**DEPARTMENT OF ECONOMICS**

**YEAR ONE: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

GENERAL STUDIES |
|||

1 | GSS101 | Use of English I | 1 |

2 | GSS104 | History and Philosophy of Science | 2 |

3 | GSS108 | Basic Studies in Igbo I | 1 |

INTER FACULTY COURSES |
|||

4 | LAW 243 | Nigerian Legal System I | 2 |

5 | ACC 101 | Introduction to Account | 2 |

DEPARTMENTAL COURSES |
|||

6 | ECO 101 | Principles of Economics I | 3 |

7 | ECO 102 | Introduction to Statistics I | 3 |

TOTAL |
14 |

* *

**YEAR ONE: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

GENERAL STUDIES |
|||

1 | GSS 102 | Use of English II | 1 |

2 | GSS 103 | Introduction to Logic and Philosophy | 2 |

3 | GSS 109 | Basic Studies in Igbo II | 1 |

INTER FACULTY COURSES |
|||

4 | LAW 244 | Nigerian Legal System II | 2 |

DEPARTMENTAL COURSES |
|||

5 | ECO 103 | Introduction to Mathematics for Economists I | 2 |

6 | ECO 104 | Introduction to Management I | 2 |

7 | ECO 105 | Principles of Economics II | 3 |

TOTAL |
13 |

* *

**YEAR TWO: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

GENERAL STUDIES |
|||

1 | GSS 107 | Nigerian People and Culture | 2 |

INTER FACULTY COURSE |
|||

2 | CSC 101 | Computer Programming and Language I | 2 |

FACULTY COURSE |
|||

3 | SOC 101 | Introduction to Sociology I | 3 |

DEPARTMENTAL COURSES |
|||

4 | ECO 108 | Introduction to Management II | 2 |

5 | ECO 107 | Introduction to Mathematics for Economists II | 2 |

6 | ECO 211 | Microeconomics I | 2 |

TOTAL |
13 |

** **

** **

**YEAR TWO: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

INTER FACULTY COURSE |
|||

1 | CSC 102 | Computer Programming and Language II | 2 |

FACULTY COURSES |
|||

2 | SOC 102 | Introduction to Sociology II | 3 |

DEPARTMENTAL COURSES |
|||

3 | ECO 106 | Introduction to Statistics II | 2 |

4 | ECO 212 | Macroeconomics I | 2 |

5 | ECO 213 | Microeconomics II | 2 |

6 | ECO 224 | Business Economics | 2 |

TOTAL |
14 |

**YEAR THREE: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 221 | Managerial Economics | 2 |

2 | ECO 241 | Introductory Statistics for Economists 1 | 2 |

3 | ECO 242 | Mathematics for Economists | 2 |

4 | ECO 251 | Principles of Public Finance | 2 |

5 | ECO 261 | Structure of Nigerian Economy 1 | 2 |

6 | ECO 271 | Economic History | 2 |

7 | ECO 381 | Public Policy I | 2 |

TOTAL |
14 |

** **

** **

**YEAR THREE: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 214 | Macroeconomics II | 2 |

2 | ECO 222 OR ECO 252 |
Theories of Human Resources OR
Monetary Economics |
2 |

3 | ECO 225 OR ECO 263 |
Labour Economics OR
Economic Problems of Nigeria |
2 |

4 | ECO 243 | Introductory Statistics for Economists II | 2 |

5 | ECO 262 | Structure of Nigerian Economy II | 2 |

6 | ECO 272 | History of Economic Thought I | 2 |

7 | ECO 383 | Public Policy II | 2 |

TOTAL |
14 |

** NB: Students are expected to choose either ECO 222 or ECO 252 and ECO 225 or ECO 263**

**YEAR FOUR: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 315A | Intermediate Microeconomics I | 2 |

2 | ECO 316A | Intermediate Macroeconomics I | 2 |

3 | ECO 332 | International Economic Relation I | 2 |

4 | ECO 344 | Applied Statistics I | 2 |

5 | ECO 364 | Development Economics | 2 |

6 | ECO 373 | History of Economic Thought II | 2 |

7 | ECO 382 | Political Economics | 2 |

TOTAL |
14 |

**YEAR FOUR: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 315B | Intermediate Microeconomics II | 2 |

2 | ECO 316B | Intermediate Macroeconomics II | 2 |

3 | ECO 333 | International Economic Relation II | 2 |

4 | ECO 345 | Research Method and Econometrics | 2 |

5 | ECO 346 | Applied Statistics I | 2 |

6 | ECO 354 | Financial Institutions | 2 |

7 | ECO 355 | Nigerian Public Finance | 2 |

TOTAL |
14 |

** **

** **

**YEAR FIVE: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

INTERFACULTY COURSE |
|||

1 | ACC 231 | Cost and Management Accounting | 3 |

FACULTY COURSE |
|||

2 | PSY 101 | Introduction to Psychology I | 3 |

DEPARTMENTAL COURSES |
|||

3 | ECO 347 | Mathematical Economics | 2 |

4 | ECO 417A | Advanced Microeconomics I | 2 |

5 | ECO 418A | Advanced Macroeconomics II | 2 |

6 | ECO 465 | Economic Planning I | 2 |

TOTAL |
12 |

** **

** **

**YEAR FIVE: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 417B | Advanced Microeconomics II | 2 |

2 | ECO 418B | Advanced Macroeconomics II | 2 |

3 | ECO 427 | Industrial Relations and Personnel Management | 2 |

4 | ECO 428 | Economics of Production | 2 |

5 | ECO 448 | Applied Statistics III | 2 |

6 | ECO 467 | Economic Planning II | 2 |

TOTAL |
12 |

**YEAR SIX: FIRST SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 434 | Petroleum Economics | 2 |

2 | ECO 449 | Econometrics | 2 |

3 | ECO 453 | Money and Banking | 2 |

4 | ECO 466 | Problems and Policies of Development | 2 |

5 | ECO 487 | Comparative Economic System | 2 |

ECO 491 | Project Evaluation I | 2 | |

TOTAL |
12 |

**YEAR SIX: SECOND SEMESTER**

S/N |
COURSE CODE |
COURSE TITLE |
CREDIT UNIT |

1 | ECO 458 | Taxation and Fiscal Policy | 2 |

2 | ECO 492 | Project Evaluation II | 2 |

3 | ECO 499 | Research Project | 6 |

TOTAL |
10 |

** **

**COURSE DESCRIPTION**

** **

**ECO 101: Principles of Economics 1(3 Units)**

Introduction: Definition of economics, Nature and scope of economics, Nature of economic problems, scope and purpose of micro and macro-Economics (distinctions and limitations). Basic economic concepts: scarcity, choice and resource allocation, different allocative mechanism, production possibility curve, Economic efficiency (productive and allocative efficiency). Tools and methods of economic analysis: Functional relationship (algebraic and geometric forms), variables (endogenous and exogenous), Advantages and limitations of mathematical tools). Theory of consumer behaviour: concept of utility, law of diminishing marginal utility, cardinal and Ordinal approach to theory of utility, income and substitution effect of a price change. Demand and Supply: Factors affecting demand and supply, Elasticity of demand and supply and their applications. Theory of Firms: Short run production function (fixed and variable factors of production, etc) Law of variable proportion, Returns to scale, Rate of Technical Substitution. Elementary market analysis and price determination. Wage rate determination: Wage differential and economic rent.

