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# NECO GCE 2017 ECONOMICS OBJ AND ESSAY/THEORY ANSWER –

NECO GCE Nov/Dec 2017 ECONOMICS obj and theory/essay Questions and Answer Expo

NECO GCE ECONOMICS OBJ
1-10 DEBECCCAAB
11-20 CEAEEDBEDC
21-30 EDEDBBBABC
51-60 ABBABDEACA
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2017 NECO GCE ECONS TBEORY
1a
elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris parib
1b
1. The Availability of Substitutes:
Of all the factors determining price elasticity of demand the availability of the number and kinds of substitutes for a commodity is the most important factor. If for a commodity close substitutes are available, its demand tends to be elastic.
22. The Proportion of Consumer’s Income Spent on a Commodity:
Another important determinant of the elasticity of demand is how much it accounts for in consumer’s budget. In other words, the proportion of consumer’s income spent on a particular commodity also influences the price elasticity of demand for it.
3. The Number of Uses of a Commodity:
The greater the number of uses to which a commodity can be put, the greater will be its price elasticity of demand. If price of a commodity having several uses is very high, its demand will be small and it will be put to the most important uses and if price of such a commodity falls it will be put to less important uses also and consequently its quantity demanded will rise significantly. To illustrate, milk has several uses
(3a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price
(3b) 1. Nature of goods
2. Availability of substitutes
3. Alternative use
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.
5. 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.
5a
Industry can be defined as the economic activity concerned with the processing of raw materials and manufacture goods in factories
5b
*shortage of raw materials
*poor quality of industrial labour
*high degree of foreign dependence
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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.
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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.
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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)