Economics Theory Examination

Instruction: Answer number five and any other three questions.

1. (a) Define Economic Growth

(b) State and explain five factors that determine Economic Growth

 

2. (a)Define international Trade

(b)Discuss five reasons that account for differences between international Trade and internal trade

 

3. Distinguish between

a. Fixed Cost and Variable Cost

b. Marginal Cost and Marginal Revenue

c. Total Cost and Total Revenue

d. Average Cost and Average Revenue

Hint: definitions, formulae, and graphical illustrations.

4. a.   What do you understand by the term “Human Capital Development”?

         b.   Explain what you understand by brain drain and give three effects on the economy?

          c.   Briefly discuss the history of petroleum industry in Nigeria

5.             The demand and supply equations for a commodity are given as;   D = 10 – 2p and S = 4p – 8 respectively. Given that p is the price in Naira and D and S are quantities in kilograms (kg)

                determine:   i.

i. Equilibrium price and quantity

ii. If the price was fixed at #4, what would be the excess supply?

iii. If the price was fixed at #2, what would be the excess demand?

iv. Draw the demand schedule for the price range #2, #3, #4 and 35.                        

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