(a) Why is the scale of preference important
(b) Explain the concept, opportunity cost.
(c) State the opportunity cost in each of the following actions:
(i) A shirt was purchased for N500.00 instead of a pair of shoes.
(ii) Onions were planted on a farm realizing N20,000.00 instead of maize that could have realized N25,000.00 
 

Why do government conduct population census?
 

(a) What is price elasticity of demand?
(b) With carefully labeled diagrams, illustrate each of the following:
(i) perfectly inelastic demand
(ii) unitary elastic demand
(iii) fairly elastic demand
(iv) perfectly elastic demand. 
 

Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures. 
 

(a) Distinguish between cost-push inflation and demand pull inflation.

(b) Explain any four ways of controlling inflation.