2015 NECO ECONS ANWERS READY

Use This Option To Indicate Your Type !
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Econs Type A
1. D -unlimited liability
2. A -delay in decision
3. D -de- jure
4. D -hoard goods&create artificial scarcity
5. D -portability
6. C -MV = PT
7. B -decreasing marginal product
8. B -economics of scale
9. E -structural
10 . E- provide storage facilities
11 . D-
12 . A- agriculture
13 . B- cost push
14 . C- communism
15 . C- horizontal to d output axis
16 . A- average
17 . C- # 74 . 00
18 . A- elastic
19 . B- inequitable
20 . E- privatization
21 . C- decrease in demand
22 . D- increase in supply
23 . A- disposable
24 . C- MPS/ MPC = 1
25 . A- available of variety goods
26 . D- switzerland
27 . B- limited market
28 . B- ensure efficient use of atglackf resource
29 . D- the forces of demand and supply
30 . E- product are homogenous
31 . D- # 73 ,000
32 . C- progressive
33 . C- lender of last resort
34 . A- bill discount
35 . D- 14
36 . B- 36
37 . B- complementary
38 . E- use of open market operation
39 . E- raw materials
40 . A- construction
41 . A- industrial arbitation panel
42 . A- divisibility
43 . A-
44 . B -provision of adequate power supply
45 . C -25 . 0 %
46 . D -land
47 . C -GNP / POPULATION
48 . E -vertical
49 . C -Manufacture -Wholesaler - Retailer - Consumer
50 . C -how to produce
51 . E -5
52 . C -4
53 . E -monoculture
54 . C -Ghana
55 . C -median
56 . A -adam smith
57 . B -limited resources limited
58 . D -mode
59 . B-
60 . E-

VERIFYED ECONOMICS ESSAY
QUESTIONS
You are to answers five questions in all
choose
one between 1 & 2 and any other four
(1 a )
Growth rate = change in population/ initial
population × 100 %
Change in population = 60000 – 45000 =
15 ,000
In 2001
Growth rate in 2001 = 15,000 / 45,000 ×
100 % =
33.3 %
Change in population = 80, 000 ,70, 000 =
10,000
In 2003
Growth rate in 2003 = 10,000 / 70,000 ×
100 % =
14%
Change in population in 2004 = 105 , 000
– 80000 =
25,000
Growth rate in 2004 = 25,000 / 80,000 ×
100 % =
31%
(1 b )
Percentage of working population =
working
population/ population × 100 %
Percentage of working population in 2002
= 40/ 78
× 100 % = 68. 6%
Percentage of working population in 2003
= 60/ 80
× 100 % = 75%
Percentage of working population in 2004
=
70/ 105 × 100 % = 74. 3%
(1 c )
(i) Birth rate – The higher the birth rate,
the higher
will be the population of a country
(ii ) Death rate; The lower the death rate ,
the higher
will be the population of a country
(iii ) Immigration: The higher the
immigration rate,
the higher the population of a country
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(2 ai )
At Equilibrium , Qs= Qo
30 + 3 p = 90 -2 p
3p + 2 p = 90 – 30
5p = 60
P = 60/ 5 = 12
(2 aii)
QE = Q5 = Qp = 30 + 3 p
= 30 + 3 (12 ) = 30 + 36
=66
(2 b )
(2 c )
i. government policy
ii. price of other commodity
iii . technology
iv . cost of production
v. seasons
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(3 a )
Production is the creation of good s for
the
satisfaction of human wants . it can be
primary,
secondary or tertiary
(3 b )
i. what to produce: An entrepreneur is to
observe
and think about whats he needs to offer
the public
as a producer
ii. for whom to produce: an entrepreneur
recognizes the set of people targeted at
production and whose product are sold to
iii . how to produce: An entrepreneur
decides on
the method of production he wants i .e
Labour
intensive or capital intensive production
iv . Marketing ;- An entrepreneur must
creates
awareness for his goods
v. Distribution: An entrepreneur designs
how to
distribute his product so that it reaches
the final
consumers
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(4 )
proprietorship
(1 )A business owned by one person , who
is
entitled to all of its profits and
responsible for all of
its debts , is considered a sole
proprietorship.
(2 ) the ease with which it can be started ,
(3 ) the owner's freedom
to make decisions, and
(4 ) the distribution of profits (owner
takes all) .
Partnership
(1 )
A business owned by two or more people ,
who agree to share in its profits, is
considered a
partnership.
(2 ) draw
on the skills and abilities of each partner ,
(3 ) offer employees the opportunity to
become partners , and
(4 ) utilize the part ners ' combined
financial
resources.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(5 a )
labor market :
These is nominal market in which workers
find
paying work , employers find willing
workers, and
wage rates are determined .
Labor markets may be local or national
(even international ) in their scope and are
made
up of smaller , interacting labor markets
for
different qualifications , skills , and
geographical
locations .
They depend on exchange of information
between
employers and job seekers about wage
rates ,
conditions of employment, level of
competition,
and job location.
(5 b )
The efficiency of labour means the fitness
of the
labour for the production of wealth . The
efficiency
of labour depends upon the power to
work , will to
work and efficiency or organization.
