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Neco Real Economics Obj And theory







Choose any Of these type and
shade In Your OmR, Instead oF yours, Thats if yours not either

Type A
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11.ECCDEBDBEE
21.CBCDEEDCDB
31.DEDBDBCCAE
41.CBBABEACED
51.BACDCCABBE

Type B.

1DECDACDBDE
11ACBCBE-CEE
21ACABEEEDAC
31ECBDEBDDEE
41CBCDECDADE
51AADABEAEDD


ECONS Type D
1dbdcceaaeb
11dbcbccbaae
21cdcddcdcbe
31addabeabda
41dedaeeadec
51eccdebdaee

THEORY

(1)
(a)TABULATE -PRICE-QTY
Year:1984,1986
Px:60,70
Qty:170,90
% change in Qd=change in
Qd/old Qd*100
170-90/170*100
80/170*100
=47.05%
%change in price=change in
price/old price*100
=70-60/60*100
=10/60*100
=16.66%

(b)Coefficient=47.05/16.66
=2.824
(c)Elasticity of demand is 2
it is elastic because it is greater
than 1

(3)
-Rational decision: economics
enables the individuals to
choose certain want among
the numerous needs using
their scarce resources
-Maximization of profits: it
enables traders and
businessmen to maximize their
profit using economics
principles in their business
-Satisfaction of wants: the
study of economics helps us to
utilise the principles of
choice,opportunity cost,scale
of preference etc in order to
satisfy human wants
-Participation in government:
the understanding of
economics helps individuals to
participate actively in the art of
governance
-Allocation of resources: the
study of economics enables
the government to allocate
scarce resources to various
sectors of the economy
-Preparation budget:
economist assist the
government to determine the
expected income and
expenditure of a country

6. i international trade involves
the exchange of goods and
services across national frontiers
while domestic trade involves the
exchange of good within the
borders of goods.
ii. In international trade buyer
and sellers use different
currencies where as buyers and
seller in home trade use the
same currency.
iii. International trade require
knowledge of new languages and
interpretation while in domestic
trade a common languages is
used.
iv. There are differences in legal
systems and culture under
international trade where as in
domestic trade the legal system
are the same.
v. There are difference in system
of weighing and measuring in
international trade while internal
trade have the same system of
weighing and measuring.

7
i .
Commercial bank are financial
inatitution which accept
depositand other valuables from
the public for sake keeping, with
the sole aim of making profit.
ii.
i.Banker to the government:-
central bank is an agent and
banker to d government.It
controls
public account, receive revenue
on behalf of the government and
makes payment from this
account.
ii.Issuance and control of
currency:-The central bank has
the right to order the priting of
the
curremcy and the isuance of it.it
controls the circulation of
currency,exchnage of the bad
notes for new ones,abd sees to
the distrution of the bad notes.
iii.Mangement of national debt:-
The central bank is responsible
for the mamagement of national
debt of the country. It also act as
clearing house for other banks.
iv. Maintenance of external
reserves:The central bank is also
responsible for the maintenance
of external reserve of the
country.
v. External business: The central
bank act has agent of the
country by relating with other
countries and international
financial institutions like world
bank.






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