Economics – Course Module

1.5 Stress Areas

Economic Theory (Micro/Macro) 0
History of Economic Thought 1
Monetary and Financial Economics

Public Sector Economics/Public Policy 2 Quantitative Economics/Econometrics/ Modeling 3 International Economics 4 Demography/Population Economics 5 Development Economics/Economic Planning

Environmental Economics

Health Economics 6 Labour Economics/Industrial Relations 7 Structure of the Nigerian Economy 8 Research Methods and Project Report 9

    Credit Unit.

Each course has a stipulated number of credit units attached to it. This may be two, three or four. The number of credit units attached to each course is related to the content of the course. A two-credit unit course, for instance, is less in content than a four-credit unit course. The number of credit units assigned to a given course is determined by the university. The usual number of times that a class meets per week for two credit units for the course per semester is two times, etc. The absolute minimum aggregate credit unit required for graduation in this Department 120 units.

   Aegrotat Degree

An Aegrotat degree is an unclassified degree awarded by the university , on compassionate grounds, to a final year student who unable to complete a final year examination on account of permanent disability as certified by the Director of Medical Services, University of Nigeria.



ECO 101 Principles of Economics 1 2
ECO 121 Introduction to Accounting 2
ECO 131 Introduction to Economic Statistics 1 2
COS 101 Introduction to Computer 1 2
MTH 111 Elementary Mathematics I 3
MTH 121 Elementary Mathematics II 3
GSP 101 Use of English I 2
GSP 105 Natural Science I 2
GSP 111 Use of the Library and Study Skills 2
  ELECTIVES [Any 2 units to be chosen from the list below]  
PSY101 Introduction to Psychology 1 2
SOC101 Introduction to Sociology I 2
GEO101 Basic Elements of Landforms and the Hydrosphere 2
 TOTAL   22

FIRST YEAR [SECOND SEMESTER]                                          

ECO 102 Principles of Economics II 2
ECO 122 Introduction to Business Management 2
ECO 124 Principles of Business Finance 2
ECO 132 Introduction to Economic Statistics II 2
COS 102 Introduction to Computer 11 2
MTH 122 Elementary Mathematics III 3
GSP 102 Use of English II 2
GSP 106 Natural Science II 2
  ELECTIVES [Any 2 Units to be chosen from list below]  
STA 132 Inference 11 2
STA 172 Laboratory for Inference II 2
GEO 102 Basic Elements of the Atmosphere and Biosphere 2
TOTAL   19


ECO 201 Microeconomic Theory I 2
ECO 203 Macroeconomic Theory I 2
ECO 221 Monetary Economics and Finance 2
ECO 231 Intermediate Economic Statistics I 2
ECO 233 Intermediate Mathematical Economics I 2
ECO 281 History and Structure of the Nigerian Economy 1 2
GSP 201 Peace Studies and Conflict Resolution I 2
GSP 207 Philosophy and Logic I 2
  ELECTIVES [Any 2 Units to be Chosen from the list below]  
ECO 223 Intermediate Business Accounting 2
ECO 271 Theories of Human Resources 2
ECO 273 Labour Economics 2
 TOTAL   18


ECO 202 Microeconomic Theory II 2
ECO 204 Macroeconomic Theory II 2
ECO 232 Intermediate Economic Statistics II 2
ECO 234 Intermediate Mathematical Economics II 2
ECO 236 Computing Applications for Economists 2
ECO 282 History and Structure of the Nigerian Economy II 2
GSP 202 Peace Studies and Conflict Resolution II 2
GSP 208 Philosophy and Logic II 2
  DEPARTMENTAL ELECTIVES [Any 2 Units from list below]  
ECO 262 Urban and Regional Economics 2
ECO 264 Introduction to Environmental Economics 2
ECO 266 Introduction to Health Economics 2
  FACULTY ELECTIVES [Any 2 or 3 Units from list below]  
POL 241 Foundation of Political Economy 3
SOC 252 Social Change and Social Problems 3
GEO 214 Climatic Systems and Regional Climates 2
TOTAL   20/21


COURSE CODE COURSE TITLE UNITS                      
ECO 301 Intermediate Microeconomic Theory  I 2
ECO 303 Intermediate Macroeconomic Theory I 2
ECO 311 History of Economic Thought I 2
ECO 325 Public Sector Economics I 2
ECO 331 Introduction to Econometrics I 2
ECO 341 International Economics I 2
ECO 361 Development Economics I 2
ECO 391 Research Methods in Economics I 2
CED 341 Introduction to Entrepreneurship 2
  ELECTIVES [Any 2 units from the list below]  
ECO 333 Operations Research 2
ECO 351 Demography and Population Economics 2
ECO 363 Political Economy 2
TOTAL   20


ECO 302 Intermediate Microeconomic Theory 2
ECO 304 Intermediate Macroeconomic Theory 2
ECO 312 History of Economic Thought II 2
ECO 326 Public Sector Economics       II 2
ECO 332 Introduction to Econometrics II 2
ECO 342 International Economics II 2
ECO 362 Development Economics II 2
ECO 392 Research Methods in Economics II 2
CED 342 Business Development and Management 2
  ELECTIVES [Any 2 units to be chosen from list below]  
ECO 322 Management Accounting 2
ECO 324 Financial Markets and Institutions 2
ECO 328 Applied Monetary Economics 2
ECO 334 Intermediate Mathematical Economics 2


