Economics Past Questions and Answers

Which of the following countries is not a member of the Economic Community of West African States (ECOWAS)?

The pie chart here represents the hypothetical output of farmers in a country in a particular year. The total output of the crops was 72,000 tonnes. <br/>(a) Calculate the quantity of each product.<br/>(b) (i) By what quantity is the export crops greater than the food crops?<br/>(ii) Which crop contributed the least and by what quantity?<br/>(iii) Which crop has the highest output?

(a) What is income elasticity of demand? The table below shows the various incomes and demand for different commodities. <br/><table class='tbn'><tbody><tr><td> <b>Income (N)</b> </td><td> <b>Quantity Demanded (kg)</b> </td></tr><tr><td> A 20,000 </td><td> 120 </td></tr><tr><td> B 36,000 </td><td> 96 </td></tr><tr><td> C 40,000 </td><td> 160 </td></tr><tr><td> D 44,000 </td><td> 200 </td></tr><tr><td> E 45,000 </td><td> 240 </td></tr><tr><td> F 47,000 </td><td> 252 </td></tr></tbody></table><br/><br/><br/>(b) Calculate the income elasticity between<br/>(i) A and B<br/>(ii) C and D<br/>(iii) E and F<br/>(c) What kind of good is between<br/>(i) A and B?<br/>(ii) C and D?

(a) State the laws of demand and supply.<br/>(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.<br/>

What form of business enterprise would you recommend for a tailor? Give reasons for your answer.<br/>