Explain each of the following terms:
(a) Export promotion
(b) Depreciation
(c) Terms of trade
(d) Balance of trade.
(a) Define Gross National Product (GNP).
(b) Describe the three methods of measuring national income.
Study the following extract on country Y's population data and answer the questions that follow.
The population of country Y in 1970 was 60 million. From 1971 to 1975 the total number of births was 25 million and deaths stood at 3 million. 8 million immigrants and 4 million emigrants were recorded in the reporting period.
(a) Present the above data in a table.
(b) (i) Determine the net migration within the period.
(ii) Calculate the population of the country in 1975.
(c) What is the percentage increase in the population of the country from 1970 to 1975?
The table below shows the tax payments of four income earners in a year. Use the information in the table to answer the questions that follow.
| Income Earners |
Income Base |
tax | Payments |
| A | B | ||
| Jawara | 15,000.00 | 1,500.00 | 1,200.00 |
| Ade | 25,000.00 | 2,000.00 | 2,000.00 |
| Eke | 32,000.00 | 3,200.00 | 2,240.00 |
| Audu | 60,000.00 | 6,000.00 | 3,000.00 |
(a) Determine the percentage rate of taxation paid by
(i) Jawara in columns A and B.
(ii) Audu in columns A and B.
(iii) Ade in columns B.
(iv) Eke in column B
(b)(i) Identify the systems of taxation employed in columns A and B.
(ii) Which of the income earners have the least burden under column B?
(c) (i) If government increases its rate of taxation to 15% flat rate, how much revenue will be generated from the payees?
(ii) At 15% flat rate taxation, calculate the disposable incomes of Messrs Jawara, Ade, Eke and Audu.
(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
