Economics Past Questions and Answers

which of the following is not a visible item in international trade payments?

The data here shows an hypothetical age distribution of the population of a town in Nigeria. <br/><table class='tbn'><tbody><tr><td> <b>Sex</b> </td><td> </td><td> <b>Age in years</b> </td><td> </td><td> </td></tr><tr><td> </td><td> 10 and below </td><td> 11-14 15-3 </td><td> 36 - 64 </td><td> 65 and above </td></tr><tr><td> Male </td><td> 1350 </td><td> 2275 1135 </td><td> Y </td><td> 3250 </td></tr><tr><td> Female </td><td> 2650 </td><td> 2725 1365 </td><td> 4265 </td><td> Z </td></tr><tr><td> Total </td><td> 4000 </td><td> X 2500 </td><td> 7500 </td><td> 6000 </td></tr></tbody></table><br/><br/><br/>From this data, calculate:<br/>(a) X, Y, Z.<br/>(b) The total population of the town.<br/>(c) The difference be-tween the population of male and female aged 14 and below.<br/>(d) The percentage of the population aged 14 and below.<br/>(e) The dependency ratio in the town. <br/>

Use the table to answer the following questions:<br/><table class='tbn'><tbody><tr><td> <b>Quantity of yams(kg)</b> </td><td> <b>Total Revenue (TR)</b> </td><td> <b>Marginal Revenue (MR)</b> </td><td> <b>Total Cost (TC)</b> </td><td> <b>Marginal Cost (MC)</b> </td></tr><tr><td> </td><td> N </td><td> N </td><td> N </td><td> N </td></tr><tr><td> 0 </td><td> 0 </td><td> - </td><td> 5 </td><td> - </td></tr><tr><td> 1 </td><td> 9 </td><td> 9 </td><td> 8 </td><td> 3 </td></tr><tr><td> 2 </td><td> 18 </td><td> 9 </td><td> 6 </td><td> T </td></tr><tr><td> 3 </td><td> 24 </td><td> 6 </td><td> 21 </td><td> 5 </td></tr><tr><td> 4 </td><td> 28 </td><td> Q </td><td> 25 </td><td> 4 </td></tr><tr><td> 5 </td><td> 30 </td><td> 2 </td><td> 25 </td><td> U </td></tr><tr><td> 6 </td><td> P </td><td> 1 </td><td> 25 </td><td> 0 </td></tr><tr><td> 7 </td><td> 28 </td><td> -3 </td><td> S </td><td> 1 </td></tr><tr><td> 8 </td><td> 24 </td><td> R </td><td> 24 </td><td> -2 </td></tr></tbody></table><br/><br/><br/>(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.<br/>(b)At what out-put is profit maximized?<br/>(c) Calculate the profit when quantity sold is 5.<br/>(d) At what output does MC begin to rise?

(a) Explain the term opportunity cost.<br/>(b) Highlight the relevance of the opportunity cost concept to individuals, firms and government.

Describe any five problems of distribution in Nigeria. <br/>