**ECO. 102: Introduction to Statistics I (3 Units)**

Definition and Scope of Statistics, Statistical Inquiries, Forms and Design. The role of Statistics. Basic concepts in Statistics, Discrete and Continuous Variables, Functional Relationships, sources of data. Methods of collecting and analyzing statistics – tabulation and diagrammatic representation-pictograms, pie charts and various types of bar charts. Frequency, distribution, graphical representation of frequency, distribution by means of a histogram or frequency polygon, pie, Lorenz curve and Gantt chart, Business application of these graphs. Measure of central tendency. The concept of aggregate or total a-1 where 1 ranges from 1,2,3n – n. The proportion of ratio measures. The arithmetic means idea i.e. the concept of geometric mean and harmonic mean. The median and the mode. Merits and demerits of measures of central tendency .Business application of measures of central tendency or location. Measures of dispersion, variability of data, knowledge of how observations are scattered throughout the range of their occurrence. The derivation of measures of dispersion and co-efficient of variation. Its significance in the comparison between sets of observations.

Business application of measures of dispersion. Graphical application of co-efficient of variation. The concept of symmetrical frequency distribution, skewness and kurtosis. Moments of different orders and central limit theorem, their business application. Correlation and regression analysis. Scatter diagrams, computation of correlation, co-efficient and its interpretation. Spearman’s rank correlation co-efficient. Simple linear regression analysis model of the form Y= a +bx. Business application of correlation and regression analysis.

**ECO 103: Introduction to Mathematics for Economists I (2 Units)**

Scope and importance of Business mathematics. Mathematics and symbolic logic, inductive and deductive systems. Concepts of sets, finite and infinite sets, union, intersection, complement, product and difference of sets. The Venn diagram method of proof in set theory. Associative, Distributive and Cumulative laws. Mappings and transformations. Introduction to complex numbers; Natural numbers, integers, rational numbers, real and complex numbers. Order and equivalence relation. Introduction to vector, addition, subtraction and multiplication of vectors. Limits and continuity of functions. Derivatives definitions and applications of functions. Determination of critical value and optimization .Integration notion of integration as anti-derivative. Explanation of definite and indefinite integers, constant of integration. An idea of area between two curves. Partial derivatives, finding partial functions – Application method of least squares; the idea of constrained optimization langragian multipliers.

**ECO 104: Introduction to Management I (2 Units)**

Meaning and essence of management, functions of management. Basis tools of management, Social responsibilities of business organization, Approaches to management and characteristics of faculty organization, The personnel function: power and authority, use of committees.

**ECO 105: Principles of Economics II (3 Units)**

Concepts of National Income, methods of National Income accounting, problems of National Income determination, the circular flow, injection and withdrawals. Concepts of equilibrium National Income. Consumption, savings, investment and multiplier. Theory of Income and employment. Banking and supply of money:– the demand for money, money market and interest rate. Concepts of inflation, deflation and redistribution of income among groups. Effects of changing price of outputs and employment; Basic principles of international trade :- comparative advantage, balance of payment and International Monetary System. Public Finance, Population, Growth and Poverty. Factors affecting Economic growth.

**ECO 106: Introduction to Statistics II (3 Units)**

Definition of probability. Its terminology and notations, the concept of counting method and use of counting method in probability. Probabilities of compound events – the intersection and union of two events. Additional rule for mutually exclusive events. Complementary events, the intersection and union of three or more events. Conditional probability .Independence events which may happen in mutually exclusive ways. Possibility spaces for outcomes that is not equally likely. Estimation. Probability distribution – discrete distribution, uniform; Fernoull and binomial distribution. Continuous distributions, normal and poison distributions. Concept of mathematical expectation of random variables, expected values, means and variance of some common discrete and uncertainly in Statistics, statistical inference and decision making. Elementary statistical equally control – Acceptance sampling, operating characteristic curve control charts for sample and their application. Classical Hypothesis Testing. The ‘F’ Statistic test, their business applications. Formulation of Hypothesis, Obtaining experimental data and reaching conclusion when the distribution is used. The use of a table of standardized probability value. Degree of freedom, statistical inference regression and correlation curve; fitting methods of least squares. Estimating the Regression lines of multiple model of the form Y = a+b_{1} x1 + b_{2} x 2. Confidence intervals and significance tests in linear regressions. Index number computation of the wholesale price index, consumer price index, concept of weighted averages and averages of relative. Laspeyers and Eschew formulae time series analysis, explanation of the time series components. Additive and multiplicative models. Computation of trend line and desearmalisationof rate.

