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*_ECONOMICS OBJECTIVE_*
01-10: BDECEEEAAE
11-20: AECCDBAABA
21-30: EAAAEDDAAC
31-40: BAABBCEDBC
41-50: ABCAADCDED
51-60: DBCEAAABEE
Completed.!
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*_ECONOMICS ESSAY ANSWERS_*
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*_ESSAY ANSWERS_*
(1a)
(i) Population of children= 162/360 × 140 = 63million
(ii) Population of old people = 108/360 × 140 = 42million
(iii) Active Population= 90/360 × 140 = 35million
(iv) Dependent Population= population of children to population of old people
=63,000,000 + 42,000,000
=105,000,000
=105Million
(1b)
(i) Increase in demand for goods and services required by the youth and old ones because they form the large percentage of the population
(ii) if the items required by the young and old ones are not produced locally, there will be increased importation and resultant strain on the balance of payment
(iii) low level of squings and investment because of the high dependency ratio
(iv) Increased taxation and borrowing by government to meet increased demand for consumable items because the taxation population is small
(v) High prospective labour force because of the large proportion of young ones
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(3a)
Wants are the insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many and are usually described as insatiable because the means of satisfying them are limited or scarce.
(3b)
Scarcity is the limited supply of resources which are used for the satisfaction of unlimited wants. Scarcity is the inability of human beings to provide themselves with all the things they desire or want. These resources are scarce relative to their demand.
(3c)
Choice refers to a system of selecting or choosing one out of several alternatives. Choices arise as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Choice, therefore, arises as a result of scarcity of resources.
(3d)
Scale of preference refers to a list of unsatisfied wants arranged in the order of their relative importance. It is a list showing the order in which we want to satisfy our wants arranged in order of priority. On the scale of preference, the most pressing wants come first and the least pressing ones come last.
(3e)
Opportunity cost is an expression of cost in terms of forgone alternatives. It is the satisfaction of one's want at the expense of another want. It refers to the wants that are left unsatisfied to satisfy another more pressing need.
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(4)
{CHOOSE ANY FIVE}
(i) Allocation of resources:
The study of economics enables the government to allocate scarce resources to various sectors of the economy.
(ii) Development of programmes:
It also enables the government to develop certain programmes that are beneficial to the people.
(iii) Rational decision:
Economics enables individuals to choose certain wants among the numerous needs, using their scarce resources.
(iv) Preparation of budget:
Economics assists the government to determine the expected income and expenditure of a country.
(v) Solutions to economic problems:
Economics also enables individuals, firms and governments to solve their problems using various principles of the subject
(vi) Production:
The study of economics assists us to determine what to produce when to produce, factors of production and how to produce goods and services required to satisfy human wants.
(vii) Provision of basic tools:
The study of economics provides basic tools for analysing economic problems among individuals, firms and governments.
(viii) Maximisation of profits:
Economics enables traders and businessmen to maximise their profits using economic principles in their business.
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(6a)
Monopoly is a situation where there is a single seller in the market.
(b)
(i) High Cost of capital: It is really capital intensive for an individual to start up certain businesses.
(ii) Resource Control: A business of mining resources and utilising these resources can be monopolised if the firm or company controls all the resources.
(iii) Legal Protection: Governments can grant legal protection to businesses to operate a kind of trade that no other business or company can operate thereby creating a monopoly of such trade in the process
(iv) The business having the potential to yield low profits: Business strategy involves knowing the disparity between investment and dividend and making the right choice of business to enter.
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(9a)
Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
(9b)
(i) Price of the Product: There is an inverse (negative) relationship between the price of a product and the amount of that product consumers are willing and able to buy.
(ii) The Consumer's Income: The effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good we're talking about.
(iii) The Price of Related Goods: As with income, the effect that this has on the amount that one is willing and able to buy depends on the type of good we're talking about.
(iv) The Tastes and Preferences of Consumers: This is a less tangible item that still can have a big impact on demand. There are all kinds of things that can change one's tastes or preferences that cause people to want to buy more or less of a product.
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(12a)
An Industry can be defined as a group of firm producing similar product and under separate administration of management
(12b)
(i) Tax Concessions to pioneer Industries: The federal government give tax Concession to pioneer Industries for a specified number of years during which the industry will not pay tax
(ii) Protection of infact industries: the government protect infact industries through high import duties and outright ban or placement of quotas or imported commodities which compete with those of home industries
(iii) Development of infrastructure facilities: Government has also embark on construction of better road networks especially the express roads efficient telecommunications, electricity and water supply system
(iv) Establishment of Industrial Estate: The government should also Establish industrial estate and thus reduce the problems of locating industries in urban areas
(v) Establishment of Nigerian Enterprises Promotion Decree: the Nigerian Enterprises of promotion decree of 1972 was set up by the Federal military government in an attempt to transfer part of the profits. Generated in Nigeria to the local people
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_Completed!_
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