1)Give two major views of Rev. Thomas Malthus in population theory.

b. How relevant are his views to economic realities of West Africa countries.

2a. What is an Economic system?

b. Explain any three characteristics of a mixed economic system.

c. State any two disadvantages of mixed economic system.

3a. Define elasticity of supply.

b. When is supply described as

(I). elastic (II). inelastic

c. Outline any two factors that influence elasticity of supply.

4a. State the law of diminishing return.

b. What is (I).marginal product (II). average product

c. Explain any three factors that determine the size of firms.

5a. Distinguish between labour and labour force.

b. State four reasons for the differences in earnings among workers.

6a. Explain each of the following:

i. Nationalization II. Commercialization III. Privatization IV. Joint ventures.

7a. Outline any three disadvantages of monopoly.

b. In what two ways can monopoly be controlled?

8.Explain

a(I). Supply of money II. Value of money

b. Highlight any three motives of holding money.

9a. What is economic integration?

b. Highlight any three problems of economic integration in West Africa.

10a. What is economic growth?

b. Explain any four sources of economic growth.