**ECO 107: Introduction to Mathematics for Economists II (2 Units)**

The binomial theorem and its applications. Permutation and combinations. Examples and evaluation of its application in business probabilities – probability of occurrence of one or more events, mutually exclusive, dependent, independent and intersected events, repeated trials, empirical probabilities, summation of series, arithmetic and geometric series, the mean and sum of first n-terms of geometric and arithmetic series. The sum of squares and cubs of first n-natural numbers. Mixed series (arithmetic – geometrical progression). Matrices and Determinants-operation and properties of matrices, singular and regular matrices, the identity matrix, evaluation of determinant of matrices; the inverse of square a matrix, application of matrices to the solution of linear equation including the Cramer’s rule. Inequalities and linear programming, introduction to the simplex method. Logarithm, definition of log. Understanding and application of;

Log. AB = log A + log B; Log. AB = log A – log B; Log. A^{n} = nlog A

Log. b A = log c A / log c b; Indices, law of indices. Exponentials, Napierian Logarithms linear and Quadratic function, the relation between the roots of a quadratic equation.

**ECO 108: Introduction to Management II (2 Units).**

Decision – making; making planning effectively; Nature and purpose of organizing, managing and human factor; motivation, leadership, communication; control of overall performance.

**ECO 211: Microeconomics I (2 Units)**

Cardinality and Ordinality; Indifference and Preference, Reflexivity and transitivity. Theory of Consumer behaviour; producer equilibrium: product curves; Isocosts and also Isoprofit. functions; market structures and the supply demand model; General equilibrium and welfare – the Pareto Optimal conditions.

**ECO 212: Macroeconomics I (2 Units)**

Macroeconomic theory, basic concepts – stocks and flows, equilibrium and disequilibrium; static and dynamic; Tenets of the Classical macro models; Say’s law. Quantity theory of money highlighting the effect of labour supply in the Classical model; the Keynesian fix-price model; the new Hicksian IS-LM fix – price models; the Monetarist – Keynesian controversy, the complete equilibrium flex-price model, the open-economy: General fix-and-flex-price models, stabilization policies in the alternative models.

**ECO 271: Economic History (2 Units)**

The conditions of economic progress in Britain, Western Europe and USA in the 18th and 19th centuries. The causes and effects of population growth, technical changes in industry, agriculture and transport; The mobilization of capital and labour; the further spread of industrialization, Economic growth in Russia and Japan Since 1860; the world economy in the last 100 years; Economic changes in Africa during the last 100 years with special reference to Nigerian Colonial Economic Policies.

**ECO 221: Managerial Economics (2 Units)**

Managerial theories of the firm, Business Enterprises and the nature of management, production function and linear programming: Cost Analysis, Demand Analysis, Pricing decision, investment decision.

**ECO 222: Theories of Human Resource: (2 Units)**

Nature of Human Resources Economics; Human Capital and Economic Growth. Cost – Benefit Analysis of Human Capital; Investment; Human capital formation through education; health and mobility; Manpower and educational planning.

**ECO 252: Monetary Economics (2 Units)**

The structure and functions of financial system and markets, Financial flow accounts; Theory of money, types of money, functions of money, qualities of money; Alternative theories of demand for money, including portfolio analysis and inventory theoretical approaches, supply of money. Factors determining the supply of money and other financial claims. Interest rate determination and the term structure of interest rate. The institutional structure of financial intermediaries with special reference to Nigeria. Commercial banking and credit creation. Central Banking Stabilization Policies; Monetary policy: – Meaning of monetary policy, policy objectives, instruments, and problems with special reference to Nigeria. Fiscal policy: -Meaning of fiscal policy, policy objectives; conflicts, trade off and coordination with special reference to Nigeria; Meaning of inflation, measurement, causes, consequences and control; Inflation management – Nigerian experience. The organization and structure of major International and African financial institutions. Money in international exchange. The Balance of payments, the foreign trade multiplier and BOP adjustment mechanisms. Devaluation currency block and optimum currency areas. International exchange and the problems of international liquidity. The IMF, IBRD and the developing World financial dependence. Systems of monetary organizations –gold, dollar – exchange, SRD standard, etc Problems and politics of international monetary reforms. The role of the World Bank.

**ECO 261: Structure of Nigerian Economy 1 (2 Units)**

Introduction (Definition of structure of an economy, Structural dualism in Developing Economies, Major Elements of Structural Diversity in an Economy, perspective of Nigerian Economic Development; Objectives and Goals of Nigerian Development; Structural Changes as a precursor of Economic Development; An overview of the structure of Nigerian Economy; Analysis of development in the pre-colonial and post –colonial periods with regards to development of economic and social organizations. Geographical characteristics (size, climate and vegetation); Demographic features; National Incomes; Trends and Distribution, Physical and Natural resources endowments; Dualistic Nature of the Nigerian economy; political structure and fiscal Profile; Overall economic performance; The Agrarian system (characteristics of Nigerian Agriculture, Agricultural Policies; Instruments and outcome, problems of Nigerian Agriculture), The industrial Sector (Manufacturing sub-sector, Mining and Quarrying sub-sector, crude petroleum sub-sector, Electricity sub-sector).

