Economics Past Questions and Answers

The Organization of Petroleum Exporting Countries (OPEC) is an example of a

Study the following extract on country Y's population data and answer the questions that follow. <br/>The population of country Y in 1970 was 60 million. From 1971 to 1975 the total number of births was 25 million and deaths stood at 3 million. 8 million immigrants and 4 million emigrants were recorded in the reporting period. <br/>(a) Present the above data in a table. <br/>(b) (i) Determine the net migration within the period.<br/>(ii) Calculate the population of the country in 1975. <br/>(c) What is the percentage increase in the population of the country from 1970 to 1975? <br/>

The table below shows the tax payments of four income earners in a year. Use the information in the table to answer the questions that follow. <br/><table class='tbn'><tbody><tr><b>Income Earners</b> </td><b>Income Base</b> </td><td> <b>tax</b> </td><td> <b>Payments</b> </td></tr><tr><td> <b>N</b> </td><td> <b>N</b> </td></tr><tr><td> <b>A</b> </td><td> <b>B</b> </td></tr><tr><td> Jawara </td><td> 15,000.00 </td><td> 1,500.00 </td><td> 1,200.00 </td></tr><tr><td> Ade </td><td> 25,000.00 </td><td> 2,000.00 </td><td> 2,000.00 </td></tr><tr><td> Eke </td><td> 32,000.00 </td><td> 3,200.00 </td><td> 2,240.00 </td></tr><tr><td> Audu </td><td> 60,000.00 </td><td> 6,000.00 </td><td> 3,000.00 </td></tr></tbody></table><br/><br/><br/> (a) Determine the percentage rate of taxation paid by<br/>(i) Jawara in columns A and B.<br/>(ii) Audu in columns A and B.<br/>(iii) Ade in columns B.<br/>(iv) Eke in column B <br/>(b)(i) Identify the systems of taxation employed in columns A and B.<br/>(ii) Which of the income earners have the least burden under column B? <br/>(c) (i) If government increases its rate of taxation to 15% flat rate, how much revenue will be generated from the payees?<br/>(ii) At 15% flat rate taxation, calculate the disposable incomes of Messrs Jawara, Ade, Eke and Audu.

(a) Why is the scale of preference important<br/>(b) Explain the concept, opportunity cost.<br/>(c) State the opportunity cost in each of the following actions:<br/>(i) A shirt was purchased for N500.00 instead of a pair of shoes.<br/>(ii) Onions were planted on a farm realizing N20,000.00 instead of maize that could have realized N25,000.00 <br/>

Why do government conduct population census?<br/>