ECO 401 Advanced Microeconomic Theory and Policy I 2
ECO 403 Advanced Macroeconomic Theory and Policy I 2
ECO 421 Advanced Public Sector Economics 2
ECO 423 Public Policy 2
ECO 431 Advanced Statistics and Econometrics I 2
ECO 461 Advanced Development Economics 2
ECO 463 Comparative Economic Systems 2
ECO 475 Project Appraisal I 2
  ELECTIVES [Any 4 units to be chosen from list below]  
ECO 433 Advanced Mathematical Economics 2
ECO 451 Energy Economics 2
ECO 453 Advanced Demography and Population Economics 2
ECO 471 Industrial Relations and Personnel Management 2
TOTAL   20


ECO 402 Advanced Microeconomic Theory and Policy II 2
ECO 404 Advanced Macroeconomic Theory and Policy II 2
ECO 432 Advanced Statistics and Econometrics II 2
ECO 452 Economics of Production 2
ECO 462 Economics of Planning 2
ECO 476 Project Appraisal II 2
ECO 478 Project Report 6
  ELECTIVES [Any 2 Units to be chosen from list below]  
ECO 428 Advanced Monetary Economics 2
ECO 464 Health Economics and Health Policy 2
ECO 466 Climate and Environmental Economics 2
TOTAL   20


ECO 101: Principles of Economics I                                   2 Units

The nature and significance of economics; The methodology of economics; Economic tools of analyses; Theories of demand and supply; Elasticity analysis; Dynamic theory of price: Predictions of price theory, Production theory: Output, cost, law of diminishing returns; Market structure: Perfect competition, monopoly, oligopoly etc; Elementary theory of utility; Distribution theory; Demand for and pricing of productive factors; Interest rate and profit.

ECO 102: Principles of Economics II                                  2 Units

Elementary principles of microeconomics and macroeconomics; National income estimation; The circular flow of income: Injections, withdrawals and the multiplier; Income determination: consumption, saving and investment functions; Nature and history of money; The banking system and the supply of money; Money supply and price level; International trade: Exchange rate and comparative advantage; Foreign trade and domestic economy; Economic growth; Elementary notion of economic planning; Introduction to Marxist economic theory.

ECO 121: Introduction to Accounting                                       2 Units

The nature, scope and purpose of accounting; Evolution of accounting divisions; The users of financial statements and their information requirements; Roles and types of accountants; Accounting Theory: terminologies, concepts, assumptions, and conventions; Theory and mechanics of double-entry book-keeping: books of original entry, cash book and petty cash books, the ledger classifications; Trial Balance and correction of errors; Suspense Account; Accounting for depreciation and non-current assets; Basic financial statements; Preparation of final accounts of business concerns without adjustments: statement of financial position, statement of Comprehensive Income, sources and application of funds statements; The valuation of assets and measurement of business income; The interpretation of accounts; Significant accounting/financial ratios; Computer Accounting Applications and Software Packages.

ECO 122: Introduction to Business Management                         2 Units

Concepts of Business, organization and management: Definitional problems, Evolution of management theory, relevance of management theories to business organization, non business organization and the household; Management functions; Business environment: types and roles of each to the success of business organization; Corporate responsibility of business organization to the environment; Business financing: different types of business financing, advantages and disadvantages of different types of business financing; Why some businesses fail and others succeed; Quantitative aids to management.

ECO 124: Introduction to Business Finance                             2 Units

Introduction: meaning, basic concept and objectives of business finance; Role of financial markets and opportunity cost of capital; Valuation: fixed income securities, common stock; Financial Management of firms: basic theory and practice, investment decision making; Financial statements and financial analysis; Time value of money; Capital budgeting and risk-return tradeoff: measuring risks; Portfolio theory: managing risk, the capital asset pricing model; the cost of capital, capital structure, and the role of financial markets.

ECO 131: Introduction to Economic Statistics I                          2 Units

Meaning and scope of statistics; Statistical methods and their purposes; Data: primary data, secondary data, data frequency, rounding of data; Population and sample [including inductive and descriptive statistics]; Variables: discrete and continuous; Functions; Rectangular coordinates; Graphs, Frequency distributions [including arrays, frequency distributions, class intervals and limits, class size, width, general rules for forming frequency distributions, histograms and frequency polygons, relative frequency distributions, cumulative frequency distributions, ogives, frequency curves]; Measures of central tendency [including unweighted and weighted arithmetic mean and their properties, arithmetic mean for grouped data, median and mode, and the empirical relations between the three; Geometric mean, harmonic mean, and the relationship between them, the root mean square, quartiles, inter-quartiles, deciles, percentiles etc]; Measures of dispersion: the range, variation, mean deviation, semi-inter-quartile range, the variance, Shephard’s correction for variance, standard deviation, properties of standard deviation, Empirical relation between measures of dispersion; Relative dispersion, Coefficient of variation, standard variables and standard scores; Population moments, Skewness and kurtosis [ungrouped and grouped data]; Index numbers.

