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Neco GCE 2017/ 2018 Economics Theory and Obj Questions & Answers – Free Expo/ Runz

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Neco GCE 2017/ 2018 Economics Theory and Obj Questions & Answers – Free Expo/ Runz by : 1:00 pm On October 28, 2017

Neco GCE 2017/ 2018 Economics Theory & Obj Questions and Answers – Free Expo/ Runz

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No of birth
30/45 × 488500 = 3256667

No of death
15/45 × 488500 = 1628333

No of Environment Immigrant – Net migrant
70000 – 25000 = 45000

Natural growth
Birth rate – Death rate
3,256,667 – 1628333 = 1628334

5000000 + 700000 – 45000 = 5025000

New Pop – Old pop / old pop × 100/1
5025000 – 5000000 / 5000000 × 100/1
= 5%

price elasticity of demand is defined as the degree of responsiveness of demand to a slight change in price of a commodity.
i)The number and kinds of substitutes:
Of all the factors determining price elasticity of demand the number and kinds of substitutes available for a commodity is the most important factor
ii)The position of commodity in a consumer’s Budget: Another important determinant of elasticity of demand is how much it accounts for in consumer’s budget. In other words, the proportion of consumer’s income spent on a particular commodity
iii)The number of uses of a commodity:
The greater the number of uses to which a commodity can be put, the greater will be its price elasticity of demand. If the price of a commodity having several uses is very high, its demand will be small and it will be put to the most important use
iv)Complementarily between goods:
Complementarily between goods or joint demand for goods also affects the price elasticity of demand. Households are generally less sensitive to the changes in price of goods that are complementary with each other

Marginal cost:
This refers to the money value of a commodity, it is the cost in terms of legal tender (currency) value while REAL COST is an expression of cost in terms of forgone alternatives, in other words is the satisfaction of one want at the express of another want.

Fixed Cost:
This is also called overhead cost or unavoidable cost and is defined as the cost of an enterprise which does not change with change of output while VARIABLE COST also called direct cost and is defined as the cost of production which varies or changes directly with the level of output.

Average Cost:
This is defined as a cost per unit of output of the total cost of production of a commodity incurred by an enterprise divided by the number of units of output while AVERAGE REVENUE is defined as the revenue generated per unit of output sold. It play’s a role in the determination of a firm’s profit.

Marginal Cost:
This is also called incremental cost and it may be defined as the extra cost of increasing output by one more unit while MARGINAL REVENUE is the increase in revenue that results from the sale of one additional unit of output.

an industry is defined as a group of firms producing similar products and under seperate administration or managements

i)insufficient capital:
this part of the world cannot afford the huge capital required for industrialization
the money that should have been channelled to industrial sector for industrialization is used to cater for the teeming population
iii)inadequate raw materials:
the ones gotten from agriculture are inadequate as a result of low productivity and those not gotten from agriculture are not found in Nigeria
iv)political instability:
this scares away both local and foreign industrialists because industrilization does not take place in a politically rowdy atmosphere
v)inadequate skilled personnel:
this can be attributed to our faulty education which we inherited from our former colonial masters

i)Maintaining Good Animal Health:
Better drugs for animals should be encouraged and veterinary medicine should be promoted by the Nigerian government. This will boost agricultural production.
ii)Soil improvement:
Certain crops require certain soil conditions for productivity. Example soil that is good for rice may not be good for groundnut. More measures should be taken to improve the soil.
iii) Standardized price control:
Unstable prices can disrupt the marketability of farm produce. This can make people not settle down into agriculture is an occupation. Better standardized price measures should be introduced to stabilize the price of agricultural products
iv) Use of agro-based loans by the government to encourage farmers:
The government of Nigeria should encourage farmers by giving loans for agricultural activities. This will help farmers meet up with financial needs in terms of purchasing some seeds, hiring machines etc thereby boosting agriculture in Nigeria.
v) Local Awareness Creation:
Measures should be taken to make create local awareness of these government programs. This can be done by the government using different communication patterns. It is not enough for the government to introduce these programs but also necessary to make the common man aware of them.

International monetary funds is an international organization created for the purpose of standardizing global financial relations and exchange rates. The IMF generally monitors the global economy, and its core goal is to economically strengthen its member countries.
The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to developing countries.
i)To promote international monetary cooperation through a permanent institution which provides the machinery for consolation and collaboration on international monetary problems.
ii)To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objective of economic policy.
iii)To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
iv)To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
v)To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with the opportunity to correct maladjustments in their balance of payments, without resorting to measures destructive of national or international prosperity.

Brain drain can be describe as the process in which a country loses its most educated and talented workers to other countries through migration
I) Provide adequate research facilities.
ii) Provide attractive salaries to highly qualified people on the basis of their qualifications and experience
iii) Provide better job opportunities irrespective of caste, race or nationality.
iv) Promote people on merit alone.

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1b) Tabulate:

Year Cocoa Crops palm oil Cotton Total(#)
1970 100 150 250 500
1971 150 75 225 450
1972 250 200 150 600

Total = #1550m =#1.55b

1c) Percentage = 150/600 * 100
= 1/4 * 100
= 25%
1d) Degree = palm oil expert in 1971 * 360
Total expert in 1971
= 75/450 * 360
= 60degrees

-Both provide long-term loans to their member countries
-Both aim to promote economic development
Both render technical and financial advice to member states
-ADB is meant for African countries only while IBRD is a global bank
-Approval of $500 million to improve material and child health in the country in 2015
-Approval of a $200 million credit to support the Nigeria agricultural sector, especially small and medium scale farmers in march, 2017

Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests
-Trade Unions working for the Progress of the Employees:The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers
-Safeguarding the Interests of the Workers:Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations
-Increasing Co-operation and Well-being among Workers:It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers
-Establishing Contacts between the Workers and the Employers:The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers
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7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
-Infant Industries
– National Defense
-Domestic Employment
-Aggressive Trade Practices
– Environmental Concerns

8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
-Possibility of Substitution:The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato
-Infrastructural facilities:The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials

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