Economics Past Questions and Answers

international trade is different from internal trade because of the

A Manufactured goods involved
B Currency differentials
C Homogeinty of products
D Heterogeinty of products
E Uniformity of prices

Question 417:

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

A Payments for imported cars
B Receits from cocoa exports
C Receipts from oil exports
D Payments for steel imports
E Payments to foreign shipping companies

Question 418:

The data here shows an hypothetical age distribution of the population of a town in Nigeria.

Sex		Age in years
	10 and below	11-14 15-3	36 - 64	65 and above
Male	1350	2275 1135	Y	3250
Female	2650	2725 1365	4265	Z
Total	4000	X 2500	7500	6000

From this data, calculate:
(a) X, Y, Z.
(b) The total population of the town.
(c) The difference be-tween the population of male and female aged 14 and below.
(d) The percentage of the population aged 14 and below.
(e) The dependency ratio in the town.

Question 419:

Use the table to answer the following questions:

Quantity of yams(kg)	Total Revenue (TR)	Marginal Revenue (MR)	Total Cost (TC)	Marginal Cost (MC)
	N	N	N	N
0	0	-	5	-
1	9	9	8	3
2	18	9	6	T
3	24	6	21	5
4	28	Q	25	4
5	30	2	25	U
6	P	1	25	0
7	28	-3	S	1
8	24	R	24	-2

(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise?

Question 420:

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