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1a)

Qd=40-2p ; Qs=10+4p

Qd=40-2p

When P=1

Qd=40-2(1)

Qd=40-2

Qd=38

Qd=40-2p

When P=3

Qd=40-2(3)

Qd=40-6

Qd=34

Qd=40-2p

When P=5

Qd=40-2(5)

Qd=40-10

Qd=30

Qd=40-2p

When P=7

Qd=40-2(7)

Qd=40-14

Qd=26

Qd=40-2p

When P=9

Qd=40-2(9)

Qd=40-18

Qd=22

Qs=10+4p

When P=1

Qs=10+4(1)

Qs=10+4

Qs=14

Qs=10+4p

When P=3

Qs=10+4(3)

Qs=10+12

Qs=22

Qs=10+4p

When P=5

Qs=10+4(5)

Qs=10+20

Qs=30

Qs=10+4p

When P=7

Qs=10+4(7)

Qs=10+28

Qs=38

Qs=10+4p

When P=9

Qs=10+4(9)

Qs=10+36

Qs=46

1b)

Demand and supply schedule

Tabulate Price|Quantity demanded|Quantity supplied

Price(N):1,3,5,7,9

Quantity demanded: 38,34,30,26,22

Quantity Supplied: 14,22,30,38,46

1c) 

1d)

Equilibrum price=N5

A price at which quantity equates quantity supplied

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(2 ai )

At Equilibrium , Qs = Qo

30 3 p = 90 - 2 p

3 p 2 p = 90 – 30

5 p = 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

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(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

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4i)

Marginal product is the additional output that a firm brought about as a result of the employment of an additional unit of variable factor

4ii)

Thd law of diminishing returns states that as sucessive units of a variable factor (e.g. labour or capital) is applied to a given fixed factor(e.g. land), output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output.

4iii)

- Proper combination of factors of production-The law of diminishing returns helps the entrepreneur to combine properly the factors of production to prevent watage

- Changes in Scale of production: The law of diminishing returns helps entrepreneurs to change the scale of production throught the variation of the quantities of all input.

- It ensures efficiency- As more and more variable factors are added to a fixed factor, it eventually comes to a profitable level and productivity and efficiency are maintained.

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6a)

Tax may be defined as the act or method of imposing a compulsory levy by the government or its agency on individuals and firms or on goods and services. It is also defined as the compulsory levy imposed by the government or its agency or individuals and firms or on goods and services

6b)

-Tax evasion: High taxes scare potential payers away

- Failure to fulfil civic responsibilities:Many people do not fufil their civic responsibilities of paying tax as at when due.

-Failure to declare real income: Many workers and corporate bodies,especially those in private firms,do not declare their real incomes

-Wrong belief of people: Many people think that the money collected is for the tax collectors therefore refuse to pay tax.

-Lack of book of account- Majority of traders and small scale businesses do not keep proper book of account for the purpose of proper tax assessments.

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8)

-Maintainance of external reserves: The central bank is also responsible for the maintainance of external reserves of the country

-Management of national debt: The central bank is responsible for the management of national debt of the country. It also acts as clearing house for other banks

-Foreign exchange transaction:The central bank holds the foreign reserve of a country, and this helps in enforcing foreign exchange control, which is set up to purchase and sell foreign currencies

-External business: The central bank acts as an agent of the country by relating with other countries and international financial institutions like IMF, World Bank,etc.

-Banker to the government: Central bank is an agent and banker to the government. It controls public account, receives revenue on behalf of the this account.Central bank also obtains loan on behalf of the government.

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7 a )

dependency ratio : this is the ratio of

dependants to working population, it can be

expressed as dependent population

7 b )

declining population: it an increasing percentage

of old people while the relative percentage of

children and workers are decreasing

7 c )

population density : it is described as the

number of persons per square kilometre of

land, it can either be high or low depending on

the number of people in a specified area or

country

7 d )

effiency of labour : it is the ablity of labour to

increase output without increasing the quantity

of labour if labour is effiency the quantity of

goods and services produced will be high

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(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

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11)

International trade is the exchange of goods and services between countries.

===============

11b

i)Immobility of Factors of Production:Labour and capital do not move freely from one country to another as they do within the same country. “Man”, declared Adam Smith, “is, of all forms of luggage, the most difficult to transport”.Much more so when a foreign frontier has to be crossed. Hence differences in the cost of production cannot be removed by moving men and money, the result is the movement of goods.On the contrary, between regions within the same political boundaries, people distribute themselves more or less according to opportunities. Real wages and standard of living tend to seek a common level, though they are notwholly uniform. As between nations, however, these differences continue to persist for wages and check population movements. Capital also does not move freely from

- one country to another. Capital is notoriously shy.

(ii)Different Currencies:Each country has a different currency. India for instance, has the rupee, the U.S.A. the dollar, Germany the mark, Italy the lira, Spain the peso, Japan the yen, and so on. Hence, buying and selling between nations give rise to complications absent in internal trade.

(iii)Restrictions on Trade:Trade between different countries is not free. Very often there are restrictions imposed by custom duties, exchange restrictions, fixed quotas or other tariff barriers. For example, our own country has imposed heavy duties on importof motor cars, wines and liquors and other luxurygoods.

(iv) Ignorance:Knowledge of other countries cannot be as exactand full as of one’s own country. Differences in culture, language and religion stand in the way offree communication between different countries.On the other hand, within the borders of a country, labour and capital freely move about. These factors, too, make internal trade different from international trade.

(v) Transport and Insurance Costs:Then costs of transport and insurance also check- free international trade. The greater the distance between the two countries, the greater are these costs. Wars increase them still more.

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(12 a )

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.

(12 b )

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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