Answer to theory
Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another Motives for holding Money-:
i.) Transaction motives:To make payments or purchases
ii.) Precautionary motives: To meet unforseen contingencies
iii.) Speculative motives: It being the safest asset in wealth portfolio. Other assests possess uncertainty and no liquidity.
8a) a market is an arrangement in which two or more pple are bought together for τ̲̅ђe purpose of business transaction eg through telephone,telex,gsm, fax etc
8b) features of monopoly= no fixed price, τ̲̅ђey re more buyers, existence of only one firm eg PHCN
8c)sources of monopoly= i) natural monopoly- some countries are endowed with argircultural and mineral resources dan others maing dem monopolistic over others
ii) merger- a group of firm which produces similar products may join to form a single body to drive away competitiors
iii)govt policy- through govt policy, certain essential services are supplied via a single source eg electricity supplied by only PHCN.
ECONOMICS THEORY QUESTIONS
1. The table below show expected revenue from budget.
Item amount($) rent,royalties & profit 75.0 company income 100.00
Table 2 projected revenue item amount gen admin 220.10 maitance of forieng mision 50.00
transfer 3.non tax souces determine total
Determine wether da budget is a surplus or deficit
Que. Explain da folowing factors that affect d demand for a comodity X br /> a.a decrease in price of a complement Y;
b.an increase in consumer disposabl income [Receiving Text]law as a theory of intertional trade
Que5., define money
b.state 3 motives for holding money.
C.mention two determinants of each of da motives for holding money
8.define market in economics
b.state any 3 features of a monopoly
c.outline any 3 sources of monopoly power
(3a) define mobility of labour?
(3b) factors of decline mobility of labour.
(6a) what is taxation?
(6b) explain the various principle of taxation.
(7) what are the roles of central banks in a country?
(9a)what are the roles of ecowas.
(9b) what are the problems of ecowas.