(a) What is a specific tax? (2 marks)
(b) Explain with the aid of diagrams, the effects of specific tax on a commodity that has a:
(i) perfectly elastic demand; (6 marks)
(ii) perfectly inelastic demand
(c) State two differences between a direct tax and and an indirect tax. (6 marks)
(a) What is the normal chain of distribution? (2 marks)
(b) State any three functions of middlemen in the chain of distribution. (6 marks)
(c) Highlight any four problem involved in the distribution of goods in West Africa. (12 marks)
(a) Define gross national income. (2 marks)
(b) Using appropriate examples, distinguish between:
(i) Personal income and disposable income. (6 marks)
(ii) Nominal income and real income. (6 marks)
(c) Outline any three uses of national income statistics. (6 marks)
(a) Highlight any four differences between public limited liability company and a private limited liability company. (8 marks)
(b) Explain any four advantages a limited liability company. (2 marks)
(a) What is crop farming? (2 marks)
(b) Outline any four measures that can be adopted to increase crop production in your country. (12 marks)
(c) State any two contributions of the industrial sector to agriculture in your country. (6 marks)
(a) Define occupational mobility of labour. (2 marks)
(b) Identify any four barriers to occupational mobility of labour. (12 marks)
(c) State any two factors that will make labour efficient. (6 marks)
The table below presents the price and quantity supplied by a palm oil producer. Use the information in the table to answer the following questions.
| Price ($) | Quantity Supplied (gallons) |
| 6 | 200 |
| 12 | 300 |
| 18 | 400 |
| 20 | 500 |
| 24 | 600 |
(a) If the price of palm oil falls from $20.00 to $18.00, calculate the price elasticity of supply. (4 arks)
(b) Interpret your answer in question 2(a) above. (2 marks)
(c) Study the extract below and answer the following questions. The price of palm oil remains at $6.00 per gallon and an increase in the price of a related product causes an increase in the supply of palm oil:
(i) Give a graphical presentation to illustrate this change. (6 marks)
(ii) Indicate the type of supply for the two products. (2 marks)
(d) State reasons that can cause a change in supply. (6 marks)
The table below shows an extract from balance of payments for country A. Use the table to answer the questions that follow:
Balance of payments items
| Items of transaction | Receipts ($) | Payment ($) | |
| 1 | Merchandise (visible trade) | 52,000.00 | 40,000.00 |
| 2 | Shipping, other transport and travel | 4,000.00 | 8,000.00 |
| 3 | Investment income | 20,000.00 | 5,000.00 |
| 4 | Other services | 2,500.00 | 7,500.00 |
| 5 | Unrequired transfers | 22,800.00 | 7,000.00 |
| 6 | Direct investment | 50,000.00 | 26,000.00 |
| 7 | Other long-term capital | 254,000.00 | 289,000.00 |
| 8 | Short-term capital | 221,000.00 | 238,000.00 |
Calculate the:
(a) balance of trade (3 marks)
(b) balance on current account (8 marks)
(c) balance on capital account (6 marks)
(d) balance of payment (3 marks)
Use this above diagram to answer this question. What is the median of the distribution?
- A. 5
- B. 4
- C. 3
- D. 2
Use this above diagram to answer this question. From the table, the mean of the distribution is
- A. 2.2
- B. 2.5
- C. 3
- D. 4.5
Which of the following is not an effect of the discovery of mineral resources in an area?
- A. increase in wealth
- B. overcrowding
- C. increase in crime rate
- D. under population
The concentration of many firms of a particular industry in a particular area is known as
- A. loccation of industry
- B. amalgamation of industries
- C. localization of industries
- D. nationalization of industry
Which of the following measures will not encourage industrialization in West Africa?
- A. Taking over of all forms of industries by the government
- B. provision of social infrastructure
- C. Giving tax incentives, especially to infant indudustries
- D. Using tariffs to discourage the use of imported items
Precautionary motive for holding money is to
- A. meet daily and regular transactions
- B. take advantage of changes in the prices of goods and services
- C. cover unforeseen events
- D. cover expenses on house rent
Which of the following functions of money is mostly affected during inflation?
- A. Medium of exchange
- B. Unit of Account
- C. Store of value
- D. Standard of deferred payment
A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as
- A. Merchant Bank
- B. Development Bank
- C. Central Bank
- D. Insurance Company
International trade is desirable because it
- A. may lead to overproduction
- B. brings about over-dependence of countries on one another
- C. provides foreign market for local goods
- D. brings about unhealthy competition and rivalries
The likely implication of the devaluation of a country’s currency is that
- A. exports of such a country become cheaper
- B. importation of goods into such a country becomes cheaper
- C. the value of such a country's currency rises
- D. foreign goods are attracted into the country
A change in the quantity demanded of a given commodity is determined by the
- A. size of the population
- B. income of the consumer
- C. price of the commodity
- D. taste and fashion
Which of the following statements is correct?
- A. As total utility increases, the marginal utility also increases
- B. The marginal utility is a always zero whenever the total utility reaches the maximum
- C. The total utility is at maximum whenever marginal utility is at it's maximum
- D. There is no relationship between total utility and the marginal utility
West African countries are experiencing worsening terms of trade because
- A. they are primary producers
- B. their currencies are overvalued
- C. they import less machines
- D. they are tertiary producers