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ECONOMICS OBJ:
1-10: EBECCCEBAE
11-20: EAAEBADEEC
21-30: CCCCDBCDCD
31-40: BDEAECBEEC
41-50: BADBEEEDBD
51-60: DCCBDCCBBE
THEORY ANSWERS
1a )
Qd= 40 - 2 p
Qd= 40 - 2 p
when P = N 1
Qd= 40 - 2 ( N 1 )
Qd= 40 - 2
Qd= 38
Qd= 40 - 2 p
when P = N 3
Qd= 40 - 2 ( N 3 )
Qd= 40 - 6
Qd= 34
Qd= 40 - 2 p
when P = N 5
Qd= 40 - 2 p
Qd= 40 - 2 ( N 5 )
Qd= 40 - 10
Qd= 30
Qd= 40 - 2 p
when P = N 7
Qd= 40 - 2 ( N 7 )
Qd= 40 - 14
Qd= 26
Qd= 40 - 2 p
When P = 9
Qd= 40 - 2 ( N 9 )
Qd= 40 - 18
Qd= 22
Qs= 10 + 4 p
when P = N 1
Qs= 10 + 4 (N 1 )
Qs= 10 + 4
Qs= 14
Qs= 10 + 4 p
when P = N 3
Qs= 10 + 4 (N 3 )
Qs= 10 + 12
Qs= 22
Qs= 10 + 4 p
when P = N 5
Qs= 10 + 4 (N 5 )
Qs= 10 + 20
Qs= 30
Qs= 10 + 4 p
when P = N 7
Qs= 10 + 4 (N 7 )
Qs= 10 + 28
Qs= 38
Qs= 10 + 4 p
when P = N 9
Qs= 10 + 4 (N 9 )
Qs= 10 + 36
Qs= 46
1 b )
Tabulate
demand and supply schedule of milk
Price N - | 1 | 3 | 5 | 7 | 9 |
quantity demand- | 38 | 34 | 30 | 26 | 22 |
quantity supplied - | 14 | 22 | 30 | 38 | 46 |
1 c)
click here to veiw digrams
1 d )
equilibrum price N 5 A price at which quantity
demanded equates quantity supplied
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4 i )
marginal product is the Output that results from
one additional unit of a factor of production
(such as a labor hour or machine hour ) , all
other factors remaining constant .
4 ii )
law of diminishing returns states that in a production process , as one input variable is
increased, there will be a point at which the
marginal per unit output will start to decrease ,
holding all other factors constant .
4 iii)
i )proper combination of factors of production :it
helps the enterpreneur to combine factors of
production properly to prevent wastage
ii )changes in scale of production : it helps forms
to change the scale of production through the
varcation of the quantities of all input
iii) it ensure efficiency : when mare variable
factors are added to a fixed factor it eventually
comes to a profitable level
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6 a )
Tax can be define as a compulsory contribution
to state revenue , levied by the government on
workers ' income and business profits , or added
to the cost of some goods , services , and
transactions.
6 b )
i )Lack of Equality :- The bulk of PIT today
are paid by only the employees. Politicians , the
rich, professionals and the privileged , few are
not equitably taxed.
ii )Challenge of Multiple taxes: It is still a major problem besetting our tax collection and administration .
iii) Challenge of Bad Governance :- Taxpayer are
not encouraged to pay more taxes because
there is no visible evidence of good governance .
iv ) Challenge of Corruption: The tax collection and administration is often prone to corruption . The corruption risk erodes the tax yield and confidence in the system .
v) Challenges of Human Capacity Building and Training : At the States and Local Governments , there is dearth of capable hands to administer the relevant taxes efficiently .
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7 a )
dependency ratio :- this is the ratio of dependants
to working population , it can be expressed as
dependent population
7 b )
declining population :- it an increasing percentage of old people while the relative percentage of children and workers are decreasing
7 c)
population density :- it is described as the number of persons per square kilometre of land, it can either be high or low depending on the number of people in a specified area or country
7 d )
effiency of labour :- it is the ablity of labour to
increase output without increasing the quantity
of labour if labour is effiency the quantity of goods and services produced will be high
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8 )
i )ISSUANCE AND DISTRIBUTION OF
CURRENCY
ii )BANKER AND FINANCIAL ADVISER TO THE
GOVERNMENT
iii) BANKER TO THE OTHER BANKS AND
FINANCIAL INSTITUTION
iv ) LENDER OF LAST RESORT
v) CLEARING AND COLLECTION OF CHEQUES AND OTHER INSTRUMENT
i ) ISSUANCE AND DISTRIBUTION OF CURRENCY It is the responsibility of the central bank of a country to issue and distribute the legal tender currency ( notes and coins ) of the country .
ii ) BANKER AND FINANCIAL ADVISER TO THE
GOVERNMENT The central bank keeps major
accounts of the government and manages the
account of government and its agencies . As a
government bank it also ensure that money is
available to finance the government budget
deficits .
iii) BANKER TO THE OTHER BANKS AND FINANCIAL INSTITUTION Central bank acts as
the banker to the commercial banks . The central
bank for a country keep banks ’ account for
commercial and merchant banks and other
financial institutions operating within the country including foreign banks .
iv ) LENDER OF LAST RESORT a process when
bank is faced with a shortage liquid fund , after
it has tried all other sources of fund without
success it can always apply to obtain loan from
central bank as a lender of last resort .
v) CLEARING AND COLLECTION OF CHEQUES
AND OTHER INSTRUMENT In each country the
central banks operates a clearing house .
Cheques of commercial banks and other
negotiable instrument are cleared ( settled )
through the clearing house .
9a)
Economic growth is an increase in the capacity
of an economy to produce goods and services, compared from one period of time to another.
9b)
(i) HUMAN RESOURCE:
Refers to one of the most important
determinant of economic growth of
a country. The quality and quantity
of available human resource can
directly affect the growth of an
economy.
The quality of human resource is
dependent on its skills, creative abilities, training, and education. If
the human resource of a country is
well skilled and trained then the output would also be of high
quality.
(ii) NATURAL RESOURCES: this affect the economic growth of a
country to a large extent. Natural
resources involve resources that are
produced by nature either on the
land or beneath the land. The
resources on land include plants,
water resources and landscape. The efficientutilization or
exploitation of natural resources
depends on the skills and abilities
of human resource, technology used
and availability of funds. A country
having skilled and educated
workforce with rich natural
resources takes the economy on the
growth path.
(iii)
CAPITAL FORMATION:
Involves land, building, machinery,
power, transportation, and medium
of communication. Producing and acquiring all these manmade products is termed as capital
formation. Capital formation
increases the availability of capital
per worker, which further
increases capital/labor ratio.
Consequently, the productivity of
labor increases, which ultimately
results in the increase in output
and growth of the economy.
(iv)
SOCIAL AND POLITICAL FACTORS:
Play a crucial role in economic
growth of a country. Social factors
involve customs, traditions, values
and beliefs, which contribute to the
growth of an economy to a
considerable extent.
For example, a society with
conventional beliefs and
superstitions resists the adoption of
modern ways of living. In such a
case, achieving becomes difficult.
Apart from this, political factors,
such as participation of
government in formulating and
implementing various policies,
have a major part in economic
growth.
(v) TECHNOLOGICAL DEVELOPMENT: this Refers to one of the important
factors that affect the growth of an
economy. Technology involves
application of scientific methods
and production techniques. In
other words, technology can be
defined as nature and type of
technical instruments used by a
certain amount of labor.
Technological development helps in
increasing productivity with the limited amount of resources.