**ECO 241: Introductory Statistics 1 (2 units)**

Probability distribution, normal Binomial, poison hyper geometric. Measures of linear relationships continued: Simple linear regression – some basic ideas and estimation; Estimation of a Simple Linear Regression function with zero intercept, estimation of elasticity from estimated regression function; Two variable Regression; Interval Estimation; Two variable Regression: Hypothesis Testing i.e. statistical Tests of Significance of the least squares Estimates, Tests of Significance for the sample correlation coefficient; Tests of Goodness of fit and Independence; Source and nature of published statistical data in Nigeria and their uses and limitations. Data Collection and sampling: methods of data collection, sampling plan, sampling and non-sampling errors; Hypothesis Testing; Foundations of hypothesis Testing; Evaluation of the statistical test; The Neanderthal problem; Testing hypothesis about one population mean; Testing hypothesis about two population means; Testing hypothesis about two population. Fluctuations in business activity, cases and predictability. A detailed discussion of business cycles.

**ECO 242: Mathematics for Economists (2 Units)**

Set Theory; functions, limits and continuity of functions; Derivatives of trigonometric functions sequences and series expansion; Taylors theorem; Mathematical analysis of basic theories of economics partial and total derivative; Economic Application of derivatives; Optimization and constrained maximization; Maximal and Minima; Method of Lagrange multiplier; Linear Algebra; Inverse matrix, Simultaneous linear Equation; Introduction to linear Programming; Input-Output Analysis; Definite and Indefinite integral; Differential and difference equation; Stability condition of Difference Equation; Economic Application of Difference Equation.

**ECO 251: Principles of Public Finance (2 Units)**

The Economic systems; State and Economic Activity; scope and development of public finance; An overview of fiscal functions (The Allocation, Distribution, stabilization and budget coordination functions); Public sector in the Economic Accounts (Circular flow and the national income Accounts); Public Expenditure structure and Growth (Public expenditure growth and causes of expenditure growth); Economic Efficiency and public policy; The concepts of public goods; Introduction to theory of taxation, Budget as instrument of planning, control and coordination, Balanced and deficit budgets. The role of the ministries, the treasury, the legislature and the public in control of government expenditure; Expenditure evaluation principles (Decision Rules, Types and measurement of benefits and costs, discounting and cost of capital, risk and economic change).

**ECO 213: Microeconomics II (2 Units)**

Partial and general equilibrium using standard mathematical tools of calculus; price discrimination; Consumer surplus; limit pricing; A critique of neo-classical theory of the firm, Average cost Pricing; Slutsky Equation; Consumer’s surplus; Market Demand and Equilibrium, Welfare; Exchange; Production and Externalities; Collusive and Non. Collusive Oligopoly; Model of Average – Cost pricing; Bain’s limit price theory; Recent Development in the theory of limit – pricing.

**ECO214: Macroeconomics II (2 Units**)

A review of Microeconomics and Macroeconomics. Capital and Investment, Investment and demand; profit and accelerator theories of investment demand. The role of Interest rate, Income, Output, Employment and Prices. The Classical theory; The Monetarist system; Economic growth and stabilization; Monetary and Fiscal policies, price control and inflation.

**ECO 272: History of Economic Thought I (2 Units)**

Nature and importance of economic thought – Comparative survey and assessment of development in economic thought-Classical School of economic thought; Neo-classical school of economic thought; Simondi de Sismondi theory of over production; German Romanticism, History, school and institutionalism.

**ECO 224: Business Economics (2 Units)**

Form of Business Enterprises; Distribution channels: Markets and Market Segmentation, Marketing Concept and Marketing Mix; Advertising; Patterns of Distribution; Pricing and Price Policy; Promotional activities: Planning and evaluating the marketing effort; Price Discrimination Policy; Advanced treatment of linear programming (simplex Method).

**ECO 262: Structure of Nigerian Economy II (2 Units)**

Growth of income, employment, wages and prices in Nigeria; Public Development Institutions, Monetary and Fiscal policies , Monetary Institutions; Economic and Social service sector (Education, Health, Water Resources, Distributive Trade, Transport and Communication); The Financial Sector; Institutional Development and Financial Intermediation, Specialized Financial scheme; Financial Sector Reforms 1986 to date (Achievement, Problems and challenges); The Government Sector; Nigeria Fiscal system; Fiscal Operations of Government; Public Debit; Problems and Constraints of Fiscal Management: The External sector; Structure and Trend of the External sector; Appraisal of External sector policy measures; Role of National Institutions; Economic Development and Social change.

**ECO 243: Introductory Statistics for Economists II (2 Units )**

Sampling Distribution, Estimations; Classical Hypothesis Testing. The ‘F’ and ‘T’ Statistic test, their business applications. Formulation of hypothesis null (Ho) and the alternative hypothesis; Establishment of test, Criteria for acceptance or rejection of the hypothesis. Selection of statistical Technique for testing statistics. Methods of Collecting data census and surveys; Population and sample; Sample ideas of population frequency distribution; Sources and nature of published statistical data in Nigeria and their uses and limitations; Regression and Correlation Analysis = Using one dependent and one Independent variable Y = a + bx. Measuring degree of association, interpretation of Co- efficient of determination, statistical inferences, extrapolation. Multiple regression and correlation. Linear Multiple Regression involving three variables i.e. Y = a + b_{1} x 1 + b_{2} x 2 method of least squares. Regression Plane Calculations; Assumption of multiple regression. The accuracy and significance of a regression equation. Time series analysis and fore- casting Analysis of secular, seasonal and cyclical movements; moving average.

**ECO 263: Economic Problems of Nigeria (2 Units)**

Basic economic problems and modern society: Problems of agriculture and industry, Background to Structural Adjustment in Nigeria; Policy instruments and Structural Adjustment Programme; The effects of SAP; Manpower related problems; Vision 2010 (problems and challenges), NEEDS and Economic development; Seven Point Agenda, Transformation Agenda and Vision 20: 2020, SURE-P, etc.

