100% Correct NECO 2015 Economics Obj And Thoery ANSWER Available
Econs-Type A
1-10 DADDDCBBEA
11-20 DEBCCACABE
21-30 CEAAAAABDE
31-40 DCECDBBAEC
41-50 AAABDDCCCC
51-60 EDECCDBDBE
(1a) Population increase of growth rate in 2001 is
= New – Old population
= 60,000 – 45,000
= 15,000
Population growth rate in 2001 is = 15,000/45,000 x 100 = 33.33%
Growth pop. in 2003 is
= 80,000 – 70,000
= 10,000
Growth rate is = 10,000/70,000 x 100
= 14.29%
Growth pop in 2004 is = 105,000 – 80,000
= 25,000
Growth rate is = 25,000/105,000 x 100
= 23.81%
1b) Percentage of working from 2002 – 2004
In 2002 Working pop = 45
Total pop = 70
= 45/70 x 100
= 64.28%
In 2003 Working pop = 60
Total pop = 80
= 60/80 x 100 = 75%
In 2004
Working pop = 78
Total pop= 105
= 78/105 x 100
= 74.21%
Total % from 2002 to 2004 is 78 60 45 / 255 x 100
= 77.77%
1c)
* Early Marriage: people who engage in early marriage leads to having many of childrens thereby increases the size of population
* Improved medical service: this help to reduce the rate of death,hence population is sure to increase under this condition
* Increase in birthrate: when there is increase in birthrate, as it is describe in every family to have many children in west africa countries. So population of such countries increased.
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2.
(ai)
At Equilibrium, Qs= Qo
30 3p = 90 -2p
3p 2p = 90 – 30
5p = 60
P = 60/5 = 12
(aii)
QE = Q5 = Qp = 30 3p
= 30 3(12) = 30 36
=66
2b)
2c)
i. government policy
ii. price of other commodity
iii. technology
iv. cost of production
v. seasons
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3)
(a) Production is the creation of good s for the satisfaction of human wants. it can be primary, secondary or tertiary
(b)
i. what to produce: An entrepreneur is to observe and think about whats he needs to offer the public as a producer
ii. for whom to produce: an entrepreneur recognizes the set of people targeted at production and whose product are sold to
iii. how to produce: An entrepreneur decides on the method of production he wants i.e Labour intensive or capital intensive production
iv. Marketing;- An entrepreneur must creates awareness for his goods
v. Distribution An entrepreneur designs how to distribute his product so that it reaches the final consumers
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6)
i) The Collateral Security Offered
ii) The Period of Repayment
iii) The Customers Referee
iv) The Earning Power of The Customer
v) The Sources of Re-payment
i)
The Collateral Security Offered: These collateral securities which are fixed assets must be the things the bank can sell easily and more than the value of the loan given .
ii)
The Period of Repayment : The period of re -payment of such loan is very important
because , the Bank would not want its loan
to be tied down for a very long time in spite of the fact that it changes interest on the loan.
iii)
The Customers Referee: The referee must be one who is well known to the bank and who will guarantee that in case the borrower defaults or becomes insolvent, that he will repay the loan .
iv)
The Earning Power of The Customer : The person’ s earnings vis -a -vis the amount to be given out as loan are some of the determining factors in granting and issuing loans.
v)
The Sources of Re -payment : The Bank Managers will also like to know the possible sources the customer intending to borrow loans has for repaying the loan.
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7a)
INTERNAL TRADE: This is a type of trade which involves the buying and selling of goods and services within a particular country e.g Nigeria , the goods and services include those goods and
services produced internally or locally.
EXTERNAL TRADE: This is a type of trade that involves the exchange of goods and services between wo or more countries, where one country specialized in the production of goods and services which it has cost advantages over another country.
7b)
i) LANGUAGE PROBLEM: Communication between businessmen from various countries with different linguistic background may be difficult.
ii) PROBLEM OF DISTANCE: It may take days or weeks before one moves from one country to another or may delay quick exchange of goods and services e.g. Nigeria and Japan.
iii) TARIFF : A country can impose import duties on imported goods and this will make the goods become more expensive .
iv) TRADE INBALANCE : International trade often leads to trade imbalance among nations with the effect that viable countries may not transact
business with the weaker ones.
v) WEIGHTS AND MEASURES: There is no international uniformity in the system of weighing and measuring of goods, hence
it has to be converted and this hinders trade.
=========Powerloaded.com========
8)
– The income of the customer
– Close substitute of a commodity
– Nature of commodity
– Ones habit
– Number of users to which a commodity is put
i)THE INCOME OF THE CUSTOMER: The higher the consumers income, the more inelastic his demand for goods and services will tend to be.
ii)CLOSE SUBSTITUTE OF A COMMODITY: Commodities which have close subtitles tend to have a high price elasticity of demand while those that do not have close substitutes are likely to be elastic.
iii)NATURE OF COMMODITY : Whether the commodity is a necessity or a luxury items will affects the elasticity of demand.
iv)ONES HABIT : when one forms a habit on the consumption of a commodity, a change in the price of that commodity will not affects ones demand for it.
iv)NUMBER OF USERS TO WHICH A COMMODITY IS PUT: It is known that the more a commodity can be put into several uses, the more elastic the
demand becomes and vice versa.
