Explain any five objectives of the Economic Community of West African States (ECOWAS). [20 marks]
Give five reasons for the continued existence of the Organization of Petroleum Exporting Countries (OPEC). [20 marks]
The demand function for a commodity is given as Qd = 21 - 3p.
(a) Use the demand function to complete the table below. [6 marks]
| Price $ | 0 | 1 | 3 | 4 | 5 | 6 |
| Quantity demanded (Kg) |
(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks]
(c) Outline any three factors affecting demand [6 marks]
The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.
| Sectors | Amount ( $ Million) |
| Education | 6,250 |
| Mining | 2,150 |
| Agriculture | 4,300 |
| Communication | 2,400 |
| Health | 2,900 |
(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks]
(b) Distinguish between a budget surplus and a budget deficit. [8 marks]
