Explanation

The ways in which West African countries would benefit from economic integration are:

(i) The enlarged market will encourage large scale production.

(ii) Efficiency will be induced in production units.

(iii) Greater resources mobility will be achieved.

(iv) The countries will benefit from specialization in some areas of production.

(v) Job opportunities will be created in the process.

(vi) A wide range of economic activities will improve the quality of life.

(vii)There will be stimulation of faster economic development in the region.

(viii) The countries will have greater powers to participate effectively in the world market.

Correct Answer: B. collective bargaining

Explanation

Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.

Correct Answer: D. reduce the demand for imports

Explanation

A rise in imports has a negative effect on the balance of trade, that is, it will tend to increase the trade deficit or reduce the trade surplus.

Correct Answer: C. adopt restrictive monetary policy

Explanation

One popular method of controlling inflation is through a contractionary monetary policy. The goal of a contractionary policy is to reduce the money supply within an economy by decreasing bond prices and increasing interest rates.

Explanation

(a)(i) Peasant farming is a small scale farming involving the use of simple farm implements. It involves small farm holdings. Production is for both domestic consumption and for export.

(ii) Commercial farming is the large scale farming involving the use of machinery and other forms of capital such as irrigation, improved seedlings and fertilizers. Production is for both domestic and international markets.

(b)(i) Agriculture provides food and therefore reduces importation.

(ii) Agriculture exports provide foreign exchange for development.

(iii) Increased food production helps to keep down the rate of inflation.

(iv)Agriculture provides raw materials for industrial development.

(v) Agriculture provides a market for equipment and other agricultural inputs produced by the industrial sector.

(vi) Agricultural incomes also create a market for manufactured consumer goods.

(vii) Savings obtained from the agricultural sector increase the level of saving in the economy.

(viii) Tax on agricultural incomes yields revenue to government for capital formation.

(ix) Agriculture provides employment for the growing labour force.

(x) Development in agriculture releases excess labour to work in industries.

Correct Answer: A. a review of the tax policy

Correct Answer: A. perfectly inelastic supply curve

Correct Answer: A. elastic

Correct Answer: A. not available in sufficient quantities to satisfy all wants for them

Explanation

(a) Balance of trade = visible exports - visible imports

= $200.00 + $300.00

= $ 500.00 million

Visible imports = $250.00 - $650.00

= - $150.00million

(b) Invisible trade balance = inviible exxports - invisible im ports

Invisible exports = $25.00 + $30.00 + $25 = $80.00 million

Invisible imports = $50.00 + $75.00 + $85.00 = $210.00 million

Invisible = $80.00 - $210.00 = -$130.00

(c) Balance on current account = balance of trade + invisble trade balance

= $150.00 +($130.00)

= $150.00 + $130

= $ 280.00

OR

Total exports - total imports

= $(200 + 300 + 25 + 30 + 25) - $(250 + 400 + 50 + 75 + 85)

= $580 - $860 = - $280