NECO 2020 Economics Obj And Essay Answer – Oct/Nov Expo

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ECONOMICS OBJ:

1-10: DCABDDCAAA

11-20: EEEABDBABD

21-30: BBCEAEABEE

31-40: EDDEDDAAAC

41-50: CCACACAEEA

51-60: DEDEEEBCED

ECONOMIC ESSAY

(1a)

Qd = 40 - 4p

In a tabular form:

P|10|8| 6|4 |2 |1

Q|0 |8|16|24|32|36

When price = 10

Qd = 40-4(10) = 0

When price = 8

Qd = 40-4(8) = 8

When price = 6

Qd = 40-4(6) = 16

When price = 4

Qd = 40-4(4) = 24

When price = 2

Qd = 40-4(2) = 32

When price = 1

Qd = 40-4(1) = 36

(1b)

Draw the diagram:

CLICK HERE FOR THE IMAGE

(1c)

The slope of demand curve is downwards which indicates that the

quantity demanded has negative correlation with price. The higher the

price the lower the quantity demanded and vice versa.

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(2a)

MR = ∆inTR/∆inQ

TR2 - TR1/Q2 - Q1

At Q = 2,

MR = 30-20/2-1 = ₦10

At Q = 3

MR = 60-30/3-2 = ₦30

At Q = 4

MR = 80-60/4-3 = ₦20

At Q = 5

MR = 120-80/5-4 = ₦40

At Q = 6

MR = 150-120/6-5 = ₦30

AR = TR/Q

At Q = 1

AR = 20/1 = ₦20

At Q = 2

AR = 30/2 = ₦15

At Q = 3

AR = 60/3 = ₦20

At Q = 4

AR = 80/4 = ₦20

At Q = 5

AR = 120/5 = ₦24

At Q = 6

AR = 150/6 = ₦25

MC = TC2 - TC1/Q2 - Q1

At Q = 1

MC = 40 - 0/1 - 0 = ₦40

At Q = 2

MC = 50 - 40/2 - 1 = ₦10

At Q = 3

MC = 60 - 50/3 - 2 = ₦10

At Q = 4

MC = 80 - 60/4 - 3 = ₦20

At Q = 5

MC = 110 - 80/5 - 4 = ₦30

At Q = 6

MC = 120 - 110/6 - 5 = ₦10

(2b)

The conditions necessary for profit maximization are:

(i) MC = MR

(ii) When MC is cutting MR from below at equilibrium point.

Draw the diagram:

From the above diagram, point "X" is the point of profit maximization.

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(4a)

Labour can be defined as all human efforts of any kind, either skilled

or unskilled, mental or manual, directed towards the production of

goods and services. The rewards for labour as a factor of production

comes in form of wages and salaries.

(4b)

(Choose Any four)

(i) Education and training: The level of education and training received

by a worker will go a long way towards increasing the efficiency of

labor. A well-educated or well-trained worker is in position to increase

efficiency in his work.

(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.

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(5)

(Choose Any five)

(i)Tax: Taxes include both direct and indirect taxes. Government

generates income or revenue by taxing individuals and corporate bodies

(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

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(7)

(i)Inadequate educational system and High cost of education: The

educational systems practiced in Nigeria is adequate as special

attention is paid to paper qualification to the detriment of job

creation. As a result of high cost of acquiring education, many find it

difficult to go to school and so end up with low paper qualifications

which may not permit them to get good employment.

(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.

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(8a)

Retailer may be defined as a trader who buys goods in small quantities

from the wholesaler and sells in bits or units to the final consumer. In

other words, a retailer is a merchant whose main business is to

purchase goods from the wholesalers in small quantities and sell in

smaller units directly to the final consumers.

(8b)

(i)Information: Middlemen have a role in providing information about the

market to the manufacturer. Developments like changes in customer

demography, psychology, media habits, and the entry of a new

competitor or a new brand, and changes in customer preferences are

some kind of information that all manufacturers want.

(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.

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BONUS

(11a)

Nationalisation is a deliberate policy by which government takes over the

control and ownership of private enterprise due to economic, political,

social or strategic reasons. In other word Nationalisation is the process

by which the government takes over the ownership and management of

an industry from private control, by bringing it under exclusive control.

(11b)

-Advantages of Indigenization-

(i) Ensures indigenous participation: Indigenization ensures greater

participation of indigenes in the control and running of business

enterprises in the country.

(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-

(Choose Any two)

(i)Inexperience and incompetence can destroy business: Due to

Indigenization, business can be transferred to people who are not

experienced and competent enough to handle such business

(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

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