 |
| 5 | 400 | 5 | 200 |
| 6 | 450 | 6 | 225 |
| 7 | 490 | 7 | 245 |
| 8 | 520 | 8 | 260 |
The table above shows Mr. Y’s schedule of total utility for oranges and mangoes. The prices of oranges and mangoes are at $1.00 each. Mr. Y has $10 00 to spend on the goods.
Use the information contained in thetable to answer the questions that follow
(a) Calculate the marginal utility for all the levels of consumption for the goods.
(b) At equilibrium, how many (i) oranges (ii) mangoes, will the consumer buy?
(c) (i)State the law of diminishing marginal utility. (ii) State the marginal condition for utility maximization.
ECA means
- A. Economic Commission for Africa
- B. Economic Community of Africa
- C. Exporting Countries of Africa
- D. Economic Conference on Africa
Which of the following are examples of transfer payments?
- A. gifts and donations
- B. rents and rates
- C. profits and dividends
- D. internal and external debts
Which of the following countries export cocoa?
- A. Liberia and The Gambia
- B. Ghana and Sierra Leone
- C. Nigeria and Ghana
- D. Sierra Leone and Nigeria
A summary of all the receipts and payments of a country in international transaction is called
- A. terms of trade
- B. balance of payment
- C. balance of payment adjustment
- D. capital account
The practice of selling goods overseas and often below the cost of production is known as
- A. retailing
- B. dumping
- C. internal trade
- D. advertising
One advantages if international trade is that
- A. countries depend on each other
- B. it introduces variation in prices
- C. it increases demand for foreign goods
- D. it makes variety of goods available
International trade depends on the concept of?
- A. marginal cost advantage
- B. comparative cost disadvantages
- C. comparative cost advantage
- D. absolute cost
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
- A. Construction, manufacturing and banking
- B. Shipping, trading and fishing
- C. Power, telecommunication and sports
- D. Extraction, farming and tourism
One of the advantages of capitalism is that
- A. consumers are exploited
- B. private iniatives is discouraged
- C. efficient allocation of resource is assured
- D. job security is assured