NECO ECONOMICS ANSWER




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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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