ECO 132: Introduction to Economic Statistics II          2 Units

Elementary sampling theory [including random samples and random numbers, sampling with and without replacement, sampling distributions, distribution of means and distribution of proportions, central limit theorem; Distribution of differences and sums, standard errors]; Statistical estimation theory [including parameters, unbiased estimates, point and interval estimates, confidence intervals]; Statistical decision theory [including statistical test of hypotheses, Type I and Type II errors, test involving normal distribution, p-values, test for sample differences]; Small Sampling theory and statistical inference [including student’s t distribution, Chi-square distribution, F-distribution, confidence intervals for standard errors, degrees of freedom].

ECO 201: Microeconomic Theory 1                                           2 Units

Introduction to microeconomics; Problem of scarce resources; Allocation of resources in product and factor markets with applications to Nigeria and other economies; Supply and demand theory; Cobweb theory; Theory of consumer behavior: utility, preferences, indifference curves, budget constraints; Substitution and Income effects of price change in consumers’ demand; equilibrium concept; Possibility of disequilibrium; Partial equilibrium analyses; General equilibrium analyses; Introduction to economic dynamics.

ECO 202: Microeconomic Theory II                                   2 Units

Production theory; Cost theory and cost curves; Pricing of production factors; Pricing and output decisions under perfect competition, monopoly, oligopoly, monopolistic competition, duopoly, duopsony, monopsony; General equilibrium of exchange; Theory of comparative costs.

ECO 203: Macroeconomic Theory I                                      2 Units

Introduction to macroeconomics; Goals of macroeconomic analysis; National Income Accounting; Alternative approaches to GNP estimation; GNP and related macroeconomic aggregates; Conceptual problems of estimation and use of national accounts; Introduction to a simple macro-model of a market economy.

ECO 204: Macroeconomic Theory II                                       2 Units

Building the core macroeconomic model: the commodity market, the money market, the labour market; the classical, Keynesian and monetarist systems; Economic stabilization: monetary and fiscal policies, price control and inflation.

ECO 221: Monetary Economics and Finance                            2 Units

Money: definition, functions and characteristics; Evolution of money; Barter system; Classification of money and near money; Monetary Theories: the quantity theory of money – Fisher cash transaction approach, the Cambridge cash balance approach, the portfolio balance approach, Friedman’s restatement of the quantity theory of money; The liquidity theory of money; The Supply of Money; Sources of business finance; Risks in businesses; Commercial banking: principles, functions, organization and structure; Microfinance institutions: principles and functions; Branch banking; Group banking etc; Central banking; Payment Systems.

ECO 223: Intermediate Business Accounting                                   2 Units

Trial balance and adjustments; Preparation of financial statements of business concerns; Adjusting and closing the accounts; Accounting for and controlling cash; Bank reconciliation; Inventories and cost of goods sold: specific invoice prices, average cost, first-in first-out, last-in first-out; Budgets and budgeting; Nature of funds; Sources and application of funds statements; Cash flow distinguished from funds flow; Generally accepted accounting principles: history, structure and functions of the financial reporting council; Introduction to International Financial Reporting Standards (IFRS); Computer accounting applications and software packages.

ECO 231: Intermediate Economic Statistics I                                   2 Units

Probability theory and probability distributions [including discrete and continuous probability distributions]; Probability sampling from tables of random numbers; Probability tree;  Applications of probability theory to economics; Basic probability theorems; Types and distributions of random variables: Discrete and continuous random variables; Exponential density and gamma density; Bernouli, Binomial, Poisson, Geometric, Hyper-geometric, Normal distributions; Generation of statistical events from set-theory; Combinatorial Analysis;  Expectations and moments of random variables.

ECO 232: Intermediate Economic Statistics II                                 2 Units

Basic sampling and surveys; Types of simple random sampling; Expectation and variance of sample mean; Estimation of population variance; Normal approximation to sampling distribution; Stratified random sampling; Correlation theory [including linear correlation, measures of correlation, derivation of least squares lines, standard errors of estimates, explained and unexplained variations, correlation coefficients, correlation of time series etc]; Analysis of variance- total variation, variation within and between treatments, F-test, One-, Two- ways classifications]; Non-parametric tests – Mann-Whitney U tests; Sampling and sampling distributions; Estimation theory; Hypothesis testing; Regression analysis: Simple and Multiple; Statistical tests of significance; Multiple Analysis of Variance

ECO 233: Intermediate Mathematics for Economists I                      2 Units

Linear Algebra: detailed treatment of vectors and matrices, Rank of a matrix, Trace, Eigen values and Eigenvectors; Linear Programming; Input-output analysis; Game theory (introduction); Differential and integral calculus; Comparative statics analysis; First-order differential equations; First-order difference equations; Applications of first-order differential and difference equations to economics (consumer behaviour, demand and supply analysis).