The number of able-bodied men being
more or
less fixed , the supply of labour mainly
depends on
the efficiency of labour . The contribution
of labour
to production depends not only upon the
number of
production but also upon the efficiency of
labour
itself.
(5 c )
mobility of labor Extent to which the
workers are
able or willing to move between different
jobs ,
occupations, and geographical areas.
It is called horizontal mobility if it does
not result
in a change in the worker' s grading or
status , and
vertical mobility if it does .
Skilled workers have low occupational
mobility but
high geographical mobility;
low -skilled or unskilled workers have high
degrees of both types of mobility. Low
labor -
mobility causes structural unemployment ,
and
governments try to avoid it byworker
retraining
schemes and by encouraging
establishment of
new industries in the affected areas.
5d )
Supply of Labour Higher wages usually will
encourage a worker to supply more labour
because work is more attractive compared
to
leisure Therefore the Supply curve for
Labour
tends to be upwardly sloping .
Supply of Labour depends upon:
1. The number of qualified people For
example, the
number of qualified
Accountants is low , therefore supply is
quite inelastic.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(6 )
i)The Collateral Security Offered
ii) The Period of Repayment
iii )The Customers Referee
iv )The Earning Power of The Customer
v) The Sources of Re -payment
(i) The Collateral Security Offered :
These collateral securities which are fixed
assets
must be the things the bank can sell easily
and
more than the value of the loan given .
(ii )The Period of Repayment :
The period of re- payment of such loan is
very
important because , the Bank would not
want its
loan to be tied down for a very long time
in spite of
the fact that it changes interest on the
loan.
(iii ) The Customers Referee:
The referee must be one who is well
known to the
bank and who will guarantee that in case
the
borrower defaults or becomes insolvent ,
that he
will repay the loan.
(iv ) The Earning Power of The Customer:
The person 's earnings vis -a -vis the
amount to be
given out as loan are some of the
determining
factors in granting and issuing loans .
(v ) The Sources of Re- payment:
The Bank Managers will also like to know
the
possible sources the customer intending
to
borrow loans has for repaying the loan.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(7 a )
tabulate between internal trade and
External Trade
Internal Trade
– Trade within a country
-Involves currency
External Trade
– Trade between country
- Involves many currency
(7 b )
(i) language Barrier – Because
international Trade
involves trade among countries and
languages
vary from one country to another,
language tends
to limit the extent of international trade
(ii ) problem of currency :- International
trades
involves a series of currency conversion
since
goods are bought and sold in a country
with its
currency
(iii ) import and export duties : the
imports and
Exports duties paid on goods at counties
of import
and export is a barrier to international
trade
(iv ) Quota: this is the amount of goods by
law that
can be imported to a within a fiscal gear.
This has
limited international trade from taking
place at its
full capacity
(v )problem of visa: many people who are
willing to
embark on international trade could not
do so
because they could not pet a visa that
permit
them to pet to the intended trade country
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(8 a )
Habit : the more habitual a person is to a
particular
goods, the more inelastic the good is . For
instance, a person addicted to smoking
will smoke
no matter how high the price of cigarettes
is .
(b ) Availability of substitutes : Goods that
have
substitutes have elastic demand as
consumer will
shift to alternative goods that have
inelastic'' demand
(c ) Consumer’s income : the higher the
income
,the more inelastic demand tend to be
(d ) Nature of commodity : Neccesary
goods have
an inelastic demand since consumer need
them
while luxury goods have an elastic demand
since
consumer can do without them.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(9 a )
A monopolistic competition is a market
situation
which combines the fundamental
characteristics
of both pure monopoly and perfect
competition. in
this type of market situation exists
because
neither pore monopoly nor perfect
competition
exists in isolation and this is a result of
absence
of homogeneity and heterogeneity of
products sold
in both market
(9 b )
(i) Granter Efficiency : There is a great
efficiency
resulting from an assemblage or pool of
specialized managerial skills
(ii ) Centralized Management : There is
effective
and proper central managements under
monopoly.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(11a )
Trade by barter can be defined as a form
of
trading in which goods are exchanged
directly for
other goods without the use of money as
a
medium of exchange
(11b )
Do it yourself
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(12a )
National income may be defined as the
ways of
computing or determing the money value
of the
total volume of goods and services
produced or
the total income earned in a given country
over a
period of time, usually a year.
(12b )
The methods are :-
(i) Income method
(ii ) Output Method
(iii ) Expenditure Method
-INCOME METHOD :- This is defined by
adding
incomes received by all factores of
production .
The incomes to be added include workers
earnings profit from enterpreneurs, rents
on land ,
interest from capitals e .t .c . In order to
avoid
double counting, transfer payments such
as
payment to old people, beggers, e .t. c
are not
included . The income which must be
included
must be that which arises from the
production of
goods and services.
-OUTPUT METHOD : - This method
measures the
total money value of all goods and
services
produced in the country in a year. To
avoid double
counting the figures collected on the basis
of
value added i .e the value of output, less
cost of
input.
-EXPENDICTURE METHOD :- This method
helps in
calculating the total amount spent on
consumption
and investment purpose during the year .
Transfer
payment such as pension paid to refired
workers ,
gift to beggers, e .t. c are excluded .
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