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

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

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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
-picket lines

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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