ECO 234: Intermediate Mathematics for Economists II                    2 Units

Linear Algebra: Jacobian and Hessian matrices; Quadratic forms and applications to optimization in economics (cost minimization, profit maximization, utility maximization, comparative statics, etc.); Boundary solutions: Kuhn-Tucker conditions and applications to consumer and producer theory; Second-order differential equations; Second-order difference equations; Methods of solution and their stability properties

ECO 236: Computing Applications for Economists                             2 Units

Relevance of ICT in Economics; Understanding EXCEL: data generating process; Manipulating EXCEL Worksheet Data; Data Transformation using EXCEL; Creating Graphs using EXCEL; Simple and Multiple Regression analysis using EXCEL; Practical modeling of economic relationships using some of these econometric softwares: PC-GIVE, MICROFIT, E-VIEWS, STATA, MATLAB, OX-METRICS, RATS, GAUSS PROGRAM etc; Understanding SPSS: data input, data editor, data manipulation, data transformation, statistical/econometric analysis, output management; Understanding power point: creating a presentation, power-point views, adding pictures and tables, Slide types and layouts; Transition and animation effects; Running a slide show; Mini-proposal presentation on any economic issue using PPT slides.

ECO 262: Urban and Regional Economics                                          2 Units

Introduction to urban and regional economics and consumption within an urban locality; Nature and extent of spatial variation in welfare at the national and regional scales; Models/theories of spatial variation in development; Factors that affect the growth or decline of cities and regions; Regional and urban problems in Nigeria and other selected countries e.g. industrial and residential location decisions; Urban rents/wage determination; Urban housing and transportation problems and policies; Urban and regional factor markets; the rationale and instruments of regional policies the gains, problems and prospects of adopting a single currency within regions; Government policies on economic/social relations in cities; Efforts toward reducing regional disparities in economic opportunities and welfare.

ECO 264: Introduction to Environmental Economics               2 Units

Introduction: emergence of environmental economics; Issues in the economic approach to environmental problems; Drivers of environmental impact; Poverty and inequality; Limits to growth; Concepts of sustainability; Environmental pollution; Pollution control.

ECO 266: Introduction to Health Economics                                 2 Units

Introduction to health economics; Demand for health and healthcare; Production and supply of healthcare; Introduction to the market for healthcare; Market failure and the role of the government in health and healthcare; Introduction to and the organization of the Nigerian health sector: primary, secondary and tertiary; Introduction to the economics of health insurance: National Health Insurance Scheme.

ECO 271: Theories of Human Resources                                              2 Units

Concepts of human resources and human capital; Origin of the concept of human capital; Importance of human capital in economic development; Strategies for the development of human capital, education, health and skills training; Human capital theories: screening/filter theory, dualistic theory etc; Problems of manpower development in developing countries; Manpower availability and utilization: the situation in developing countries; Theory of incentive and its impact on career choice.

ECO 273: Labour Economics                                                                  2 Units

Significance of labour in economics; Labour force: definition, determinants of size, composition and occupational distribution; Labour market: formal and informal sectors; features of the Nigerian labour market; Demand for labour and supply of labour in competitive markets; Labour market equilibrium; Economics of wage determination; Long-run supply of labour; Human capital theory and the New Home Economics.

ECO 281: History and Structure of the Nigerian Economy I                 2 Units

An overview of the Nigerian economy: pre-colonial period, colonial period, post-independence period with special regard to development of economic and social organization; The Nigerian economic system: natural and human resources endowments; An overview of monetary and development institutions in Nigeria; The sectors of the Nigerian economy: their relative sizes, importance and contributions to Nigerian economic development; Sectoral interdependence in the Nigerian economy.

ECO 282: History and Structure of the Nigerian Economy II              2 Units

Nigeria’s economic growth and development: growth of income, employment, wages and prices; National Income and expenditure; Money and monetary institutions; Monetary and fiscal policies; Public development institutions and the quest for economic development and social change; Agricultural and industrial production; Trade and transportation; A study of some key industries eg. oil, iron and steel, automobile and construction.

ECO 301: Intermediate Microeconomic Theory I                                      2 Units

Advanced and mathematical treatment of the theory of consumer behaviour: Revealed preference theory, calculation of income and substitution effects, calculation of compensating and equivalent variations; Linear programming in utility maximization; Advanced price and output determination under perfect competition, monopoly, oligopoly etc; Exchange theory: offer curves and contract curves; Introduction to capital theory; Types of production functions.

ECO 302: Intermediate Microeconomic Theory II                                         2 Units

Utility maximisation under uncertainty: attitudes to risk, coefficient of absolute risk aversion, certainty equivalence, fair insurance; Intertemporal utility maximization; Market failures: asymmetric information (principal-agent problem, adverse selection problem, the lemon market problem); Externalities: externalities and Pareto inefficiency, internalizing externalities.

ECO 303: Intermediate Macroeconomic Theory 1                                     2 Units

Concept of National Income; Classical, Keynesian and Monetarist systems compared; Theories of consumption and investment; Income determination; Equilibrium in commodity market; Equilibrium in money market; Equilibrium in labour and output markets.

ECO 304: Intermediate Macroeconomic Theory I1                           2 Units

Aggregate demand and aggregate Supply and economy-wide equilibrium; Simultaneous equilibrium in commodity and money markets; the IS-LM analytical apparatus in the discussion of relative effectiveness of monetary and fiscal policies; Unemployment, inflation and government policies; International income transmission; Theories of economic growth.

