NECO Economics OBJ, ESSAY/Theory Questions and Answer – May/June 2017 Expo Runz
NECO Economics OBJ, THEORY/ESSAY Questions and Answer – June/July 2017 Expo Runz
SECTION-A ANSWER 1 QUESTION ONLY
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Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600
Total = #1550m
Percentage = 150/600 * 100
= ¼ * 100
Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I = 113/7 = 16.1
J = 19.5 * 8 = 156
Draw the Graph
As output rises, the AFC decreases and the curve the represents it would slope downward from left to right
SECTION-B ANSWER 4 ONLY
Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests
i)Trade Unions working for the Progress of the Employees: The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers.
ii)Safeguarding the Interests of the Workers: Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc.
iii) Increasing Co-operation and Well-being among Workers: It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers.
Iv )Establishing Contacts between the Workers and the Employers: The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.
A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
iv)Aggressive Trade Practices
Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
i)Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato.
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc.
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices.
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed.
Production is incomplete without distribution because the main aim of production is to satisfy human wants. When the link between the producers and the consumers is absent, then the aim is defected.
i)The quantity and quality of factors of production (I.e land, labor, capital and entrepreneur). For example, amount of capital determines the labor to be hire and raw materials to be bought.
ii)The size of market: This is the extent to which the products are demand.
iii)The nature of the product: If the goods are durable in nature, more can be produced and stored.
iv)Availability of raw materials: This will determine the quantity of good to be produced.
v)Government policy: This has to do with the nature of economic policy of the government. The more favorable the government economic policy, the more they volume of goods to be produced and vice versa
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