NECO GCE - ECONOMICS ANSWERS
Exam Time: Tuesday, 1st October, 2017
2.00am – 5.00pm
SECTION A - ANSWER ONE QUESTION
SECTION B - ANSWER FOUR QUESTIONS[/color]
No of birth
30/45 × 488500 = 3256667
No of death
15/45 × 488500 = 1628333
No of Environment Immigrant - Net migrant
70000 - 25000 = 45000
Birth rate - Death rate
3,256,667 - 1628333 = 1628334
5000000 + 700000 - 45000 = 5025000
New Pop - Old pop / old pop × 100/1
5025000 - 5000000 / 5000000 × 100/1
SECTION B - ANSWER FOUR QUESTIONS ONLY[/color]
price elasticity of demand is defined as the degree of responsiveness of demand to a slight change in price of a commodity.
(i)The number and kinds of substitutes:
Of all the factors determining price elasticity of demand the number and kinds of substitutes available for a commodity is the most important factor
(ii)The position of commodity in a consumer’s Budget: Another important determinant of elasticity of demand is how much it accounts for in consumer’s budget. In other words, the proportion of consumer’s income spent on a particular commodity
(iii)The number of uses of a commodity:
The greater the number of uses to which a commodity can be put, the greater will be its price elasticity of demand. If the price of a commodity having several uses is very high, its demand will be small and it will be put to the most important use
(iv)Complementarily between goods:
Complementarily between goods or joint demand for goods also affects the price elasticity of demand. Households are generally less sensitive to the changes in price of goods that are complementary with each other
This refers to the money value of a commodity, it is the cost in terms of legal tender (currency) value while REAL COST is an expression of cost in terms of forgone alternatives, in other words is the satisfaction of one want at the express of another want.
This is also called overhead cost or unavoidable cost and is defined as the cost of an enterprise which does not change with change of output while VARIABLE COST also called direct cost and is defined as the cost of production which varies or changes directly with the level of output.
This is defined as a cost per unit of output of the total cost of production of a commodity incurred by an enterprise divided by the number of units of output while AVERAGE REVENUE is defined as the revenue generated per unit of output sold. It play's a role in the determination of a firm's profit.
This is also called incremental cost and it may be defined as the extra cost of increasing output by one more unit while MARGINAL REVENUE is the increase in revenue that results from the sale of one additional unit of output.
an industry is defined as a group of firms producing similar products and under seperate administration or managements
this part of the world cannot afford the huge capital required for industrialization
the money that should have been channelled to industrial sector for industrialization is used to cater for the teeming population
(iii)inadequate raw materials:
the ones gotten from agriculture are inadequate as a result of low productivity and those not gotten from agriculture are not found in Nigeria
this scares away both local and foreign industrialists because industrilization does not take place in a politically rowdy atmosphere
(v)inadequate skilled personnel:
this can be attributed to our faulty education which we inherited from our former colonial masters
(i)Maintaining Good Animal Health:
Better drugs for animals should be encouraged and veterinary medicine should be promoted by the Nigerian government. This will boost agricultural production.
Certain crops require certain soil conditions for productivity. Example soil that is good for rice may not be good for groundnut. More measures should be taken to improve the soil.
(iii) Standardized price control:
Unstable prices can disrupt the marketability of farm produce. This can make people not settle down into agriculture is an occupation. Better standardized price measures should be introduced to stabilize the price of agricultural products
(iv) Use of agro-based loans by the government to encourage farmers:
The government of Nigeria should encourage farmers by giving loans for agricultural activities. This will help farmers meet up with financial needs in terms of purchasing some seeds, hiring machines etc thereby boosting agriculture in Nigeria.
(v) Local Awareness Creation:
Measures should be taken to make create local awareness of these government programs. This can be done by the government using different communication patterns. It is not enough for the government to introduce these programs but also necessary to make the common man aware of them.
International monetary funds is an international organization created for the purpose of standardizing global financial relations and exchange rates. The IMF generally monitors the global economy, and its core goal is to economically strengthen its member countries.
The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to developing countries.
(i)To promote international monetary cooperation through a permanent institution which provides the machinery for consolation and collaboration on international monetary problems.
(ii)To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objective of economic policy.
(iii)To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
(iv)To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
(v)To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with the opportunity to correct maladjustments in their balance of payments, without resorting to measures destructive of national or international prosperity.
Brain drain can be describe as the process in which a country loses its most educated and talented workers to other countries through migration
(I) Provide adequate research facilities.
ii) Provide attractive salaries to highly qualified people on the basis of their qualifications and experience
iii) Provide better job opportunities irrespective of caste, race or nationality.
iv) Promote people on merit alone.