Economics Past Questions and Answers

which of the following is an objective of economic integration?

A Harmonization of cultural practises
B Free movement of persons, goods and services
C Payment of high tarrifs
D Dumpoing of goods in less developed countries

Question 3017:

one of the functions of of the international Monetary Fund (IMF) is to

A Devalue the currency of member state
B Reduce drastically the size of deficit financing of member states
C Giving financial assistance to member states that have temporary balance of payment difficulties
D Discourage the rapid industrialization process in the less developed nation of the world

Question 3018:

The full meaning of OPEC is

A Oil ans Petroleum Exporting Countries
B Original Petroleum Exporting Companies
C Organization of Petrol Exporting Countries
D Organization of Petroleum Exporting Countries

Question 3019:

Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as Os = 25 + 0 25 P, Where Qs is quantity supplied, P is price (a) Determine the quantity supplied when price per litre is (i) 0 Naira (it) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira (b) From your calculations in (a)(i) present the supply schedule (ii) draw the supply curve.

Question 3020:

The pie chart below shows the age distribution of population in thousands of an island Y for the year 2000 The total population of the island is 245,000. Use the information supplied to answer the questions that follow (Show all workings clearly) (a) Calculate the number of persons in the different age groups (b) What is the dependency ratio of the population? (c) Give three implications of the above population structure