ECO 311:   History of Economic Thought   I                                    2 Units

A broad survey of the main schools of economic thought from the Orients to the scholastics; the mercantilist doctrine and the bullionists; Physiocracy and the development of macroeconomics; The development of quantity theory of money; Smithian political economy; Classicism: J. Ricardo, R. Malthus, J. S. Mill and J. B. Say; The German historical school; Theory of distribution; The development of socialist and marxian economic thoughts.

ECO 312: The History of Economic Thought II                                  2 Units

The rise of the marginal school: Gossen and Stanley Jevons; The marginalist revolution: the Austrian School and J.B. Clark; The place of Marshall, Pigou, Keynes and the attack of Say’s Law of the market; the interpretation of money; Gabraith and Samuelson in the history of economic thought.

ECO 322: Management Accounting                                       2 Units

Nature and scope of managerial accounting; Management’s use of accounting data; Inventory control; Capital budgeting; Elements of cost accounting: materials, labour and overhead cost accounting and control; Cost analysis and costing methods; Cost control distinguished from cost reduction; Standard costs and variance analysis; Break-even analysis; Budgeting and budgetary control; Accounting for non-current assets and depreciation; Funds and cash flow statements for management planning and control; The application of quantitative methods to managerial accounting; Overview of current trends in managerial accounting such as computer-aided manufacturing, computer-aided design, advanced manufacturing technology, total quality management, and total quality control.

ECO 324: Financial Markets and Institutions                                2 Units

The structure of a financial system; Definition of financial institution; Financial Markets: functions and structure; Debt and equity markets; Primary and secondary markets; Exchange and over the counter markets; Money and capital markets with emphasis on Nigerian economy; Depository Institutions: deposit money banks, savings banks, mortgage institutions, Asset Management Corporation of Nigeria; Insurance market: structure, products, growth and recent developments; Nigerian Agricultural Insurance Company Ltd, Nigerian Social Insurance Trust Fund; Development Banks: Bank of Industry, Bank of Agriculture, Federal Mortgage Bank of Nigeria, Urban Development Bank, Nigerian Export and Import Bank (NEXIM); Financial Regulation: Securities and Exchange Commission, Nigeria Stock Exchange, Central Bank of Nigeria etc; Merchant Banking.

ECO 325: Public Sector Economics I                                                   2 Units

Nature and structure of public sector; Public sector in Nigeria; Public Goods and their economic analysis; Free rider problem; Externalities; Concept of market failure, Role of Government; Governments and Insurance; Government failure; Collective action choice; Prisoners’ dilemma; Revenue and expenditure: meaning and theoretical relationship; Budget deficit and its financing; Public sector versus private sector; Theories of public expenditure growth; Public expenditure in Nigeria: nature, trend and pattern.

ECO 326: Public Sector Economics II                                                  2 Units

Government budgeting: the budget cycle, functions and development of modern budgeting; Control of government expenditure; The role of ministries, departments and agencies (MDAs), treasury, the legislature and general public; Government budget constraint; Bureaucrats and efficiency; Fiscal policy: meaning, stance, objectives, targets, instruments, incentives and outcomes; Fiscal policy and economic growth relationship.

ECO 328:     Applied Monetary Economics                                 2 Units

An overview of monetary economics; Commercial banking: functions, credit creation, balance sheet structure; Financial intermediaries: types, financial claims, financial intermediation; Benefit of financial intermediation; Introduction to bank management: liability management, capital adequacy; Risks of financial intermediation: interest rate risk, market risk, credit risk, off-balance sheet risk, foreign exchange risk, sovereign or country risk, technology or operational risk, liquidity risk and insolvency risk; CBN: evolution, functions, government as a financial intermediary; Financial crisis: causes and solutions; Introduction to bank management: liability management, capital adequacy.

ECO 331:     Introduction to Econometrics I                                    2 Units

Nature and scope of econometrics; Stages in econometrics research; Revision of correlation analysis; Ordinary least squares: basic assumptions of classical linear regression models; Simple regression analysis; Multiple regression analysis; Statistical tests of significance of least squares estimates; Causality analysis in economics; Compulsory econometrics practical.

ECO 332:   Introduction to Econometrics II                                              2 Units

Treatment of major econometric problems with special emphasis on causes, consequences, detection and correction (autocorrelation, heteroscedasticity and multicollinearity); Identification problem; Dummy variable regression models; Distributed lag models; Simultaneous equations models; Some estimation techniques for simultaneous equations models (indirect least squares, two-stage least squares, three-stage least squares); Introduction to qualitative response regression models (linear probability model, logit model, tobit model, probit model).

ECO 333: Operations Research                                                       2 Units

Introduction to operations research; solving operations research models; Phases of an operations research model; Linear pogramming models: graphical and algebraic; Classical optimization problems: constrained and unconstrained Problems; Simplex method; Revised simplex method; Duality and post optimal Analysis; Primal-Dual relationships; Queuing systems; Sensitivity analysis; Transportation models: Assignment model (algorithms and iterations) and trans-shipment model (algorithms and iterations); Network models: Shortest route problem, CPM and PERT; Game theory and decision analysis; Markov chains.

