NECO 2017 ECONOMICS OBJ & THEORY
ANSWERS IS AVAILABLE
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Tuesday 20th June 2017
OBJ & Essay – Economics – 10am –
1pm
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ECONS OBJ COMPLETED
1-10 BEEBECEBAE
11-20 EACAACACDD
21-30 EDCEBCBEAE
31-40 AECDBDABBC
41-50 DBEDBEEABD
51-60 DCEADABCEB
ECONS THEORY
SECTION-A ANSWER 1 QUESTION ONLY
1a)
i) CLICK HERE FOR THE IMAGE
ii) CLICK HERE FOR THE IMAGE
1b)
Tabulate:
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600
Total = # 1550m
=#1.55b
1c)
Percentage = 150/600 * 100
= ¼ * 100
= 25%
1d)
Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
= 60°
2a)
A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I 113/7 = 16.1
J = 19.5 * 8 = 156
2b) Draw the Graph
2c) As output rises, the AFC decreases and the curve the represents it *** slope *** from left to right
3ai)
Similarities are:
i) Both provide long term loan to their member ountries
ii)Both aim to promote economic development
iii)Both render technical and financial advice to member states
3aii)
One difference is:
i) ADB is meant for African countries only while IBRD is a global bank
3b)
Benefit obtained by Nigeria from world Bank are:
i) Approval of 500 million dollars to improve material and child health in the country in 2015
ii)Approval of 200 million dollars credit to support the nigerian agricultural sector especially small and medium scale farmers in March, 2017
4a)
Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests
4b)
i )Trade Unions working for the Progress of the Employees:
The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers.
ii) Safeguarding the Interests of the Workers:
Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations.
iii) Increasing Co-operation and Well-being among Workers:
It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers.
Iv )Establishing Contacts between the Workers and the Employers:
The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.
4c)
i)picket lines
ii ) strike
8a)
Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
8b)
i)Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato.
ii)Infrastructural facilities:
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc.
iii)Producers response:
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices.
iv)Marginal Cost:
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed.
10a)
Production is incomplete without distribution
because the main aim of production is to satisfy
human wants. When the link between the
producers and the consumers is absent, then the
aim is defected.
10b)
i)The quantity and quality of factors of
production (I.e land, labor, capital and
entrepreneur). For example, amount of capital
determines the labor to be hire and raw
materials to be bought.
ii)The size of market: This is the extent to which
the products are demand.
iii)The nature of the product: If the goods are
durable in nature, more can be produced and
stored.
iv)Availability of raw materials: This will
determine the quantity of good to be produced.
v)Government policy: This has to do with the
nature of economic policy of the government.
The more favorable the government economic
policy, the more they volume of goods to be
produced and vice versa
7a)
A tariff is a tax imposed by a government on
goods and services imported from other
countries that serves to increase the price and
make imports less desirable, or at least less
competitive, versus domestic goods and services
7b)
i)Infant Industries
ii)National Defense
iii)Domestic Employment
iv)Aggressive Trade Practices
v)Environmental Concerns
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Completed
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