Neco 2018 Economics Theory & Obj Questions and Answers - Free Expo/ Runz
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When p is 6
When p is12
When p is 20
When p is 27
When p is 32
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ii)The price of other commodities
iii)Income of the consumers
vi)Change in taste of consumer
vii)Weather And Climate
SECTION B (Answer any 4 Questions)
Production is the process of transforming inputs(raw materials) into
finished products and the distribution of the products in order to satisfy
human wants and to earn a living
i)Availability of Natural Resources: The volume production depends on
the quantity and quality of the natural resources available in a country.
If a country has large Deposits of natural resources like fertile soil,
perennial rivers, extensive forests, long sea coasts, rich minerals etc,
volume of production will be high. The larger the availability of
resources, the larger will be the volume.
ii)Availability of capital: Capital is an important factor in determining
the volume of production. Capital includes both fixed capital and
variable capital like machinery, buildings. raw materials, electricity etc.
The capital depends on the level of savings and investment and banking
iii)Technology: Technology is another determinant of the volume of
production. If the people possess technical knowledge, education and
training, they can produce diverse goods. They can make inventions and
adopt latest technology for producing goods and services. Besides, they
also increase the quantity and quality of goods. Hence the nature of
technology influences the volume of manufacturing or production.
iv)Factors of production: Another determinant of Volume of
manufacturing or production is the factors of production. Factors of
production comprise labor, capital and organization. The quantity and
quality will influence the volume of production. If these are plenty, then
production of goods on large scale is possible.
Mobility of Labor:- This can be define as the ease with which labout can
move from one geographical area to another, or from one occupation to
another. labour is said to be movable when workers will find it easy to
move from one geographical area to another or to change jobs.
i)Cost and length of training:- Some professions are costly to train in
terms of time and money, e.g the medical profession.
ii)Ability or aptitude:- Some jobs require natural ability or talents and
those that are not gifted cannot fit into such jobs e.g. musician.
iii)Wage rate:- Labour will move if there is a wide margin in salaries but
if it is low, labour may not move.
iv)Condition of service:- Apart from Salary, the conditions of service in
a working place e.g. bonuses, overtime, staff bus, will encourage labour
not to move.
v)Political Instability / Religion:- Where there is political instability or
religion, it will be very difficult for labour to move.
A tax is a mandatory financial charge or some other type of levy
imposed upon a taxpayer (an individual or other legal entity) by a
governmental organization in order to fund various public expenditures.
I)They reduce savings:- When tax is removed from one’s income,
savings may become very difficult.
ii)They discourage investment:- High tax on individual and corporate
bodies discourage potential investor from investment.
iii)They prone to evasions:- Direct taxes are usually prone to evasion by
many income earners.
iv)They reduce purchasing power:- When tax is imposed on the income
of a workers, the balance may be small thereby reducing the purchasing
power of such income earner.
7a) Money is anything that is generally acceptable as a medium of
exchange and in the settlement of debts. It can also be define as
anything that is generally acceptable as a means of payment
I)Transactionary motive:- People desire to keep or hold money for day
to dag transactions or current expenditure. Household needs to hold
money in order to cater for the interval between the receipt of income
and their expenditure.
ii)Precautionary motives:- This is when people demand for money in
order to meet up with unforeseen circumstances or unexpected
expenditure. These may include sickness, unexpected visitor etc
iii) Speculative motive:- this motive is specifically a business motive
and refers to the desire to hold cash balance in order to embark on
speculative dealings in the bond market. The demand to hold money for
specific is elastic
National Budget is also called A government budget. It is an annual
financial statement presenting the government’s proposed revenues and
spending for a financial year that is often passed by the legislature,
approved by the chief executive or president and presented by the
Finance Minister to the nation.
Balanced budget is a situation in financial planning or the budgeting
process where total revenues are equal to or greater than total
expenses. A budget can be considered balanced in hindsight after a full
year’s worth of revenues and expenses have been incurred and recorded.
Budget surplus is a period when income or receipts exceed outlays or
expenditures. A budget surplus often refers to the financial states of
government. They provide enough capital to pay for all domestic
Budget deficit is a situation in which imports of goods, services,
investment income and transfers exceed the exports of goods, services,
investment income and transfers must borrow from other countries to
pay for its imports. In the short-term, that fuels the country’s economic
Economic growth may be defined as the process by which the productive
capacity of an economy increases over a given period, leading to a rise
in the level of the national income.
i)Lack of skilled manpower:- The manpower development in developing
countries is unusually very low. This affect economic development.
ii)Low level of technology:- Majority of the development nations have
low level of technology, which impedes economic development.
iii)Leadership problems:- Majority of the leaders in developing countries
do not direct well the human and natural resources of such countries
and this leads to low economic development.
iv)High level of illiteracy:- Majority of the people in developing
countries are illiterates, i.e. they cannot read and write. This eventually
leads to low economic development.
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