(a) What is meant by price elasticity of demand?
(b) The following figures are extracted from a schedule of demand and supply:
| Price | Quantity Demanded | Quantity Supplied |
| N9.00 | 1050 | 850 |
| N10.00 | 1000 | 1000 |
| N11.00 | 950 | 1150 |
(i) Calculate the elasticity of demand when price rises from N10.00 to N11.00.
(ii) State whether the demand in (i) above is elastic or inelastic.
(iii) Calculate the elasticity of supply when price falls from N10.00 to N9.00.
(iv) State whether the supply in (iii) above is elastic or inelastic
Use the data in the table below to answer the questions that follow;
| Age group | No of Students in thousands | |
| 1955 | 1960 | |
| 0 - 16 | 150 | 143 |
| 17 - 45 | 51 | 107 |
| 46 -60 | 29 | 33 |
| above 60 | 15 | 17 |
(a) What is the percentage increase in the working population between 1955 - 1960?
(b) Calculate the ratio dependent population to the working population in 1955.
(c) Calculate the ratio of dependent population to the working population in 1960.
(d) Has the dependency ratio increased or decreased between 1955 and 1960?
Price tends towards the level which equates supply with demand'. Explain this statement.
Highlight the economic problems associated with the dependency of West African countries on primary production.
(a) Explain the term national debt.
(b) State any four instruments of government borrowing in Nigeria.
