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Economics Neco 2015 Answers Available Now!!!


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Monday 22nd June Paper III & II: Objective &
Essay –
Economics – 10:00am – 1:00pm

ECONOMICS OBJ-Type A
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Econ obj from
vevoBase.com
(TYPE A)
1.D-unlimited liability
2.A-delay in decision
3.D-de-jure
4.D-hoard goods & create artificial scarcity
5.D-portability 6.C-MV=PT
7.B-decreasing marginal product
8.B-economics of scale
9.E-structural
10.E-provide storage facilities
11. 12.A-agriculture
13.B-cost push
14.C-communism
15.C-horizontal to d output axis
16.A-average
17.C-#74.00 18.A-elastic
19.B-inequitable
20.E-privatization
21.C-decrease in demand
22.D-increase in supply
23.A-disposable 24.C-MPS/MPC=1
25.A-available of variety goods
26.D-switzerland
27.B-limited market
28.B-ensure efficient use of atglackf resource
29.D-the forces of demand and supply 30.E-product are homogenous
31.D-#73,000
32.C-progressive
33.C-lender of last resort
34.A-bill discount
35.D-14 36.B-36
37.B-complementary
38.E-use of open market operation
39.E-raw materials
40.A-construction
41.A-industrial arbitation panel 42.A-divisibility
43.A
44. B-provision of adequate power supply
45. C-25.0%
46. D-land
47. C-GNP/POPULATION 48. E-vertical
49. C-Manufacture-Wholesaler-Retailer-Consumer
50. C-how to produce
51. E-5
52. C-4
53. E-monoculture 54. C-Ghana
55. C-median
56. A-adam smith
57. B-limited resources limited
58. D-mode
59. 60.

