Correct Answer: B. it is calculated as National Income Population

Correct Answer: D. Pricing of crude oil

Correct Answer: A. fixed and variable

Correct Answer: C. Death rate , birth rate and net migration

Explanation

National income can be defined as the sum total of the money value of all the goods and services produced in a country within a specific period of time, usually a year. In other words it is the sum total of all the incomes received by the factors of production within a period of time.

(i) National income statistics assists the government in planning economic development. Successful planning re-quires fairly accurate figures upon which decisions can be based.

(ii) Average per capita income can easily be obtained if the national income is known.

(iii) National income statistics are used to indicate the overall standard of living of the people. The larger the size of income, the higher the standard of living of the people, provided that the income is equitably distributed.

(iv) The data gathered on people's expenditures, incomes and outputs will put investors in a position to know whether it is worth investing their capital in the country or not.

(v) National income estimates are used to compare the living standards of different countries. This is done on the basis of average income per head.

(vi) National income statistics also give vital information about the different sectors of the economy, their rate of growth, their needs for resource allocation.

(vii) National income figure can show at a glance whether or not the country's economy is growing from year to year and at what rate.

(viii) National income statistics will indicate areas of greatest needs in terms of resources allocations and appropriate measures will be taken to correct the imbalance.

Correct Answer: C. are legal tender

Explanation

(a)Opportunity cost is the alternative forgone. The opportunity cost of a product is the alternative which must be given up in order to produce that product. It is the sacrifice made in order to enjoy something else. For example, if a student has N5 to buy either a book or a shirt. If he buys a shirt instead of a book, the opportunity cost is the book which the student has forgone in order to buy the shirt. Money cost, on the other hand, refers to the total amount of money that is spent in order to acquire a set of goods and services. This tallies with the accountant concept of cost. For example, a consumer who spent to buy a shirt has dispensed with cash. The N15 spent is the money cost.

(b) The concept of opportunity cost is relevant to the economies of West African countries. This is because the concept emphasises the basic problem of choice which is the main core of the subject matter of economics as a result of the limited available resources vis-a-vis unlimited wants. Since every economic problem involves choice and every choice involves opportunity cost, therefore, opportunity cost is relevant to the economies of West African countries. The concept involves efficient allocation of scarce resources to pressing needs of the society. It also shows that every activity involves a sacrifice whether on the side of an individual, a firm or a government. The government will decide which sector will take the lion's share of the resources of a country. It helps in government decision-making process.

Correct Answer: A. increase the price of goods and services at will

Correct Answer: A. 2

Correct Answer: B. Vienna, Austria