(a) Total pop:sum of age grade
=900,000+550000+300,000+250000
=2,000,000
(b)i, Ratio of pop under 18 to pop over 60yrs
=900,000:250000
=18:5
(ii)DR:LF
where DP=900000+250000 and LF=550000+300000
.:DR=1150000:850000
=115:85
=23:17
(c)percentage of labour force=labourforce/popX100/1
=850000/2000000X100/1
=42:5percent
(d) population in decreasing
(e)PCI= GDP/pop=4000000/2000000= 2.
(5a)
(i) Direct tax refers to the type of tax imposed
directly on income of individual or organisation
by the government or the agency.
(ii) Indirect tax refers to the taxes which are
imposed or levied on goods and services.
(5b)
(i) It generate income for the country
(ii) It discourages excess importation of foreign
goods
(iii) To promote locally produced
(iv) To discourage importation of harmful goods
into the country
(5c)
(i) It is said directly to the seller of good which
remit it to the appropriate tax authority
(ii) It is levy on consumer goods in form of VAT
++++++++++++++++++++++++++++++
(No6a)
Money market is a financial market for lending and
borrowing of short term loans while capital market is a
financial market for the lending and borrowing of long-
term loans
(No6b)
(i) Money market – central bank and Commercial Bank
(ii) Capital market: Building societies and the stock
exchange. (No6a)
Money market is a financial market for lending and
borrowing of short term loans while capital market is a
financial market for the lending and borrowing of long-
term loans
(No6b)
(i) Money market – central bank and Commercial Bank
(ii) Capital market: Building societies and the stock
exchange.
(6c)
(i) Provision of loan: Commercial Bank make both short
term and medium – term loans and overdrafts available to
those involved in economic development.
(ii) Development of International Trade: Commercial
banks through issuing of traveller's cheques and open of
letters of credit help in the development of international
trade which contributes to the economic development of
Nigeria.
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
(8a)
(i) supply of money is the total amount of
money available for use in the economy at a
given period of time.
(ii) Demand for money is the total amount of
money whch all individuals in economy wish to
hold for various reasons. It is the desire to hold
money
(8b)
(i) transactionary motives
(ii) precautionary motives
(8c)
(i) The Price Level: If the price level increases, it
means that a given sum of money would buy
fewer goods and services. Fall in prices leads to
an increase in the value of money.
(ii) Inflation and Deflation: The value of money
reduces during inflation while the value of
money increases during Deflation.
(iii) volume Of goods and services: When more
goods and services are available while the
supply of money remains constant, the value of
money will increase. More commodities can be
purchased with a given sum of money.
(iv) The supply of money and it's speed or
velocity in circulation
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