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(9a)
A monopolistic competition is a market situation which combines the fundamental characteristics of both pure monopoly and perfect competition. in this type of market situation exists because neither pore monopoly nor perfect competition exists in isolation and this is a result of absence of homogeneity and heterogeneity of products sold in both market
(b)
(i) Granter Efficiency: There is a great efficiency resulting from an assemblage or pool of specialized managerial skills
(ii) Centralized Management: There is effective and proper central managements under monopoly
Econs-Type A
1-10 DADDDCBBEA
11-20 DEBCCACABE
21-30 CEAAAAABDE
31-40 DCECDBBAEC
41-50 AAABDDCCCC
51-60 EDECCDBDBE
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=======Powerloaded.com=======(1a) Population increase of growth rate in 2001 is
= New – Old population
= 60,000 – 45,000
= 15,000
Population growth rate in 2001 is = 15,000/45,000 x 100 = 33.33%
Growth pop. in 2003 is
= 80,000 – 70,000
= 10,000
Growth rate is = 10,000/70,000 x 100
= 14.29%
Growth pop in 2004 is = 105,000 – 80,000
= 25,000
Growth rate is = 25,000/105,000 x 100
= 23.81%
1b) Percentage of working from 2002 – 2004
In 2002 Working pop = 45
Total pop = 70
= 45/70 x 100
= 64.28%
In 2003 Working pop = 60
Total pop = 80
= 60/80 x 100 = 75%
In 2004
Working pop = 78
Total pop= 105
= 78/105 x 100
= 74.21%
Total % from 2002 to 2004 is 78 60 45 / 255 x 100
= 77.77%
1c)
* Early Marriage: people who engage in early marriage leads to having many of childrens thereby increases the size of population
* Improved medical service: this help to reduce the rate of death,hence population is sure to increase under this condition
* Increase in birthrate: when there is increase in birthrate, as it is describe in every family to have many children in west africa countries. So population of such countries increased.
========Powerloaded.com========
2.
(ai)
At Equilibrium, Qs= Qo
30 3p = 90 -2p
3p 2p = 90 – 30
5p = 60
P = 60/5 = 12
(aii)
QE = Q5 = Qp = 30 3p
= 30 3(12) = 30 36
=66
2b)
2c)
i. government policy
ii. price of other commodity
iii. technology
iv. cost of production
v. seasons
========Powerloaded.com========
3)
(a) Production is the creation of good s for the satisfaction of human wants. it can be primary, secondary or tertiary
(b)
i. what to produce: An entrepreneur is to observe and think about whats he needs to offer the public as a producer
ii. for whom to produce: an entrepreneur recognizes the set of people targeted at production and whose product are sold to
iii. how to produce: An entrepreneur decides on the method of production he wants i.e Labour intensive or capital intensive production
iv. Marketing;- An entrepreneur must creates awareness for his goods
v. Distribution An entrepreneur designs how to distribute his product so that it reaches the final consumers
=======Powerloaded.com======
6)
i) The Collateral Security Offered
ii) The Period of Repayment
iii) The Customers Referee
iv) The Earning Power of The Customer
v) The Sources of Re-payment
i)
The Collateral Security Offered: These collateral securities which are fixed assets must be the things the bank can sell easily and more than the value of the loan given .
ii)
The Period of Repayment : The period of re -payment of such loan is very important
because , the Bank would not want its loan
to be tied down for a very long time in spite of the fact that it changes interest on the loan.
iii)
The Customers Referee: The referee must be one who is well known to the bank and who will guarantee that in case the borrower defaults or becomes insolvent, that he will repay the loan .
iv)
The Earning Power of The Customer : The person’ s earnings vis -a -vis the amount to be given out as loan are some of the determining factors in granting and issuing loans.
v)
The Sources of Re -payment : The Bank Managers will also like to know the possible sources the customer intending to borrow loans has for repaying the loan.
=========Powerloaded.com=========
7a)
INTERNAL TRADE: This is a type of trade which involves the buying and selling of goods and services within a particular country e.g Nigeria , the goods and services include those goods and
services produced internally or locally.
EXTERNAL TRADE: This is a type of trade that involves the exchange of goods and services between wo or more countries, where one country specialized in the production of goods and services which it has cost advantages over another country.
7b)
i) LANGUAGE PROBLEM: Communication between businessmen from various countries with different linguistic background may be difficult.
ii) PROBLEM OF DISTANCE: It may take days or weeks before one moves from one country to another or may delay quick exchange of goods and services e.g. Nigeria and Japan.
iii) TARIFF : A country can impose import duties on imported goods and this will make the goods become more expensive .
iv) TRADE INBALANCE : International trade often leads to trade imbalance among nations with the effect that viable countries may not transact
business with the weaker ones.
v) WEIGHTS AND MEASURES: There is no international uniformity in the system of weighing and measuring of goods, hence
it has to be converted and this hinders trade.
=========Powerloaded.com========
8)
– The income of the customer
– Close substitute of a commodity
– Nature of commodity
– Ones habit
– Number of users to which a commodity is put
i)THE INCOME OF THE CUSTOMER: The higher the consumers income, the more inelastic his demand for goods and services will tend to be.
ii)CLOSE SUBSTITUTE OF A COMMODITY: Commodities which have close subtitles tend to have a high price elasticity of demand while those that do not have close substitutes are likely to be elastic.
iii)NATURE OF COMMODITY : Whether the commodity is a necessity or a luxury items will affects the elasticity of demand.
iv)ONES HABIT : when one forms a habit on the consumption of a commodity, a change in the price of that commodity will not affects ones demand for it.
iv)NUMBER OF USERS TO WHICH A COMMODITY IS PUT: It is known that the more a commodity can be put into several uses, the more elastic the
demand becomes and vice versa.
=======Powerloaded.com======
(9a)
A monopolistic competition is a market situation which combines the fundamental characteristics of both pure monopoly and perfect competition. in this type of market situation exists because neither pore monopoly nor perfect competition exists in isolation and this is a result of absence of homogeneity and heterogeneity of products sold in both market
(b)
(i) Granter Efficiency: There is a great efficiency resulting from an assemblage or pool of specialized managerial skills
(ii) Centralized Management: There is effective and proper central managements under monopoly
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