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NOTE:Please trace it from your system. The options are being reshuffled, so you might see “1” as any number, trace quickly. You could also see option A as option C, B, or D. Use the answers in words and trace carefully to avoid errors. 🙏
1: (D) a reduction in the contribution of agriculture to the national income.
2: (C) buying in bulk from the producers.
3: (D) subtracting depreciation allowance from Gross National Income (GNI).
4: (C) is parallel to the x-axis
5: (B) everyone in the society cannot have all the quantities they want.
6: (D) quota
7: (D) decreases
8: (D) there is a rise in birth rate and fall in death rate.
9: (C) gold
10: (C) subsidize the production of goods.
11; (C) gross domestic product at factor cost
12; (C) shift to the right
13; (C) internal economies of scale
14; (C) the number of producers of a commodity.
15; (D) Fixed cost is spread over more units of output
16; (B) a limited partner
17; (B) establishment of agro-processing industries.
18; (B) increasing workers’ productivity.
19; (A) High intrinsic value
20; (B) enjoy the benefits of international trade.
21: (D) the rigorous procedures involved in its formation.
22: (D) a leftward shift of its demand curve.
23: (C) remain unchanged
24: (A) undertake effective planning.
25: (A) Acting as lender of last resort
26: (B) an increase in company profit tax.
27: (C) embark on massive infrastructural development.
28: (D) complementary supply.
29: (D) composite demand
30: (D) industrialization.
31: (c) is not a true representation of all the data.
32: (c) rate at which the Central Bank discounts commercial banks’ bills of exchange.
33: (a) short run
34: (c) of instability in politics and policies of governments.
35: (b) derived demand.
36: (C) inferior.
37: (D) fixed inputs exceed variable inputs.
38: (a) technological utilization is low.
39: (c) beverages manufactured by local firms.
40: (a) supply of labour for the job.
41: (d) Prices are regulated
42: (D) finance their budget deficit
43: (a) personal income tax.
44: (a) buyers and sellers must be in close communication.
45: (C) Soft beverage
46: (B) Reduction in bank’s lending to the producer
47: (c) articles of association
48: (C) value in monetary terms of final output less inputs used.
49: (C) cyclical unemployment
50: (b) communal system of land ownership.
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SECTION A: ANSWER ONE(1) QUESTION ONLY
(1)
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SECTION B: ANSWER THREE(3) QUESTIONS ONLY
(5a)
(i) Food crop farming involves the cultivation of crops mainly for direct human consumption, while cash crop farming involves growing crops primarily for sale and export to generate income.
(ii) Food crops such as maize, yam, cassava and vegetables are produced mainly to feed the local population, while cash crops like cocoa, rubber, cotton and oil palm are produced mainly for industrial use and foreign exchange.
(iii) Food crop farming is usually practiced on small to medium-size farms, while cash crop farming is often practiced on large-scale commercial farms.
(iv) Food crop farming generally requires less capital and technology, while cash crop farming typically requires higher capital investment, machinery and modern inputs.
(5b)
(i) Use of modern machines such as tractors and harvesters.
(ii) Large expanse of land is cultivated.
(iii) High capital investment is required.
(iv) Production is carried out on a commercial scale.
(5c)
(i) Supply of farm inputs and machinery: The industrial sector manufactures fertilizers, pesticides, tractors, ploughs, irrigation equipment and other implements that enhance farm productivity.
(ii) Development of storage and preservation technologies: Industries produce silos, cold rooms, refrigerators, drying machines and packaging materials that help preserve agricultural products and stabilize food supply.
(iii) Creation of markets for agricultural products: Agro-based industries increase demand for raw materials such as cocoa, cotton, cassava, milk and oil seeds, thus encouraging farmers to increase production.
(iv) Employment generation for rural communities: The industrial sector creates jobs in processing plants, transport, marketing and equipment maintenance, raising rural income and supporting agricultural expansion.
