(a) Explain the methods of measuring the national income of a country
(b) State any three problems associated with measuring national income.
(a) What is meant by devaluation?
(b) Explain the measures by which a country can correct its balance of payments deficit.
(a) Explain the term economic planning
(b) Outline the problems of development plans in Nigeria.
Table of Input and Output;
| Variable units of labour | Fixed Assets (Hecteres of Land) | Total Product (kg) | Average Product (kg) | Marginal product (kg) |
| 1 | 3 | 8 | 8 | - |
| 2 | 3 | 18 | 9 | 10 |
| 3 | 3 | 36 | P | 18 |
| 4 | 3 | 48 | 12 | 12 |
| 5 | 3 | 55 | 11 | 7 |
| 6 | 3 | 60 | Q | 5 |
| 7 | 3 | 60 | 8.6 | S |
| 8 | 3 | 56 | 7 | T |
Use the table to answer the following questions:
(a) Complete table by calculating the missing figures P, Q, R, S, T.
(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).
(c) Explain the relationship between TP and MP.
Use the schedule to answer the follow-ing questions:
| Price per annum | Quantity Demanded | Quantity Supplied per week |
| 5 | 500 | 60 |
| 6 | 400 | 150 |
| 7 | 300 | 300 |
| 8 | 250 | 400 |
| 9 | 150 | 500 |
| 10 | 50 | 600 |
(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that