**ECO 225: Labour Economics (2 Units)**

Meaning and scope of labour economics, Nature of labour problems in developing economies; labour force meaning and factors influencing the size and composition; Concept of unemployment, Industrial and Occupational distribution of labour. The informal and modern sectors; Labour Market Theories, Theory of Fertility; The leisure choice model over and underemployment, labour demand scale effects, Economics of wage determination, duality in labour market, Labour market segmentation, efficiency wage models; Hicks-Zeuthen Bargaining Model; Concession Curves, Market Expectation; Features of Nigeria’s Labour Market; Manpower Development.

**ECO315A &B: Intermediate Microeconomics (4 Units)**

More advanced and Mathematical treatment of Microeconomic Theory; Behavioural theory of the firm, Exchange theory; Introduction to capital theory; Inter-temporal choice, Profit Maximization, Cost Minimization, Cost Curves, Firm Supply, Industry Supply, Theory of Games, Managerial Theories of the firm; Bamol’s theory of sales; Revenue Maximization; Marris model of the managerial Enterprise.

**ECO 373: History of Economic Thought II (2 Units)**

Institutional Economics; Keynesian School of Economic Thought; Evolution and Contemporary of Marxian School of Economic and Future Prospects, Mercantilism and Cameralism; Pre-classical Economists; Physiocrats; Adam Smith; David Ricardo and his Economics; John Stuart Mill; The Intermediate Followers of the Classical School.

**ECO 364: Development Economics (2 Units)**

The concept of development and under development; Distinction between economic growth and development; Characteristics of Developing Countries; Measuring Sustainable Economic growth and Development; Scientific Conception and Paradigmatic Boundaries; Classical Marxian, Schumpeterian and Harrod-Domar; Theories of Development (Economic Base Theory, Staple Theory, Sector Theory, Theories of Concentration and Diffusion, Neoclassical Growth Theory, Interregional Trade Theory, Product Cycle Theory, Theories of Flexible Production, Entrepreneurship Theories, Human Capital Theory): Surplus labour Model of Economic Development; Harris-Todaro Model, Obstacles of development; Dualism , Balanced and Unbalanced Growth; Acquisition and Transfer of Technology; Economics of Foreign Aid Policy issues and case studies, Development and Resource Allocation Criteria; Structural Adjustment Programme in Nigeria and the third world; Concepts and Practices of Social Mobilization for Development.

**ECO 344: Applied Statistics I (2 Units)**

Time series Models and forecasting; exponential smoothing Holt – winder forecasting model, Seasonal Regression Models, Randomized Block Design and Factorial Experts, Nonparametric statistics, Decision Analysis involving prior information and prior/ sample information; Quality Control And Improvement; Single Sampling, Sequential and Double sampling Plans, Polynomial Regression. Time Series Analysis-Methods of time series Analysis; Seasonal Variation and Cycle; Measurement of Inflation, Index numbers – uses of index numbers, methods of calculating index numbers, Application of index numbers – Consumer Price Index; Real wage Projection in relation to population growth and income growth; Modern time series analysis, application of differencing ; The Chi-Square (?2) family of Distributions (Expected values and expected variance of ?2; Properties of ?2 distributions(formulation and Decisions); fisher’s F Distribution (Testing Hypothesis about two population variances d_{1}2 and d_{2}2); Formulation and decisions; Analysis of Variance (ANOVA); Logic, foundation and overview; Test statistic and the rejection rule; Formulation and Decision; The AVOVA table summary; Evaluation of AVOVA, Post hoc comparisons.

** **

**ECO 332: International Economics (2 Units)**

International Economic and Economic Theory, Static and Dynamic gains from International Trade, Effects of Trade, Commodity composition of Trade; Classical Comparative Cost Doctrine, Absolute vs Comparative Advantage; Complete vs incomplete specialization, Terms of Trade; Dynamic gains, Factor Proportions Theorem, Factor Intensity; Factor Price Equalization; Factor Reversal; Alternative Theories (Specific Factors Models); Human skills and Technology Difference Models; Product Cycle; Monopolistic Competition and Intra-Industry Trade, etc . Heckscher – Ohlin Model; Gravity model; Free Trade, Restricted Trade, Economic integration, Trade and Development; Tariffs; Effects of Tariffs, Effective Tariff Rate, Optimal Tariffs: Customs Union Theory; Trade Creation, Trade Diversion, Dynamic Effects; Price Discrimination, Cartels, Other Non-Tariff Income, Output, Employment and Prices if Barriers to Trade; Competition Policy; International and Regional Trade Organizations, Nigeria’s Trade circumstances; Trade Problems of Developing Countries; Devaluation and Adjustment measures in fixed and flexible exchange rates; Trade dependence and Trade Policies; Balance of trade and balance of payment.

**ECO 381: Public Policy I (2 Units)**

The Field of Public Policy Analysis (The Concept of Public Policy Analysis, Who is a Policy Analyst, Some Basic Concepts of Public Policy Analysis; Types of Public Policy); Public Policy Making Process; Identification of a Public Policy Problem; Stages of Public Policy Making Process; Essential Characteristics of Public Policy; Conceptual and Practical Problems of Policy making; Approaches to the Study of Public Policy (Systems Analysis Approach, Institutional Approach, Elite Theory Approach and Group Theory); Theories and Models of Decision Making- The Rational Comprehensive Model, Satisficing Model, The Incremental Model, Mixed — Scanning Model; Actors involved and Styles in Public Policy Making (The Political Actors, Interest Groups and Political Parties); Decision Making through Bargaining; Persuasion and Command Decision Making; Limitations of Decision Making; The concept of public sector; Pricing; Investment and financing of public sector enterprises; Analysis .of selected public sector policies; the public sector and economic development.

**ECO 382: Political Economy (2 Units)**

Theoretical concepts and methodological approaches to political economy; Political and economic history of the international political economy since the Industrial Revolution; Discourse on development and antidevelopment sentiments (such as dependency; postmodernism and post-development); Basic distinguishing features of bourgeoisie method of analysis “and dialectical methods, Historical materialism; Classification of social system; Theory of social class; African perspective of political economy; Maxist Theory of Capital accumulation; Surplus values; Stages of Capitalism; emergence and advancement of capitalism; Metropolitan and satellite economic relations; The struggle against colonialism and neo-colonialism; Stages of socialist development; Emergence and advancement of socialism.

