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Neco Economics Questions & Answers – 2020 Expo Runz
|Neco Economics Questions & Answers – 2020 Expo Runz by Flex: 5:00 am On October 16, 2020|
NECO 2020 Economics Theory & Obj Questions and Answers are out. To get it, simply buy MTN recharge card of N400 and send the pin to 09067385575. Note that you can as well transfer to our bank account. Contact 09067385575 for account details.
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FREE QUESTIONS AND ANSWERS
In a tabular form:
When price = 10
When price = 8
When price = 6
When price = 4
When price = 2
When price = 1
At Q = 2,
At Q = 3
At Q = 4
At Q = 5
At Q = 6
AR = TR/Q
At Q = 1
At Q = 2
At Q = 3
At Q = 4
At Q = 5
At Q = 6
MC = TC2 – TC1/Q2 – Q1
At Q = 1
At Q = 2
At Q = 3
At Q = 4
At Q = 5
At Q = 6
Draw the diagram:
(ii) Level of commitment and attitude: The level of commitment and attitude of a worker can affect the efficiency of labour. When a worker is highly committed to his job, this will result in efficiency of labour.
(iii) Efficient management: When efficient management is in place in any organization, it will go a long way towards improving efficiency of labour.
(iv) Efficiency of other factors of production: The efficiency of other factors of production like land, capital, and entrepreneur when combined with efficient labour will increase productivity.
(v) Weather condition: The physical or weather conditions in a workplace can affect the efficiency of labour. Hot weather lowers efficiency of labour while Cool weather or environment increases efficiency of labour.
(ii)Grant and aids: Government can receive grants and aids as revenue from wealthy or developed countries.
(iii)Rent and rates: Earning from water, properties, housing, etc owned by the government are sources of income to the government
(iv)Licence: Government can also generate revenue through licenses e.g drivers license
(v)Savings: Government can also generate revenue through savings, especially when the country has budget surplus
(vi)Earning from government investment: Government can also earn income or generate revenue from government-owned business enterprises or from joint ventures
(ii)Lack of industrial growth and social amenities: Nigeria do not have industries that are capable of employing enough workers. Labour tends to be unavailable when there are no social amenities in the area. This leads to unemployment.
(iii)Overpopulation and Deficiency in demand: When a country’s population is too high, it tends to produce many workers and such workers may not have jobs to do, thereby leading to unemployment. An overall in demand for goods can lead companies to retrench workers.
(iv)Poor development plans and use of automated machines: Government does not normally put in place development plans that can create employment opportunities or take care of the unemployed. The use of automated machines in factories reduces the need for many workers and this lead to unemployment.
(v) Geographical mobility of Labour: Geographical mobility of labour is one of major causes of unemployment in Nigeria. Due to certain circumstances, labour finds it difficult to move from one geographical area to another and this results in unemployment.
(ii)Price Stability: Maintaining price stability in the market is another function a middleman performs. Many a time the middleman absorbs an increase in the price of the products and continues to charge the same old price to the customer. This is because of the intra-middlemen competition. The middleman also maintains price stability by keeping his overheads low.
(iii)Promotion: Promoting the product and services in his territory is another function that the middlemen perform. Many of them design their own sales incentive programs aimed at building customer traffic at their outlets.
(iv)Title: Most middlemen take title to the goods and services and trade in their own name. This helps in diffusing the risks between the manufacturer and middlemen. This also enables middlemen to be in physical possession of the goods, which enables them to meet customer demand at the very moment it arises.
(v)Financing: Middlemen finance manufacturer’s operations by providing the necessary working capital in the form of advance payments for goods and services. The payment is in advance even though credit may be extended by the manufacturer because it has to be made even before the products are bought and consumed and paid for by the ultimate customer.
(ii)Ensures self reliance and provision of employment: Indigenization eliminate the problem of dependence on foreign goods by ensuring self reliance. It creates employment opportunities for the indigenes.
(iii)Development of local technologies and private initiatives: It leads to the development of local skills and technology. When indigenes are encourage to participate in business enterprises, private initiative will develop with Indigenization.
-Disadvantages of Indigenization-
(ii)Lead to disharmony between countries and capital flight: Indigenization can lead to disharmony among countries of the world as friendships will be discouraged and it can lead to capital flight as foreign investors will be forced to relocate to other countries.
(iii)Discouragement of foreign investment and Rich people can hijack economy : Indigenization can discourage foreign investment in a country and Few people can use their financial wealth to buy and take over all such business enterprises.
COMPLETED – GOODLUCK
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