NECO 2018 Economics Obj And Essay Answer – June/July Expo

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AYOSTUFFS/A2 SOLUTION

COMPLETE ECONS OBJ

1-10AEDADCEAED

11-20BEEABDAABC

21-30CABCDEAEDA

31-40ECEACBCABE

41-50EBAEAACBEB

51-60DDAACCBEBC

SECTION A [ Answer Any 1 Question]

1a)i)Qd=32-1/2p

When p is 6

Qd=32-1×6/2

Qd=64-6/2

Qd=58/2

Qd=29

ii)Qd=32-1/2p

When p is12

Qd=32-12/2

Qd=64-12/2

Qd=52/2

Qd=26

iii)Qd=32-1/2p

When p is 20

Qd=32-20/2

Qd=64-20/2

Qd=44/2

Qd=22

iv)Qd=32-1/2p

When p is 27

Qd=32-27/2

Qd=32-27/2

Qd=64-27/2

Qd=37/2

Qd=18.5

V)Qd=32-1/2p

When p is 32

Qd=32-32/2

Qd=64-32/2

Qd=32/2

Qd=16

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1b) [ DRAW THE DIAGRAM ]

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1c)

i) The price

ii) The price of other commodities

iii) Income of the consumers

iv) Taxation

v) Population

vi) Change in taste of consumer

vii) Weather And Climate

viii) Advertisement

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4a)

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.

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4b)

i) Cost and length of training:- Some professions are costly to train in terms of time and money, e.g the medical profession.

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ii) Ability or aptitude:- Some jobs require natural ability or talents and those that are not gifted can not fit into such jobs e.g. musician.

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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.

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6a)

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.

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6b)

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 texes 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.

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7a) Money is anything that generally acceptable as a medium of exchange and in the settlement of debts.

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7b)

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.

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ii) Precautionary motives:- This is when people demand for money in order to meet up with unforseen circumstances or unexpected expenditure. These may include sickness, unexpected visitor etc

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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

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8a) 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.

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8bA 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.

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8c)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 production.

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8d) 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 growth.

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11a)

Brain drain:

the emigration of highly trained or qualified people from a particular country

 11b)

==Fair renumeration: High enough for skilled professional to rethink the sensibility of their move from Nigeria. No person is his/her right senses would leave his home country to become a stranger elsewhere

.==Improved Facilities: To make work easier and more effective. Their is nothing more frustrating that not having basic things like gloves/ Defribillator on a ward because no money.

===Legislation: This is a bit hard-handed and authoritarian but I believe it could work. The government could consider adding/making anyone trained with federal money committed to the country for a while. You go through 7 years of medical education in a country, you are obligated to work within the system for 2 or 3 years. The other option being train yourself and be free to work wherever you want to.

== Give learners time to transition. If an employee quits suddenly and forces you into an abrupt knowledge transfer, that’s a less-than-ideal situation to be in. In the best-case scenario, you’d give learners plenty of time to shadow the employee they’re learning from, ask questions, and gain hands-on experience for a smooth and comfortable transition.

===.Provide the right tools. While it’s sometimes good to let the departing employee help find his replacement, it’s more important that he feels comfortable in his role as a teacher. Remember: You’re essentially asking someone who’s been a doer to become a teacher, and the transition isn’t always easy. To position your team for success, train the trainer, and give him the necessary tools to teach what he knows

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12a) 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.

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12b)

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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