(a)[1]
Calculate the percentage of Nigeria’s national output accounted for by Lagos.
(b)[3]
Distinguish between a country’s balance of trade and its terms of trade.
(c)[4]
Explain the contribution of the factor enterprise to the successful economic transformation of Lagos.
(d)[6]
- Explain why ‘free trade zones’ (FTZ) can be considered a supply-side policy. [2]
- Explain how measures to reduce protection through policies such as ‘free trade zones’ encourage specialisation and the development of comparative advantage in Nigeria. [4]
(e)[6]
Discuss whether government intervention to encourage private sector firms, in a mixed economy such as Nigeria, is always likely to be successful.