ECO 334: Mathematical Economics                                                    2 Units

Applications of optimization techniques to the analysis of monopoly behaviour: multi-plant and multi-product monopoly problem; Game theory and applications to analysis of oligopoly models; Simultaneous differential and difference equations: phase diagrams, convergence and divergence; Introduction to calculus of variation and optimal control theory.

ECO 341:       International Economics I                                             2 Units

Theories of international trade: comparative advantage and factor proportions theories; alternative theories; static and dynamic gains from trade; Empirical testing and policy implications of trade theories; Trade protection: free trade and restricted trade; Tariffs and domestic protection; Theories of economic integration; International and regional trade organizations.

ECO 342:     International Economics II                                              2 Units

Balance of payments: adjustment mechanisms, Foreign exchange market and balance of payment policies; Fixed and flexible exchange rates; Exchange control and convertibility; International liquidity and the international monetary system; Foreign-aid capital flows; The gap hypothesis; Alternative trade strategies for development; International organizations and aid to developing countries; International monetary reforms, Non-imperialism and the role of multinational corporations; Use of international economics in explaining contemporary international relations and diplomacy.

ECO 351: Demography and Population Economics                             2 Units

Introduction to the concepts of population and demography; Methods and theories of demography; Introduction to population studies focusing on understanding the causes, mechanisms and consequences of variety of demographic phenomena; The sources and nature of population data; Population data: methods used to collect them and their applications; Errors in demographic data; Population composition: age, sex and economic structure; The ‘laws’ of population change; Factors that shape the age of structure of a population; Age structure analysis; Fertility: meaning, measures, trend, family planning, assumptions and limitations of different models of fertility change; The fertility transition; Coale’s preconditions of fertility; Mortality and population health; Measures of mortality, trend and determinants; The life table; migration and population distribution: internal and international migration, population and resources.

ECO 361:   Development Economics I                                             2 Units

Nature and origin of development of economics; Development problems; the new economic views of development, Growth versus development, Multi-disciplinary view of development and development economics, Three core values of development, Characteristics of less developed countries, Distinction between development and underdevelopment; The nature of development gaps between poor and rich nations; Growth versus equity debate; Some growth strategies – balanced growth strategy versus unbalanced growth strategy; Term paper.

ECO 362: Development Economics II                                                 2 Units

Long-term structural changes associated with development; Growth and structural change: theories and implications; One-sector models: the Harrod – Domar model; Two-sector models: Lewis dual-sector model, Comparison with Fei-Ranis, Todaro’s model of rural-urban migration; Competing theories of economic development; Issues in development; The informal sector: meaning, origins and dynamics; Structural transformation; Economic and non-economic factors in development experience; The Millennium Development Goals; Good governance and transparency and their impacts on development; Financing gap and international assistance. Term paper.

ECO 363: Political Economy                                                          2 Units

Basic distinguishing feature of bourgeois method of analysis and of dialectical method; Historical materialism; Classification of social systems; Theory of social classes; Marxist theory of capital accumulation; Surplus value; Stages of capitalist development; Emergence and advancement of capitalist development; Emergence and advancement of capitalism; Metropolitan and satellite economic relations; The struggle against colonialism and neocolonialism; Stages of socialist development; Emergence and advancement of socialism; Theories of human freedom in society: egalitarianism, neo-liberalism, liberalism etc.

ECO 391: Research Methods in Economics I                             2 Units

The concept of research: types of research, choice of research topic, format for presentation of research report in economics (designing the content of a research report, e.g. structure of preliminary pages, sections in various chapters , referencing formats, appendices etc); Skills in presenting research report; Detailed treatment of the methods and problems of collecting relevant research data (primary and secondary data) in Nigeria; Detailed treatment and comparison of different methods of economic analysis (percentages, variance, standard deviation, correlation, regression etc); Basic issues in the methodology debate; Seminars will be held on various research topics; Field work and presentation of research findings.

ECO 392: Research Methods in Economics II                             2 Units

Models: meaning, types, specifications and application in economics; Basic elements of economic model building; Factors affecting choice of models; Regression analysis; Causality analysis; VAR Model; SURE model; Non-linear models; Non-time series models etc; The use of different econometric/statistical softwares in estimating models (PC-Give, SPSS, E-VIEWS, STATA etc); Multivariate analysis: principal components and discriminant analyses; Pre- estimation diagnostic tests (Unit root and Co-integration); Post-estimation diagnostic tests (multicollinearity, heteroskadasticity, mis-specification test, normality test and autocorrelation etc); Sensitivity and stability tests; Survey data analysis: survey design/questionnaire design (validity and reliability); Population and sample, Sampling methods; Sampling weights; Seminar paper.

ECO 401: Advanced Microeconomic Theory and Policy I            2 Units

Fundamental quantitative relationships and proofs of basic concepts; Theory of games and applications to oligopoly models; Production theory and market structures: monopoly, monopsony, duopoly, oligopoly, bilateral monopoly etc.

ECO 402: Advanced Microeconomic Theory and Policy II             2 Units

General equilibrium and disequilibrium: exchange economy; first and second fundamental theorems of welfare economics; Dynamic equilibrium analysis; General equilibrium with consumption and production; Derivation of the economy’s production possibility frontier; First and second fundamental theorems under production and consumption; Economic efficiency: efficiency and equity; Externalities; Social and private costs; Pareto optimum; Social welfare functions; Policy applications of microeconomic theories.

