(a) What is economic integration?
(b) Outline any three short-comings of the Economic Community of West African States (ECOWAS)
(c) Highlight any three achievements of the Economic Community of West African State (ECOWAS)
(a) Distinguish between a:
→mortgage bank and a merchant bank
→commercial bank and a development bank
(b) Explain any four functions of commercial banks
(a) Explain the following types of taxes:
→specific tax
→value-added tax
(bi) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly inelastic
(ii) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly elastic
(a) What is a demand schedule?
(b)Explain each of the following terms:
→effective demand
→composite demand
→derived demand
(ci) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
substitute
(ii) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
complement
(a) Distinguish between labour force and efficiency of labour
(b) Describe five factors which determine the size of the labour force in a country
(a) Define the term limited liability
(b) Describe four differences between a public joint-stock company and a private joint-stock company
(c) Outline three sources of finance available to sole proprietorship
(ai) The diagram above shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
Identify the curves labelled X,Y,Z
(aii) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
State the direction of change in price and quantity with the introduction of subsidy
(bi) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
Calculate the total revenue of the producers before the introduction of subsidy
(bii) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
Calculate the total revenue of the producers after the introduction of subsidy
(c) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
Calculate the percentage increase or decrease in total revenue of the producers with the introduction of subsidy
(d) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
If the quantity demanded of maize increases from 20 to 40 bags as a result of a fall in price from $15 to $10, calculate the price elasticity of demand.
(e) The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagram and answer the questions that follow.
State the type of elasticity of demand in 2(d).
(a) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self-employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Gross Domestic Product (GDP)
(b) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self-employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Gross National Product (GNP)
(c) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Net National Product (NNP)
An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are
- A. competitive goods
- B. composite goods
- C. jointly supplied
- D. derived goods
The supply curve of a locally-produced good may shift to the right if
- A. there is an increase in taxes on inputs
- B. government increases subsidies
- C. rural-urban migration is encouraged
- D. the price of the commodity increases
The demand curve for goods of ostentation is usually
- A. negatively sloped
- B. positively sloped
- C. vertical
- D. horizontal
The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
- A. in complementary demand
- B. of the same quality
- C. in composite demand
- D. in competitive demand
The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?
- A. $ 90.00
- B. $ 180.00
- C. $ 324.00
- D. $ 350.00
A major disadvantage of a capitalist economy is that it
- A. leads to low production of goods and services
- B. requires large number of officials to operate
- C. considers individual consumers' satisfaction
- D. worsens income inequality among the citizens
A major characteristic of natural resources is that they
- A. are unlimited in supply
- B. have high cost of production
- C. are free gifts of nature
- D. do not command any price
There is unemployment of resources when production is
- A. within the production possibility curve
- B. outside the production possibility curve
- C. along the production possibility curve
- D. adequate to meet market demand
If petrol is no longer needed to produce energy, then demand for crude oil
- A. will increase
- B. will remain constant
- C. may be limited to chemical industries
- D. will make producing countries richer
The main function of the African Development Bank (AFDB) is to
- A. promote free trade and development among members
- B. provide loans to finance balance of payment problems
- C. provide loans to members to finance viable projects
- D. help members overcome their internal problems
A benefit that is present in all forms of economic integration is that
- A. factors of production are free to move and be moved
- B. common currency is in use
- C. common agricultural policy is in place
- D. the size of the market is widened
Given that a country’s index of export price is 180 and that of import is 200, the terms of trade is
- A. 0.09
- B. 2.00
- C. 90.00
- D. 380.00
Which of the following measures can lead to an increase in exports?
- A. Increase in export duties
- B. Increase in excise duties
- C. Depreciation of currency
- D. Total ban on imports