Neco Gce 2017 Economics OBJ & Theory/Essay QUESTION AND ANSWERS Free Expo

Neco Gce 2017 Economics OBJ & Theory/Essay QUESTION AND ANSWERS Free Expo


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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

(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%

2a)
A = 18
B = 12
C = 11.2
D = 0
E = -2

2b)

——————————————-
3a)
Price Elasticity of demand is the measurement of degree of responsiveness of quantity of a commodity bought to a small change (1.e an increase or decrease) in the price of that commodity.

3b)
i. Availability, or nonavailability of close substitutes: the extent to which substitute others commodities for a particular commodity will determine the elasticity of demand for that commodity.

ii. Degree of necessity: the extent to which a commodity is regarded a being essential by consumers will determine the elasticity of demand for it.

iii. The consumer’s income: the income of the consumer will determine his responsiveness to price changes.

iv. The number of uses of the commodity: the greater the number of uses to which a commodity is put, the more elastic the demand for it.

—————————-

5a) Industry can be defined as the economic activity concerned with the processing of raw materials and manufacture goods in factories

5b)  I)  shortage of raw materials
ii) inadequate power supply
iii)  poor quality of industrial labour
iv)  insufficient capital
v) Lack Of Managerial Ability

————————

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.

4

Complementarity between Goods:Complementarity between goods or joint demand for goods also affects the price elasticity of demand. Households are generally less sensitive to the changes in prices of goods that are complementary with each other or which are jointly used as compared to those goods which have independent demand or used alone.

=======================

5a)

5b) – Time and Elasticity:

The element of time also influences the elasticity of demand for a commodity. Demand tends to be more elastic if the time involved is long. This is because consumers can substitute goods in the long run. In the short run, substitution of one commodity by another is not so easy.

=======================

No. 6

i –  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.

ii – 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.

iii – 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.

iv –  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.

v – 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.

=======================

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.

10b)
I. To promote international monetary cooperation through a permanent institution which provides the machinery for consolation and collaboration on international monetary problems.

II. To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objective of economic policy.

III. To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.

IV. To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.

V. To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with the opportunity to correct maladjustments in their balance of payments, without resorting to measures destructive of national or international prosperity.

=======================

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.

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