ECO 403: Advanced Macroeconomic Theory and Policy I             2 Units              

Income determination from simple closed economy to a four-sector economy; Detailed theories of consumption and investment functions; The classical and Keynesian theories of employment and output; Capital theory; Theory of inflation; Business cycle Models and forecasting; Real business cycle models; The linking of these issues to leading problems in public policy.

ECO 404: Advanced Macroeconomic Theory and Policy II             2 Units

The rationale for the existence of the public sector; Formulation of national policy; Planning: principles, objectives, instruments and implementation; Balance of payments equilibrium and disequilibrium; Balance of payments adjustment mechanism: devaluation; Contemporary issues in public policy in Nigeria.

ECO 421: Advanced Public Sector Economics                              2 Units

Elements of fiscal policy: taxation, expenditure, debt management and monetary control; Fiscal and monetary policy mix and the Effects of budget deficit; Fiscal theory of the price level; Taxation: theory and types of taxation, tax incidence; Welfare costs of taxation; Negative income tax; The Nigerian tax system: personal income tax, import duties, excise duties, sales taxes; Partial equilibrium analysis of taxation; General equilibrium analysis of taxation; Public debt: sources, trend, growth, structure and debt sustainability; Fiscal Federalism.


ECO 423: Public Policy                                                                 2 Units

The meaning and nature of public policy; The process and scope of public policy analysis; Concepts of social welfare; Public policy and the public interest; Theories and their applications to public policy; Techniques of public policy analysis: efficiency criteria for evaluating public policy options; Cost-utility technique; Measurement of costs and benefits; Social impact and environmental impact analysis etc; Modeling and evaluating public policy options: social welfare function; Pareto optimality; Welfare optimizing and satisficing models etc; Environment and limitations of public policy in the Nigerian economy; Formulation of national economic policy: planning, principles and analyses.

ECO 428:     Advanced Monetary Economics                                2 Units

Demand for Money Theories: Quantity theory, Keynesian liquidity theory, Friedman’s modern quantity theory; Determinants of money supply; Theory of inflation; Monetary policy and transmission mechanism; Theory of interest rate determination; Financial structure and transaction costs: asymmetric information, adverse selection, moral hazards, and lemon market problems; Banking industry and competition; General principles of bank management: liquidity management, liability management, asset management, capital adequacy; Money and international economy: foreign exchange market; International financial system: Bretton Woods system; Different exchange rate regimes; Role and operations with reference to LDCs.

ECO 431:       Applied Statistics and Econometrics I         2 Units

Applied topics in statistical estimation: regression analysis; Errors in variables; Dummies; Lags and Distributed lag models; Model specification and diagnostic testing [including model selection criteria, consequences of model specification errors, errors in measurement, incorrect specification of stochastic error term, model selection criteria]; Treatment of outliers and leveraged observations; Recursive least squares; Time series econometrics [including stochastic processes, random walk models, difference and trend stationary processes, integrated processes, test for stationarity and cointegration]; Simultaneous equation models; The problem of identification; Methods of estimation of simultaneous models: Indirect least squares, Instrumental variables, 2-stage least squares; Tests for simultaneity; Granger causality test.

ECO 432: Applied Statistics and Econometrics II                           2 Units

Matrix treatment of multiple regression; Non-linear regression models; Estimation of linear and non-linear regression models; Approaches to estimating non-linear regression models; Introduction to qualitative response models (including logit, probit, and Tobit models, ordinal logit and multinomial logit]; Modeling count data; Duration models; Panel data analysis.

ECO 433:   Advanced Mathematical Economics                       2 Units

Advanced treatment of differentiation and integration (with applications to economics); Difference and differential equations; Advanced treatment of matrices; Advanced treatment of input-output analysis; General equilibrium analysis; Advanced treatment of mathematical programming models (goal and dynamic programming) with relevant applications in Economics; Optimal control theory and its applications in economics; Queuing theory and its applications in economics; Game theory and its applications in economics.

ECO 451: Energy Economics                                                       2 Units

Nature and scope of energy economics: political economy of petroleum with special emphasis on Nigeria; Analysis of petroleum industry: upstream and downstream sectors; Theoretical issues in the economics of energy demand and supply; Economics of energy subsidy; Impact of energy sector on agricultural sector in Nigeria; OPEC and its relevance in energy market; Contribution of energy sector to the Nigerian economy; Energy and the environment.

ECO 452: Economics of Production                                        2 Units

Introduction to production economics; Production and the economy; Production methods; Production facilities and economics of plant maintenance; Materials inputs; Plant location and feasibility; Organizational structure and human factors; Production planning and control (including use of GANTT charts, logical framework and CPM etc); Types and calculation of costs, budgets (types, preparation and evaluation of budgets); Job design, evaluation, merit rating, and compensation; Production investment economics (including viability analysis using undiscounted and discounted measures of project worth); Product development.

ECO 453: Advanced Demography and Population Economics   2 Units

Vital rates and ratios; Techniques of population projection: interpolation and graduation in demographic analysis, population change and economic growth; Demographic transition during the process of development; Income; Mortality; Fertility choices and human capital accumulation nexus; Demography of labour force; Analysis of labour force participation; Unemployment, Economic dependency; Occupational segregation (by age, gender etc), Labour market transitions.

