(a) What is economic integration?

(b) Distinguish between afree trade area and a customs union.

(c) Describe two advantages and two disadvantages of free trade area

Devaluation is effective when?

• A. demand for imports is price inelastic
• B. demand for imports is neutral
• C. production for export is low
• D. demand for exports is price elastic

The dispersal of people in a country is called

• A. mobility of people
• B. geographical distribution
• C. occupational distribution
• D. state distribution

In the diagram below, the consumer attains equilibrium at point

• A. G
• B. H
• C. J
• D. K

The determination of price by bargaining between buyers and sellers is________

• A. Sales by Auction
• B. Tender
• C. Higgling and Haggling
• D. Price Control

Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria?

• A. A more even development of the different parts of the country will be assured
• B. There will be an unbalanced spread in the distribution of industries
• C. The less developed parts of the country will be able to attract more industries
• D. Only the government will be able to finance the establishment of industries

In determining cost economics considers

• A. implicit cost only
• B. explicit cost only
• C. implicit and explicit costs
• D. explicit cost less implicit

The malthusian theory of population is best illustrated when

• A. the size of the population and available resources are equal
• B. both population and food supply increase at the same rate
• C. food supply increases much faster than population growth
• D. population increases much faster than food supply

The concept of opportunity cost is also referred to as

• A. social cost
• B. real cost
• C. fixed cost
• D. variable cost

A system in which the means of production is held in trust for the people by government is known as a?

• A. socialist economy
• B. capitalist economy
• C. subsistence economy
• D. mixed economy