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(6a)
(i) Low per capita income: Underdeveloped countries have very low income levels, meaning the average citizen earns little and struggles to meet basic needs. This results in widespread poverty, poor living standards and limited savings for investment.
(ii) High population growth rate: These countries often have high birth rates combined with declining death rates. The rapid population growth places pressure on existing social services, food supply, housing, education and employment, making development slower.
(iii) Heavy dependence on agriculture: A large proportion of the population is engaged in subsistence agriculture using crude tools and outdated methods. This dependence on primary production makes the economy vulnerable to climate shocks and global price fluctuations.
(iv) Poor industrial and technological development: Underdeveloped countries typically have weak industrial sectors, limited technological innovation and low productivity. Industries are few, small in scale and often rely on imported machinery, which slows economic transformation.
(6b)
(i) Taxation: The government can raise revenue through direct taxes (income tax, company tax) and indirect taxes (VAT, customs duties) to fund development projects.
(ii) Foreign loans and grants: Countries can obtain financial assistance from international bodies such as the World Bank, IMF, donor agencies and friendly nations to support development programmes.
(iii) Public borrowing: The government may raise funds internally by issuing treasury bills, bonds or borrowing from local banks and non-bank financial institutions.
(iv) Savings from export earnings: Revenue generated from exporting goods such as oil, cocoa, minerals or manufactured products can be used to finance national development plans.
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(7a)
An economic union is a high level of economic integration in which member countries remove trade barriers among themselves, adopt a common external tariff, and harmonize major economic, fiscal and monetary policies, sometimes including a common currency.
(7b)
[TABULATE]
=WORLD BANK=
(i) Focuses on long-term development projects, poverty reduction, and infrastructure in developing countries
(ii) Offers technical and financial assistance for development
(iii) Funding tied to specific projects
(iv) Funding tied to specific projects
(v) Provides long-term loans and grants
=IMF=
(i) Provides short-term loans during balance of payments crises, focusing on global financial stability and macroeconomic issues
(ii) Offers policy advice and technical assistance for economic stability
(iii) Assistance often tied to policy reforms
(iv) Quota-based voting power for member countries
(v) Provides short-term financial support
(7c)
(i) Provision of balance of payments support: The IMF grants financial assistance to countries facing foreign exchange shortages, helping them restore stability and continue vital imports needed for development.
(ii) Supply of technical and policy expertise: It provides expert advice on monetary policy, fiscal management, exchange-rate reforms and financial sector strengthening, improving national economic governance.
(iii) Promotion of international trade and financial stability: By encouraging stable exchange rates and sound macroeconomic policies, the IMF creates an environment that supports trade expansion and long-term economic growth.
(iv) Allocation of Special Drawing Rights (SDRs): The IMF increases member countries’ international reserves through SDR allocations, giving them additional liquidity to support development projects and stabilize their economies.
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(8a)
Solid mineral resources are naturally occurring inorganic substances found in the earth’s crust in solid form, such as gold, limestone, coal, tin, iron ore and gypsum, which have economic value and can be mined for industrial and commercial use.
(8b)
(i) Source of revenue and foreign exchange: Minerals exported to other countries generate income for the government through taxes, royalties and export earnings, helping to fund national development.
(ii) Industrial development: Mineral resources provide raw materials for industries such as cement (limestone), steel (iron ore), energy (coal), and electronics (tin), thereby promoting industrial growth.
(iii) Employment opportunities: Mining activities create jobs for geologists, engineers, miners, transporters and other workers, reducing unemployment and improving household income.
(8c)
(i) Provision of incentives to local industries: Government can offer tax holidays, reduced import duties on equipment, and financial grants to companies that invest in mineral processing plants.
(ii) Development of infrastructure: Building reliable electricity supply, good roads, water systems and transport networks reduces production costs, making local processing more attractive to investors.
(iii) Establishment of favourable policies and regulations: Government can create laws that restrict the export of unprocessed minerals, while promoting value addition by supporting research, training, and local technology development.
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