Economics Past Questions and Answers

(a) What is a development plan ?<br/>(b) Discuss the various ways of financing economic development in Nigeria.

Why do countries impose restrictions on international trade?

Briefly outline the principles of taxation and give reasons why Nigerians are taxed.

What is the mode and when is it a suitable average to use? State its disadvantages.

Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 - 1/3 P, where Q is quantity demanded and P is the price,<br/>(a) Find the quantity demanded when price is :<br/>(i) N30.00;<br/>(ii) N210.00;<br/>(iii) NO.00.<br/>(b) comment on (a) (ii) above.<br/>(c) suppose the relation is now expressed as P = N (180 - 3Q); find P when:<br/>(i) Q = 0;<br/>(ii) Q = 60;<br/>(iii) Q = 59.<br/>