Economics Questions and Answers

A mono-economy is an economy relying on one major export or natural resources to bring most of the currency into the country.
Nigeria is dependent on crude oil. Before now, agriculture and mining were the primary drivers of Nigeria’s economy but these has been abandoned since the 70’s as a result of the discovery of oil.
Nigeria is now a mono-economic country that is, now relies solely on crude oil as her major source
of revenue.

Arithmetic mean, x̄= ∑fx
n
where:
x̄= Arithmetic mean
∑ = sum of
X = series of figures in a given data
f = nunmber of times a particular number occurs (frequency)
n = number of figures or element
From the question:
Since, x̄= ∑fx
N
Then, x̄= ∑fx
N
=340/20

=17
 

This is because, according to the concept of equilibrium, if supply increases while demand remains constant, there will be an excess of supply over demand. This will bring about a decrease in the equilibrium price of the commodity and an increase in the equilibrium quantity. This gave rise to the fifth law of demand and supply which states that: “an increase in the supply of a commodity will cause the equilibrium price to fall and the quantity demanded to increase, while a decrease in supply will cause the equilibrium price to rise but the quantity demanded will fall”.

Gross domestic product (GDP) refers to the total money value of all the goods and services produced in a country within a given time period but excluding net income from abroad. In calculating GDP, emphasis is on earnings from citizens and foreign investment within the country.
Earnings of citizens and their investment abroad are excluded from GDP.

There are quite a number of aims of ECOWAS however, one of the major aim of ECOWAS treaty was for the establishment of a common market with the aim of liberalising trade within the region.