Neco Gce 2016 Economics Obj And Theory Answers
Neco Gce 2016 Economics Obj And Theory Answers
ECONS OBJ
1EDBBEBBEED
11BBBCEDAECD
21DBCCDCDDBA
31DDCBACACAE
41BDBBBBDCEB
51CBBBCAEACB
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1EDBBEBBEED
11BBBCEDAECD
21DBCCDCDDBA
31DDCBACACAE
41BDBBBBDCEB
51CBBBCAEACB
============
(1i)
Qd = 45 – 3p
Qs = 20 + 2p
Qd = 45 – 3p
Qs = 20 + 2p
Qd = Qs
45-3p = 20+2p
Collect like term
45-20 = 2p+3p
25=5p
Divide both side by 5
5p/5 = 25/5
P= #5
Equilibrium price = #5
45-3p = 20+2p
Collect like term
45-20 = 2p+3p
25=5p
Divide both side by 5
5p/5 = 25/5
P= #5
Equilibrium price = #5
(1ii)
Qd = 45 – 3(5)
Qd = 45 – 15
Qd = 30unit
Qd = 45 – 3(5)
Qd = 45 – 15
Qd = 30unit
Qs = 20+2p
Qs = 20+2(5)
Qs = 20+10
Qs = 30unit
Qs = 20+2(5)
Qs = 20+10
Qs = 30unit
(1iii)
When price is #12
Qd=45-3p
45-3(12)
45-36
=9
When price is #12
Qd=45-3p
45-3(12)
45-36
=9
As=20+2p
20+2(12)
20+24
=44
20+2(12)
20+24
=44
Excess supply is 35
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(4i)
Production can defined as the various economic activities aimed at the creation of goods and services and the distribution of these to the final consumer for the satisfaction of human want.
Production can defined as the various economic activities aimed at the creation of goods and services and the distribution of these to the final consumer for the satisfaction of human want.
(4ii)
(a) Primary production -it refers to the extraction of raw matreial provided by nature,it is concern with the process of obtaining raw material or resources in the their natural form from the land, air and water examples agriculture,mining,fishing etc
(a) Primary production -it refers to the extraction of raw matreial provided by nature,it is concern with the process of obtaining raw material or resources in the their natural form from the land, air and water examples agriculture,mining,fishing etc
(b) Secondary production-it refers to the transformation or conversion of basic raw material or semi finished goods into final forms that are are acceptable to the consumer examples house,road,cloth,cars
(c) Tertiary production-it is concern with the provision of commercial and professional services to the people.the goods so produced at primary and secondary production levels are distributed to the people for consumption. examples are doctor,soldiers,police, musicians, etc
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5a)
A public corporation is a corporate body created by the special Act of the parliament. Such Act defines the power, duties, privileges and pattern of management of these organisations.
A public corporation is a corporate body created by the special Act of the parliament. Such Act defines the power, duties, privileges and pattern of management of these organisations.
5b)
i)It is a corporate body created by the special act in the state or central legislature. The power and duties of these corporations are defined by this Act.
ii)It enjoys the status of a legal entity and as such it can enter into contract in its own name.
iii)It is completely owned by the government and as such no private individuals are entitled to purchase
shares of these organisations.
iv)A public corporation is managed by a board of directors. The members of the board are from all walks of industry and commerce.
v)The entire capital is financed by the government. It was set up with a capital of its own and is entitled to borrow, use and re-use revenue from the sale of goods.
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i)It is a corporate body created by the special act in the state or central legislature. The power and duties of these corporations are defined by this Act.
ii)It enjoys the status of a legal entity and as such it can enter into contract in its own name.
iii)It is completely owned by the government and as such no private individuals are entitled to purchase
shares of these organisations.
iv)A public corporation is managed by a board of directors. The members of the board are from all walks of industry and commerce.
v)The entire capital is financed by the government. It was set up with a capital of its own and is entitled to borrow, use and re-use revenue from the sale of goods.
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(6i)
A balance of payments disequilibrium is a situation where the value of a country’s imports are greater than its exports, creating a deficit in the current account and leading to a net outflow from the country’s circular flow of income.
A balance of payments disequilibrium is a situation where the value of a country’s imports are greater than its exports, creating a deficit in the current account and leading to a net outflow from the country’s circular flow of income.
(6ii)
-Causes of Balance of payment disequilibrium
(i) Social Factors:
(a) Changes in fashions, tastes and preferences of the people bring disequilibrium in BOP by influencing imports and exports
(b) High population growth in poor countries adversely affects their BOP because it increases the needs of the countries for imports and decreases their capacity to export.
(ii) Political Factors:
Experience shows that political instability and disturbances cause large capital outflows and hinder Inflows of foreign capital.
(iii) Economic Factors:
(a) Imbalance between exports and imports. (It is the main cause of disequilibrium in BOR), (b) Large scale development expenditure which causes large imports,
(c) High domestic prices which lead to imports,
(d) Cyclical fluctuations (like recession or depression) in general business activity,
(e) New sources of supply and new substitutes.
-Causes of Balance of payment disequilibrium
(i) Social Factors:
(a) Changes in fashions, tastes and preferences of the people bring disequilibrium in BOP by influencing imports and exports
(b) High population growth in poor countries adversely affects their BOP because it increases the needs of the countries for imports and decreases their capacity to export.
(ii) Political Factors:
Experience shows that political instability and disturbances cause large capital outflows and hinder Inflows of foreign capital.
(iii) Economic Factors:
(a) Imbalance between exports and imports. (It is the main cause of disequilibrium in BOR), (b) Large scale development expenditure which causes large imports,
(c) High domestic prices which lead to imports,
(d) Cyclical fluctuations (like recession or depression) in general business activity,
(e) New sources of supply and new substitutes.
-Types of Balance of payment disequilibrium:
(i) Long-run Disequilibrium: The long-term disequilibrium thus refers to a deep- rooted, persistent deficit or surplus in the balance of payments of a country. It is secular disequilibrium emerging on account of the chronologically accumulated short-term disequilibria — deficits or surpluses.
(ii) Structural Disequilibrium: It emerges on account of structural changes occurring in some sectors of the economy at home or abroad which may alter the demand or supply relations of exports or imports or both.
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(ii) Structural Disequilibrium: It emerges on account of structural changes occurring in some sectors of the economy at home or abroad which may alter the demand or supply relations of exports or imports or both.
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