(a) With the aid of a diagram, explain the effects of fixing a price (i) above the equilibrium price,
(ii) below the equilibrium price [5 marks each]
(b) (i) What is an abnormal demand? [4 marks] (ii) Give two reasons for its occurrence [6 marks]
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]