**ECO 316A/B: Intermediate Macroeconomics (4 Units)**

Methodology of Macroeconomics; Basic Concepts; National Income and Output Estimates (GDP and related income concepts; important income accounting identities); Conceptual Problems of Estimation; The Macro-Markets, components of Aggregate Expenditure in the Commodity (Goods) Market; The Simple Income Expenditure (multiplier) Model (Comparative statics of the Model); Fiscal Policy in the Simple Model (Fiscal Stabilizers and the full Employment Budget Concept); Commodity Market Equilibrium (The IS Curve); The Demand for Money (Liquidity Preference and Alternative Hypotheses); The Supply of Money (Composition’ and Determination of the Money stock and the money multiplier); Money Market Equilibrium (The LM Curve); Simultaneous Equilibrium in the Commodity and Money Markets (Comparative Statics with IS-LM model; Monetary and Fiscal Policies under Alternative Monetary Assumptions); Derivation of economy wide Aggregate Demand (AD) Curve; The Consumption Function (Alternative theories of consumption Behavior); The Investment Function (Investment ‘and the rate of interest, the Acceleration Principle).

**ECO 345: Econometrics and Research Methods (2 Units)**

Research, Meaning and Methods; The role and functions of research; Criteria for a good research; Stages of research process; Evolutionary trend of social science research; Research Design; Qualitative and Quantitative Divide in Research; Different research designs; Developing a research plan; Referencing (meaning and purpose);’ Types of Referencing styles; Project/Thesis/Dissertation Proposal and Final Reports; Sampling and data collection; Time series data, survey data and cross-sectional data in ‘Economic analysis; The use of different statistical procedures including survey methods (Simple correlation and- regression analysis); Non-Parametric Tests (Chi-Square); Binomial Distribution and The Mann-Whitney U (Wilcoxon-Mann-Whimey); Definition and Scope of Econometrics; Methodology of Econometrics; Types of Econometrics; Simple linear multicolinearity; autocorrelation; homoscedasticitry and hetroscedacity and two stage least square identification problems.

**ECO 333: International Economic Relations II (2 Units)**

International Economics, Economic Theory and Developing Countries; Balance of Payments Accounting; The Foreign Exchange Market; The International Monetary System; Balance of Payment Adjustment; International Income Transmission; Adjustment under Fixed Exchange Rates; Introduction to Internal and External Balance; International Factor Mobility; Direct Foreign Investment; Multinational Enterprise; Labour Migration; International monetary management, International trade and domestic policies; Towards a new international economic order, Exchange control convertibility.

**ECO 346: Applied Statistics II (2 Units)**

Manpower Survey, Common economic and business indexes; Application of statistical measures in analysis of census figures; Foreign trade data analysis; Problems in interpreting balance of payments statistics; Indices of wage rates and income; Forecasting the pay-off table; Regression and Correlation Analysis; The Population regression equation; Formulating hypotheses about regression; The Population correlation coefficient p; Testing hypothesis about p; Interpreting tests about p: Linearity, reduction of uncertainty, and independence, Pearson’s Chi Square (l^{2}) ; Testing hypotheses about entire distributions: Goodness of fit; Testing hypotheses about two or more distributions: Tests of Association; Test of Homogeneity; Test of independence; Goodness of fit test for normality; The median test; Fourfold point correlation: the *phi* coefficient; A test of correlation proportion; A test of homogeneity when the expected frequencies are small.

**ECO 355: Nigerian Public Finance (2 Units)**

The background federal finance in Nigeria; Expenditure Policy and Public Service; Public Choice and Fiscal Policy; Government Budgeting and Accounting in Nigeria; Government Revenue and Expenditure in Nigeria; Tax and Expenditure Incidence (Direct and Indirect taxes); Tax administration in Nigeria; value Added Tax; Fiscal Federalism in Nigeria (Revenue generation and allocation); Loans and public debt in Nigeria; Debt Management.- Nigeria experience; Local government finance; Fiscal Policy and Stabilization; International Fiscal Coordination and Development Financing in Nigeria; Current issues in Public Finance, Project Appraisal Technique in the public sector.

**ECO 347: Mathematical Economics I (2 Units)**

Linear and non-linear models; Static and dynamic models; Advanced treatment of input-output analysis; General equilibrium analysis; Mathematical programming; Dynamic Programming; Optimal control theory with emphasis on Bellman and Pantriagin approaches; Game Theory and applications; Application of Difference Equations to a Simple Macroeconomic Model; Application to Cobweb Model; Introduction to Queuing Modeling and Analysis (Single Queues, Multi-Channel Queues); Simultaneous .equation modeling.

**ECO 354: Financial Institutions (2 Units)**

The meaning and forms of financial institutions – Bank financial institutions-; the Commercial banks, savings bank, Building societies or mortgage banks, Merchant banks, National provident fund and their contributions towards growth of the national economy, their operations. Sources of funds and investments for commercial banks, loan pricing. Nonbank financial institutions- Hire purchase houses, Insurance companies, finance companies, Finance management of decision making in insurance industry, Port-folio analysis and management. Insurance profitability analysis, interpretation, of insurance company accounts, measurement of liquidity and profitability, capital structure analysis of insurance companies, effects of inflation on premiums and profits; Credit bureau. Theory of money; Classical and Neoclassical models of money supply and demand, the quantity theory of money, old and freeman’s reformation; Tobin Baymol.

