📍 ECONOMIC QUESTIONS 📍

✅Define foreign trade.

Highlight any three gains from foreign trade.

Describe any three artificial barriers to foreign trade.

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

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

✅ What is an Economic system?

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

c. State any two disadvantages of mixed economic system.

✅Define elasticity of supply.

b. When is supply described as

(I). elastic
(II). inelastic

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

✅ 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.

✅ Distinguish between labour and labour force.

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

✅ Explain each of the following:

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

✅Outline any three disadvantages of monopoly.

b. In what two ways can monopoly be controlled?

✅Explain

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

b. Highlight any three motives of holding money.

✅What is economic integration?

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

✅What is economic growth?

b. Explain any four sources of economic growth.