ECO 461: Advanced Development Economics                               2 Units

Development as a generalized process of capital accumulation; Optimum accumulation and absorptive capacity; Sources of capital formation and savings policy; Growth, welfare improvements and the role of the state; Good governance and social protection; Industrialization; Agricultural development and unemployment; Growth, poverty reduction and inequality nexus: theory and empirics; Policy options for achieving growth and poverty reduction; Term paper.

ECO 462: Economics of Planning                                                     2 Units

Economic planning: meaning, concept and rationale; Planning in different economic systems; Requirements for effective economic planning; Planning techniques; the planning cycle. Planning and policy development; Types of planning and planning durations; Manpower planning; Planning models: aggregate growth models, input-output model and project appraisal; national accounts and its application to planning; Overview of Nigeria’s development planning experience; Term paper.

ECO 463: Comparative Economic Systems                                 2 Units

Economic Systems: concept, types and goals; Importance and problems of comparative economic system studies, Critical characteristics for classifying and differentiating various economic systems; Communalism, Slavery, Feudalism, Laissez-faire economies and capitalism and their variants; The theory and development of centrally directed economy and communisms; The concept of a mixed economy; Transition economies and convergence hypothesis; Case studies of capitalist, socialist, communist and mixed economic nations.

ECO 464: Health Economics and Health Policy                              2 Units

Further treatment of healthcare demand and supply/production; Efficiency in healthcare provision; Market failure in health care provision; Healthcare financing and universal coverage (including analysis of equity in health care financing, financing and benefit incidence analysis, etc.); Economic effects of health care expenditures in developing countries and coping mechanisms; Health systems; Social determinants of health; Costing in economic evaluation; Measuring effectiveness; Outcome measurement; Cost effectiveness/utility analysis; Role of economic evaluation in health care; Term paper.

ECO 466: Climate and Environmental Economics                           2 Units

The Economics of climate change: indicators of climate change and impact of climate change on agriculture, aquatic life, deforestation, tourism, flooding, water availability, carbon cycling and greenhouse effect, environment and health; Concepts of Value: the assets of nature, economic concept of value, classifications of values; Valuing environmental goods: cost-benefit analysis (CBA), contingent valuation method (CVM), hedonic pricing (HP) method and travel cost method (TCM); Applications of the techniques to environmental damage and benefits such as economic valuation, total economic value (calculations); Pollution abatement in developing countries; The concept of sustainable development (SD); Global Summits on SD; Indicators of sustainable development; Divergent views on sustainable development; The role of public-private partnerships in ensuring best practices; The relationship between SD indicators and MDGs beyond 2015; Concept of intergenerational equity; Intergenerational compensation; Sustainable development and environmental capital.

ECO 471: Industrial Relations and Personnel Management         2 Units

The concept of industrial relations; Theories of industrial relations; Trade unions: government and structure; Central labour organization and international affiliations; The ILO, Union solidarity and check-off systems; Collective bargaining, industrial conflict and dispute settlement with case studies; Dispute settlements through mediation, arbitration and joint consultation; The state and industrial relations; Comparative industrial relations; Personnel management: recruitment, selection, employee maintenance, training and career development, safety, health, employee services, compensation administration, performance appraisal; Industrial Relations in Nigeria.

ECO 475:       Project Appraisal I                                                       2 Units

The project concept; the project cycle; Data requirements and sources; The feasibility dimension; Identification and analysis of project costs and benefit (cash flows); Comparison of costs and benefits: static and dynamic approaches; The problems of valuation, discount rates and uncertainty; Economic and financial perspectives in project appraisal; Evaluation and review techniques; Case studies.

ECO 476:     Project Appraisal II                                                      2 Units

The project and overall view of economic development programming; Identification and selection of projects; Project analysis: technical analysis, economic analysis, financial analysis, institutional analysis, social benefit-cost analysis, valuation and shadow prices; Cost-effectiveness analysis; Impact analysis; Reporting; Monitoring and ex-post evaluation; Case studies.

ECO 478: Project Report                                                     6 Units

Under the supervision of an academic staff, a student is expected to present a project/research report on any economic issue. The student is expected to display a firm grasp of economic theory being investigated with good mastery of research methodology and econometrics.

Criteria for Scoring/Assessment of ECO 478

  1. Presentation:

Referencing ——————– ———————————————10 marks

  • Language and writing style ————————————————10 marks

Ability to justify the need for the study and presentation of the study’s objective(s) ——————————————————————–5marks

  1. Literature Review:
  • Mastery of relevant literature —————————————————10 marks
  • Theoretical content —————————————————————10 marks

Soundness and logic of argument (with respect to ability to synthesize the literature) …………………………………………………………………10marks

  1. Analysis:
  • Appropriateness of method of analysis (reliability and validity issues) –15 marks
  • Ability to meaningfully interpreted results ————————————15 marks
  1. Findings and Recommendations:
  • Quality of recommendations in relation to the objective(s) of the study –10 marks
  • Cognizance of the study’s limitations ——————————————-5 marks