(a) Define labour [4 marks]
(b) Give four factors that affect the efficiency of labour in your country. [16 marks]

(a) With examples. distinguish between direct and indirect tax, [8 marks] 
(b) Explain any four problems of tax collection in any West African country. [12 marks] 

(a) Distinguish between the following pairs of cost concepts. 
    (i) Fixed cost and variable cost. (ii) Real cost and money cost 
   (iii) Implicit cost and explicit cost. [5 marks each]

(b) (I) What would you recommend to a firm whose average cost is greater than its price? [2 marks] 
(ii) Give a reason for your answer In (b)(i) above. [3 marks] 

(a) What is a capital market? [5 marks] 
(b) Describe any three instruments used in the capital market. [15 marks] 

(a) What is (i) devaluation: (ii) depreciation of currency? [4 marks each] 
(b) Outline three measures that can be adopted to correct balance of payments deficit [12 marks]