1. (a) Why do we study economics? Explain the
problems the study of economics will help us
to
solve.
(b) Write short note on :
i. Scale of preference
ii.
Choice
iii.
Opportunity cost
iv.
Wants
v.
Scarcity
2. (a) What is price elasticity of demand?
(b) The following table shows the demand and
supply of Sogbae, a consumer. Use the
table to answer the questions that follow:
Price (N)
|
Quantity Demand
|
Quantity supply
|
550
|
4,750
|
5,750
|
500
|
5,000
|
5,000
|
450
|
5,250
|
42,500
|
i.
Calculate
the elasticity of demand when price was N550.
ii.
State
the nature of elasticity of demand in (i) above.
iii.
Calculate
the elasticity of supply when price fell from N500 to N450.
iv.
State
whether the supply in (iii) above is elastic or inelastic.
3. (a) write short note on:
i.
Average cost
ii.
Marginal cost
iii.
Total cost
iv. Short and long run cost
v.
Explicit cost
(b) The
short run cost function of Tiwalade Nigeria Limited is given as:
C =
0.1q3 – 2q2 + 15q
+ 10
Required:
Calculate:
i.
Average
Variable Cost.
ii.
Marginal
cost of production of Tiwalade Nigeria limited.
4. (a) What do you understand by population? List
five factors responsible for increase in
Population in Nigeria.
(b) The table of Age Distribution in Lagos State.
Age
|
0 -16
|
17-35
|
36-65
|
66 and above
|
Population
|
20,000
|
30,000
|
10,000
|
40,000
|
i.
Calculate
the dependency ratio of the state.
ii.
Comment
on the dependency ratio calculated in (i) above.
iii.
Highlight
the economic implication of high dependency ratio.
5. ( a) Identify
sources of monopoly`s strength in the market as well as its weakness.
(b) A monopolistic competitive firm is closed
related to a perfect competitive firm
especially in their respective features but are significally different
in practice.
6. (a) What are the problems encountered in the
process of distribution and marketing of
goods
in Nigeria?
(b) State
four reasons why wholesale prices are lower than retail prices.
(c) In
tabular form, state five differences between wholesaler and retailer
7. (a) The
demand and supply functions of Otisese Nigeria Limited are given as:
Quantity
Demand (QD) = 20 – 3p
Quantity
Supply (QS) = 6p – 16
Where
p= price in naira.
i.
Compute
the equilibrium price and quantity respectively.
ii.
If
price falls to N2, determine the excess demand,
iii.
If
price rises to N6, what is the excess supply?
(b) What
is cross elasticity of demand?
8. (a) What are the problems that hinder Nigeria
from obtaining accurate population census
figures?
(b) Write
short note on:
i.
Over-Population
ii.
Under-Population
iii.
Age Distribution
iv.
Sex Distribution
v. Population
Density
9. (a) State factors of production and their
economic reward.
(b)
Calculate :
i.
Average Product
ii.
Marginal Product
Given the table below showing output of yam producer in Ogun State.
Labour
Unit
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
Total
Product
|
400
|
850
|
1,350
|
1,840
|
2,150
|
2,400
|
2,520
|
2,520
|
2,475
|
2,550
|
(c) Enumerate properties of indifference curve
approach.
10. (a) Why is economics called a science subject?
State five difference between economics
and
other science subjects like physics and chemistry?
(b) Why
scale of preference is necessary?
11. (a) Suggest ways by which monopoly can be
controlled.
(b) Write
short note on:
i.
Price discrimination
ii.
Law of diminishing returns
iii.
Composite demand
iv.
Excess supply
v.
Localisation of industry.
12. (a) State
four reasons why wholesale prices are lower than retail prices.
(b) In
tabular form, state five differences between wholesaler and retailer.
(c) What are the problems encountered in the
process of distribution and marketing of
goods in Nigeria?
For more questions email: britstutors@gmail.com
Patriot Odunaro B.J.
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