¶¶ NECO GCE 2017 Economics Obj And Essay Solution Answer – Nov/Dec Expo

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*NECO GCE ECONOMICS OBJ AND THEORY ANSWERS*

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*NECO GCE ECONOMICS OBJ*

  1-10 DEBECCCAAB

11-20 CEAEEDBEDC

21-30 EDEDBBBABC

31-40 DADCCDCADD

41-50 BDBBADCABE

51-60 ABBABDEACA

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*THEORY*

(1a) 

No of birth 

30/45 × 488500 = 3256667

(1b) 

No of death 

15/45 × 488500 = 1628333

(1c) 

No of Environment Immigrant - Net migrant 

70000 - 25000 = 45000

(1d) 

Natural growth 

Birth rate - Death rate

3,256,667 - 1628333 = 1628334

(1e) 

5000000 + 700000 - 45000 = 5025000

(1f) 

New Pop - Old pop / old pop × 100/1

5025000 - 5000000 / 5000000 × 100/1

= 5%

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*NO2*

2a)

A = 18

B = 12

C = 11.2

D = 0

E = -2

2b)

*NO3*

(3a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price

(3b) 1. Nature of goods

 2. Availability of substitutes

 3. Alternative use

*NO4*

----Fixed cost is the cost of an enterprise which does not  change with change of output...  In other word fixed cost does not change with d changing output.

 ----Variable. Cost  is also know as direct cost is defined as the cost of production which varies or change directly with d level of output. 

 ---Average cost. Is defined as cost per unit of output or the total cost.of production of a commodity incurred by an enterprise divided by the number of unit of output marginal cost also known as the extra cost of increasing output by one more unit.

---Average variable cost. The Avery cost may be defined as the cost per unit of variable. Cost of output may rise or fall

*NO5*

5a) 

Industry Can be defined as the economic activity concerned with the processing of raw materials and manufacture of goods in factories.

*NO6*

No. 6

1. Large Number of Buyers and Sellers:

The first condition is that the number of buyers and sellers must be so large that none of them individually is in a position to influence the price and output of the industry as a whole. In the market the position of a purchaser or a seller is just like a drop of water in an ocean.

2. Homogeneity of the Product:

Each firm should produce and sell a homogeneous product so that no buyer has any preference for the product of any individual seller over others. If goods will be homogeneous then price will also be uniform everywhere.

3. Free Entry and Exit of Firms:

The firm should be free to enter or leave the firm. If there is hope of profit the firm will enter in business and if there is profitability of loss, the firm will leave the business.

4. Perfect Knowledge of the Market:

Buyers and sellers must possess complete knowledge about the prices at which goods are being bought and sold and of the prices at which others are prepared to buy and sell. This will help in having uniformity in prices.

5. Perfect Mobility of the Factors of Production and Goods:

There should be perfect mobility of goods and factors between industries. Goods should be free to move to those places where they can fetch the highest price.

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7)

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.

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*NO9*

---Debture

I) Holder received interest

 II) It is a loan

III)Holder is a creditor

 IV)Interest is credited to a profit and loss account

 

-----Share 

I) It is not a loan

 II) Holder is one of the owner

III) Holder received dividend

 IV) Dividend is credited to appropriate account

*NO10*

10ai)  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. 

10aii)The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to developing countries.

12a)  Brain drain can be describe as the process in which a country loses its most educated and talented workers to other countries through migration

12b)  

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.

     COMPLETELY 

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