**ECO 383: Public Policy II (2 Units)**

The Concept of Policy Science; Approaches to Policy Studies; Budget and Budgeting as Public Policy Tools (Nigerian case); Open Budget and Budgeting Process; Understanding the Budget and Budgeting Process in Nigeria; Mainstreaming Equity, Inclusion and Gender in the Budget and the Budgeting Process in Nigeria; Analytical Tools in Policy Analysis; Alternative Budgeting and System Analysis; Cost-Benefit Analysis; Planning; Programming, Budgeting System (PPBS); Game Theory; Six (6) Theories about how Policy Change Happens; Metapolicy and Zero-Based Budgeting; Planning and Public Policy Analysis; Relationships between Planning and Policy Analysis; Problems of planning in relation to public policy; Government Intervention and Market Distortion; The National Planning, Commission, (NPC) in Nigeria; Some Major Government Policies in Nigeria; Performance of public sector, Privatization and commercialization of government enterprises, Agricultural Industrial policies and national development, Social goods and private sector participation.

**ECO 417A/B: Advanced Microeconomics (4 Units)**

Fundamental quantities relationships; General equilibrium and disequilibrium; Dynamic analysis involving duopoly and Oligopoly; bilateral monopoly and monopoly behaviour, Theories of determination of wages; rent; interest and profit; Optimization theories of consumption and production; Economic efficiency and equity; Pareto optimum; Externalities and social welfare functions; Game Theory and Game Applications; Factor Markets, Externalities, Public Goods, Information Technology and Asymmetric Information; Revealed preference and consumer Behaviour, Von Neaman-Morgenstern utility models; Cobb-Douglas and its utility and production functions; the slutsky Decomposition Elasticity factor shares.

**ECO 418A/B: Advanced Macroeconomics (4 Units)**

The Employment (Labour) market; Alternative Theories of Aggregate labour Supply; Determination of Economy-wide Aggregate Supply (AS) Curve; Comparative Statics with the AD-AS Models (Analysis of Short-run Demand and Supply Shocks); Output, Unemployment and Inflation; Theories of Inflation; The Dynamics of Inflation and Unemployment (The Effects of price expectations; Short-run and Long-run AS Curves); Anti-Inflation Policy; Review of Balance of Payments Accounting (International Income Transmission; The Foreign Currency Market; Automatic Mechanism and Policy Options for Balance of Payments Adjustments); Devaluation Analysis; Policies for Internal and External Balance; Macroeconomic Stabilisation under Alternative Exchange rate and Capital Mobility Assumptions; Determinants of Long-run growth of potential Output (Fixed proportion and Neoclassical growth models; Sources of Economic Growth.

**ECO 491: Project Evaluation I (2 Units)**

Concept of Decision Valuation; Appraisal, Valuation categories and Decision Valuation; Distinction Between Feasibility and Viability Appraisals; Scope and Application of Decision Valuation; The Place of Valuers; Feasibility and Viability Appraisals; Feasibility Indicator; Forms of Feasibility Report; Types of Viability Appraisal; Categories of Viability Criteria and Appraisers;. Viability Appraisal Techniques; Evaluation and Project Design; The logical Framework; Evaluation and Project Approval; Baseline Benchmarks; Cash Flow Analysis; Cost Benefit Analysis Technique 1; History and Principles of Cost-Benefit Analysis; The Rationale Underlying Cost-Benefit Analysis; Cost-Benefit Analysis and Time; Measurement of Cost-Benefit Analysis; Methods for Determination of Value from Capital Projects; The Rationale for Special Inter-temporal Methods; Commonly Used Measures for inter-temporal Compactions.

**ECO487: Comparative Economic System (2 Units)**

Classification and analysis of economic systems (market, mixed, planned, and developing); communalism; slavery; Feudalism, Capitalism; Communism; System: in transition (mixed economy); Features of under-developed countries; International and comparative approaches, Nigeria’s Economic System.

**ECO 465: Economic Planning 1 (2 Units)**

The rationale for planning; Planning origins, Types and Performance; Planning machinery; The planning process; Planning decision models; Objectives and Policy formulation; Planning and Capital Budgeting in a State; Modem Planning in Nigeria. Introduction to Medium Term Sector Strategy: (MTSS) and Medium Term Expenditure Framework (MTEF).

**ECO 466: Problems and Policies of Development (2 Units)**

Overview of the Development Problem; The Concept of Human Development; Human Development Index and the Millennium Development Goals (MDGs); Geography, and Institutional Hypotheses in Economic Development; The Primacy of Institutions; Poverty Inequality and Development; Poverty Trap; Measurement, Polices and Prospects; Economic Growth versus Poverty Reduction; Economics of Corruption, and Subverting Corruption; Capital Development; Economic Reforms and development; Theories and Policies of Urbanization and Rural-Urban-Migration; Human Capital and economic Development; The Gender gap (Women and Education); Foreign, Aid and Economic Development; New World Trade Order and Development; New World Industrial Policy and Development; Nigeria’s Development Blue Print.

**ECO 458: Taxation and Fiscal Policy (2 Units)**

Meaning of taxation, Reasons for imposition of taxes; Theories of taxation, principles of taxation and Fiscal policy; features of a good tax system; Incidence and Effects of Taxation; economic effects of taxation; Taxation as Instrument for Achieving National Objectives; Fiscal institutions in Nigeria; Income Inequality and Poverty in Nigeria, Problems of Measuring Inequality; Government approach to income redistribution and poverty-policies to reduce. poverty- Minimum wage laws, welfare, negative income tax, in-kind transfers; Nigeria Government Programs to Reduce Poverty and Income Inequality; Administrative Dimensions of Tax Reform- Tax Policy and Tax Administration; Keep it simple, the taxpayer as “client”, Approaches to Tax Administration, Reform; The environmental context; Tax administration as a production process; the key ingredients of reform; Facilitating compliance, keeping taxpayers honest and controlling corruption. Tax Policy in Nigeria; Fiscal Policy and Economic Development.

