(a) Distinguish between labour force and efficiency of labour
(b) Describe five factors which determine the size of the labour force in a country
(a) What is a demand schedule?
(b)Explain each of the following terms:
→effective demand
→composite demand
→derived demand
(ci) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
substitute
(ii) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
complement
(a) Explain the following types of taxes:
→specific tax
→value-added tax
(bi) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly inelastic
(ii) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly elastic
(a) Distinguish between a:
→mortgage bank and a merchant bank
→commercial bank and a development bank
(b) Explain any four functions of commercial banks
(a) What is economic integration?
(b) Outline any three short-comings of the Economic Community of West African States (ECOWAS)
(c) Highlight any three achievements of the Economic Community of West African State (ECOWAS)