Economics Theory
You are to answers five questions in all choose
one between 1 & 2 and any other four
(1 a )
Growth rate = change in population/ initial
population × 100 %
Change in population = 60000 – 45000 = 15 ,000
In 2001
Growth rate in 2001 = 15,000 / 45,000 × 100 % =
33.3 %
Change in population = 80, 000 ,70, 000 = 10,000
In 2003
Growth rate in 2003 = 10,000 / 70,000 × 100 % =
14%
Change in population in 2004 = 105 , 000 – 80000 =
25,000
Growth rate in 2004 = 25,000 / 80,000 × 100 % =
31%
(1 b )
Percentage of working population = working
population/ population × 100 %
Percentage of working population in 2002 = 40/ 78
× 100 % = 68. 6%
Percentage of working population in 2003 = 60/ 80
× 100 % = 75%
Percentage of working population in 2004 =
70/ 105 × 100 % = 74. 3%
(1 c )
(i) Birth rate – The higher the birth rate, the higher
will be the population of a country
(ii ) Death rate; The lower the death rate , the higher
will be the population of a country
(iii ) Immigration: The higher the immigration rate,
the higher the population of a country
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(2 ai )
At Equilibrium , Qs= Qo
30 + 3 p = 90 -2 p
3p + 2 p = 90 – 30
5p = 60
P = 60/ 5 = 12
(2 aii)
QE = Q5 = Qp = 30 + 3 p
= 30 + 3 (12 ) = 30 + 36
=66
(2 b )
(2 c )
i. government policy
ii. price of other commodity
iii . technology
iv . cost of production
v. seasons
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(3 a )
Production is the creation of good s for the
satisfaction of human wants . it can be primary,
secondary or tertiary
(3 b )
i. what to produce: An entrepreneur is to observe
and think about whats he needs to offer the public
as a producer
ii. for whom to produce: an entrepreneur
recognizes the set of people targeted at
production and whose product are sold to
iii . how to produce: An entrepreneur decides on
the method of production he wants i .e Labour
intensive or capital intensive production
iv . Marketing ;- An entrepreneur must creates
awareness for his goods
v. Distribution: An entrepreneur designs how to
distribute his product so that it reaches the final
consumers
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(4 )
proprietorship
(1 )A business owned by one person , who is
entitled to all of its profits and responsible for all of
its debts , is considered a sole proprietorship.
(2 ) the ease with which it can be started ,
(3 ) the owner's freedom
to make decisions, and
(4 ) the distribution of profits (owner takes all) .
Partnership
(1 )
A business owned by two or more people ,
who agree to share in its profits, is considered a
partnership.
(2 ) draw
on the skills and abilities of each partner ,
(3 ) offer employees the opportunity to
become partners , and
(4 ) utilize the part ners ' combined financial
resources.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(5 a )
labor market :
These is nominal market in which workers find
paying work , employers find willing workers, and
wage rates are determined .
Labor markets may be local or national
(even international ) in their scope and are made
up of smaller , interacting labor markets for
different qualifications , skills , and geographical
locations .
They depend on exchange of information between
employers and job seekers about wage rates ,
conditions of employment, level of competition,
and job location.
(5 b )
The efficiency of labour means the fitness of the
labour for the production of wealth . The efficiency
of labour depends upon the power to work , will to
work and efficiency or organization.
The number of able-bodied men being more or
less fixed , the supply of labour mainly depends on
the efficiency of labour . The contribution of labour
to production depends not only upon the number of
production but also upon the efficiency of labour
itself.
(5 c )
mobility of labor Extent to which the workers are
able or willing to move between different jobs ,
occupations, and geographical areas.
It is called horizontal mobility if it does not result
in a change in the worker' s grading or status , and
vertical mobility if it does .
Skilled workers have low occupational mobility but
high geographical mobility;
low -skilled or unskilled workers have high
degrees of both types of mobility. Low labor -
mobility causes structural unemployment , and
governments try to avoid it byworker retraining
schemes and by encouraging establishment of
new industries in the affected areas.
5d )
Supply of Labour Higher wages usually will
encourage a worker to supply more labour
because work is more attractive compared to
leisure Therefore the Supply curve for Labour
tends to be upwardly sloping .
Supply of Labour depends upon:
1. The number of qualified people For example, the
number of qualified
Accountants is low , therefore supply is
quite inelastic.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(6 )
i)The Collateral Security Offered
ii) The Period of Repayment
iii )The Customers Referee
iv )The Earning Power of The Customer
v) The Sources of Re -payment
(i) The Collateral Security Offered :
These collateral securities which are fixed assets
must be the things the bank can sell easily and
more than the value of the loan given .
(ii )The Period of Repayment :
The period of re- payment of such loan is very
important because , the Bank would not want its
loan to be tied down for a very long time in spite of
the fact that it changes interest on the loan.
(iii ) The Customers Referee:
The referee must be one who is well known to the
bank and who will guarantee that in case the
borrower defaults or becomes insolvent , that he
will repay the loan.
(iv ) The Earning Power of The Customer:
The person 's earnings vis -a -vis the amount to be
given out as loan are some of the determining
factors in granting and issuing loans .
(v ) The Sources of Re- payment:
The Bank Managers will also like to know the
possible sources the customer intending to
borrow loans has for repaying the loan.
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(7 a )
tabulate between internal trade and External Trade
Internal Trade
– Trade within a country
-Involves currency
External Trade
– Trade between country
- Involves many currency
(7 b )
(i) language Barrier – Because international Trade
involves trade among countries and languages
vary from one country to another, language tends
to limit the extent of international trade
(ii ) problem of currency :- International trades
involves a series of currency conversion since
goods are bought and sold in a country with its
currency
(iii ) import and export duties : the imports and
Exports duties paid on goods at counties of import
and export is a barrier to international trade
(iv ) Quota: this is the amount of goods by law that
can be imported to a within a fiscal gear. This has
limited international trade from taking place at its
full capacity
(v )problem of visa: many people who are willing to
embark on international trade could not do so
because they could not pet a visa that permit
them to pet to the intended trade country
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(8 a )
Habit : the more habitual a person is to a particular
goods, the more inelastic the good is . For
instance, a person addicted to smoking will smoke
no matter how high the price of cigarettes is .
(b ) Availability of substitutes : Goods that have
substitutes have elastic demand as consumer will
shift to alternative goods that have no substitutes
have inelastic demand
(c ) Consumer’s income : the higher the income
,the more inelastic demand tend to be
(d ) Nature of commodity : Neccesary goods have
an inelastic demand since consumer need them
while luxury goods have an elastic demand since
consumer can do without them
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(9 a )
A monopolistic competition is a market situation
which combines the fundamental characteristics
of both pure monopoly and perfect competition. in
this type of market situation exists because
neither pore monopoly nor perfect competition
exists in isolation and this is a result of absence
of homogeneity and heterogeneity of products sold
in both market
(9 b )
(i) Granter Efficiency : There is a great efficiency
resulting from an assemblage or pool of
specialized managerial skills
(ii ) Centralized Management : There is effective
and proper central managements under monopoly
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(11a )
Trade by barter can be defined as a form of
trading in which goods are exchanged directly for
other goods without the use of money as a
medium of exchange
(11b )
Do it yourself
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
(12a )
National income may be defined as the ways of
computing or determing the money value of the
total volume of goods and services produced or
the total income earned in a given country over a
period of time, usually a year.
(12b )
The methods are :-
(i) Income method
(ii ) Output Method
(iii ) Expenditure Method
-INCOME METHOD :- This is defined by adding
incomes received by all factores of production .
The incomes to be added include workers
earnings profit from enterpreneurs, rents on land ,
interest from capitals e .t .c . In order to avoid
double counting, transfer payments such as
payment to old people, beggers, e .t. c are not
included . The income which must be included
must be that which arises from the production of
goods and services.
-OUTPUT METHOD : - This method measures the
total money value of all goods and services
produced in the country in a year. To avoid double
counting the figures collected on the basis of
value added i .e the value of output, less cost of
input.
-EXPENDICTURE METHOD :- This method helps in
calculating the total amount spent on consumption
and investment purpose during the year . Transfer
payment such as pension paid to refired workers ,
gift to beggers, e .t. c are excluded .
-- - -- -- - -- -- - -- -- - -- -- - -- -- - -- --
GOODLUCK

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