Neco 2017 ECONOMICS (OBJ And Theory) Answers – May/ June Expo

ECONS OBJ
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11EACAACACDD
21EDCEBCBEAE
31AECDBDABBC
41DBEDBEEABD
51DCEADABCEB

ECONS THEORY
================
SECTION-A ANSWER 1 QUESTION ONLY
(1a)
CLICK HERE FOR THE IMAGE
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 would slope downward from left to
right
SECTION-B ANSWER 4 ONLY
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.
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.
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
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
=============
(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
GOOD LUCK!!!!!!!!!!

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