**ECO 448: Applied Statistics III (2 Units)**:

A further application of statistical techniques in the analysis of Nigeria’s social and economic problems; Dummy Variable Regression Models (The Nature of Dummy Variables; Two Way Analysis of Variance (ANOVA) Models; Regression with a Mixture of Quantitative and Qualitative Regressors; The ANCOVA Models; Classical Normal Linear Regression Model (The probability distribution; the normality assumptions; the method of maximum likelihood); The nature of heteroscedasticity; the method of Generalized Least Squares (GLS); the method of weighted least squares; white robust standard errors; Tests of Non-Nested Hypothesis; Non-Normal errors and stochastic regressors.

**ECO 427: Industrial Relations and Personnel Management (2 Units)**

The concept of industrial relations, Trade Unions Characteristics; Industrial Relations law of Nigeria, Types of Unions and their government; Central labour organizations and interactional afflictions, Union solidarity and check-off system; Collective bargaining; Industrial disputes and their settlement, The state and industrial relations; Comparative industrial relations; Personnel selection and promotion; Joint consultation and worker participation; Union wage policy.

**ECO 453: Money and Banking (2 Units)**

Money: Money – its nature, origin, functions and types; The Nigerian financial System; Monetary theory; Monetary Policy; Savings, Investment and interest rates. Banking:- Nigerian banking system; Banker and Customer relationship; Credit creation and its effects on the economy; Banking services to personal, business and corporate customers; Understanding the basic principles of good lending Cheques; Negotiability and legal implications of the various banking instruments.

**ECO 492: Project Evaluation II (2 Units)**

Cash Flow Techniques II; Major categories of discounted cash flow; The NPV, ERR and the 1RR; Linear interpolation; Liquidity testing techniques; Depreciation, inflation, taxation, market, analysis and sensitivity tests; Cost-Benefit Analysis Technique II; Social costs and social benefits; Relevant costs and benefits in viability appraisals; Measurement of costs and benefits; Choice of input values; Concept of sensual encounter, Comparing projects with different economic lives; Risks and uncertainties in CBA; Choosing of discount rates; Forecasting and Project Evaluation; Essence and rational for forecasting; Forecasting in project appraisal; Identifying key variables and handling data impasse; Statistical forecasting techniques used in project, evaluation (Simple regression, deterministic, stochastic, casual chains, interdependent and dynamic models) Follow-up Appraisals (Techniques, Monitoring and Evaluation, Financial statement ‘analysis, Analytical methods (re-arrangement, comparative statements, accounting ratios,1 etc); Introduction to Linear programming (LP) Model (Construction of the LP model, Graphical LP Solution, Graphical sensitivity analysis); Deterministic Inventory Models. (General inventory model, Static EOQ models, Dynamic EOQ models) .

**ECO 467: Economic Planning II (2 Units)**

Plan implementation; Development planning in Nigeria; Economic and non-economic factors in development experience; A critique of development planning in Nigeria; Policy framework to Strengthen Government Planning, Budgeting and Accountability; Strategic Planning; Value Based Strategic Planning; Advanced Capital Budgeting for a State; Linking Plans to Budget and Budgeting; People driven priorities and State Planning.

**ECO 428: Economics of Production (2 Units)**

Industrial structure – definitions; problems and measurement; Theories of the firm, the growth of the firm; diversification; merger; Innovation, costs of capital, sources of finance industrial, Industrial pricing and marketing; Pricing and marketing of public goods; Public policy, industrial location; Industrial practices and policies in Nigeria; Production functions, estimation of the primal production function, test on primal and cost functions; Estimation of cost and profit functions; Test on dual theory and measurement of technical change and efficiency; Differential models of supply.

**ECO 434: Petroleum Economics (2 Units)**

The World’s oil industry: Oil production and export – the early phase of oil discovery and development in Nigeria from 1908 – 1959, the growth of the industry 1958-1979, the significance of oil export in the economy; Evolution of Nigeria’s oil policy. Theory of optimal depletion, valuation of oil stock market structures and resource pricing, uncertainty and depletion of oil stock, technology and depletion, economic concepts to oil production: exploration and storage, and the intergenerational problem of oil extraction; petroleum industry cash flow projections; various economic indicators in the oil business, risk and portfolio analysis concepts to exploration and production investments; evaluation and structuring of fiscal and production sharing contracts (PSC), licensing decision – auction or discretionary; instruments for capturing the economic rent under a discretionary system including royalties, taxation and government company relationships in oil producing countries including Nigeria; techniques of economic valuation in oil and gas properties; Problems and prospects of the petroleum and gas industry in Nigeria; The energy crisis; The seven sisters and petroleum development and marketing; OPEC and international oil marketing; Nigeria’s membership to OPEC and it implications, Nigeria and the Arab world; Price Stabilization measure.

**ECO 449: Econometrics (2 Units)**

Multiple Regression Analysis; Two Variable Regression Analysis Model (The -Estimation Problem; and the Problem of Inference); Interpretation of Multiple Regression’ Equation; Hypothesis Testing in Multiple Regression; The Meaning of Partial Regression Coefficients; OLS and Maximum Likelihood (ML) Estimation of Partial Regression Coefficients; Tests for Stationarity, Cointegration, over parameterization and Error Correction Modeling; Causality in Economics (The Granger Test; Causality and Exogeneity); Generalized Methods of Moment (GMM); Qualitative Response Regression Models (The Linear Probability Models (LPM); Probit Model; Logit Model; Tobit Model); Vector Autoregressive (VAR)Models; Simultaneous Equation Model; Identification, reduced forms; Matrix Gross Products; the variance Covariance matrix; significance Test.

**ECO 499: Research Project (6 Units)**

At the end of the fifth academic session, the student in consultation with his supervisor chooses a project topic relating to the student’s area of interest. The project is to be between 5,000 and 8,000 words and is to follow the format prescribed by the Department.

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