ECONOMICS TRIAL QUESTIONS

*1* i) To what extent can Economics be considered a Science??

ii) Suppose that Dr. Tabi had the ff scale of preference::
~Textbooks  ¢100
~Exercise Books ¢50
~Uniforms ¢50
~Shoes ¢40
~Provisions ¢60
~Suitcase ¢150
~Pressing Iron ¢20
~Spectacles ¢100

a) Define scale of preference. What is its importance?

b) Define opportunity cost

C) If Dr. Tabi had ¢100, what would he spend it on? What would be the opportunity cost of the items purchased?

D) If Dr. Tabi had ¢150 instead of ¢100, what would he purchase? What would be the opportunity cost?

ii)Explain 5 reasons why the study of Economics is important..

*2* a) i) "Choices arise because of scarcity of resources". Explain

ii) What problems do the knowledge of economics help us to solve??

iii) Why is economics important to the producer??

B) "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Comment on the statement.

*3*  i) Describe each of the ff sectors of the economy:
~Primary
~Secondary
~Tertiary

ii) Using a table, classify the ff activities under the three sectors described above.
~Teaching ~Farming ~Medical Practice ~Entertainment ~Banking ~Hunting ~Fishing ~Plastic Making ~Road Construction ~Canning.

ii) Which of mankind's economic activities are studied in Economics? Explain.

*4* ai) "Land is regarded as being different in several respects from the other factors of production " State the differences.

ii) What factors determine the supply of land for particular use?

iii) What factors determine land as a natural resource?

B) i) Define Land.

ii) Outline any five characteristics of land.

iii) Explain any four contributions of land to economic activities.

C) i) Distinguish between geographical mobility of labour and occupational mobility of labour.

ii) State 4 factors that hinder mobility of labour.

iii) What is mobility of labour.

*5* a) i) Distinguish between foriegn aid and foreign investment.

ii) What problems do foriegn investment pose to West African countries?

B) i) What is Unemployment?

ii) Describe 5 causes of unemployment in your country.

C) i) Explain the ff terms::
~ migration
~ net migration
~ Immigration
~ Emigration
~ Rural-Urban migration

ii) State any 4 factors responsible for increase in rural-urban migration in West Africa.

D) State and explain 5 types of Unemployment.

*6* a) i) What do you understand by localization of industries?

ii) Explain each 5 advantages and disadvantages of localization of industries.

B) i) Distinguish between location and localization of industries.

ii) State three reasons for the concentration of manufacturing industries in the urban areas of your country.

iii) Highlight three ways by which this trend can be reserved.

*7* a) What are the main major sources of government revenue in your country?

b) Distinguish between direct and indirect taxation

C) Why is indirect taxation favoured as source of government revenue in less developed countries?

D) Analyze the effect of each of the following policy measures on the production of a commodity::
i) A tax on the finished good
ii) A tax on the inputs
iii A tax on profits.