NECO Economics OBJ & Theory/Essay Questions and Answer – June/July 2018 Expo Runz
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Given Qd = 32 – 2/3p
When P = #6
Qd= 32 – 2/3(6)
Qd= 32 – 4
When P = #12
Qd= 32 – 2/3(12)
Qd= 32 – 8
When P = #20
Qd= 32 – 2/3(20)
Qd= 32 – 13.33
When P = #27
Qd= 32 – 2/3(27)
Qd= 32 – 18
When P = #32
Qd= 32 – 2/3(32)
Qd= 32 – 21.33
In a tabular form, we have
6, 12, 20, 27, 32
Under quantity demanded
28, 24, 18.67, 14, 10.67
Draw the Graph
Factors that cause change in demand:
(ii) Income of the consumer.
(iv) Invention of new commodities.
(v) Period of festival.
Draw the diagram
(2b) Importance of graph in Econimics:
(i) Graphs help to show the relationship between two varieties Eg the relationship between demand and supply of labour or any commodity.
(ii) Economists use graphs for economic analysis.
(iii) Graphs make it easy to understand data presented in tables.
(iv) Changes in variables or quantities are illustrated with the use of graphs.
Production can be defined as the transformation of raw materials into finished goods and the distribution and the provision of goods and services in order to satisfy human wants. Production is said to be completed when the goods and services produced reach the final consumers,
(3b) Factors that determine the volume of production in a firm:
(i) The quantity and quality of factors of production: Example the amount of capital determines the labour to be hired and raw materials to be bought. The quality and quantity of land available determine the agricultural product or output and the size of factory to be built.
(ii) The size of the market: The size of markets is the extent the products produced is in demand. The more demand the more the production.
(iii) Availability of raw material: The raw materials available will determine the quantity of goods that will be produced. If the raw materials available are not enough production will be greatly affected.
(iv) Attitude of workers: The attitude of workers of a firm to work has a lot influence on the volume of production. If workers show negative attitude, it will affect the volume of goods to be produced.
Mobility of labour refers to the movements of labor from one occupation, work place or geographical place to another.
(4b) Causes of mobility of labor are:
(i) Unfavorable working conditions: This may force a worker to change from one industrial set up to another. Lack of such things as good lavatories, staff buses, equipped offices, workshops, etc. may constitute unfavorable working conditions.
(ii) Marriage: Marriage can cause woman to move their labour. A working class lady who is newly married may have to move away from her place of work or even change occupation in order to be in the area where her husband is residing and working.
(iii) Irregular payment of salaries: Where workers are not paid their salaries and as when due they will be forced to change to other establishments or industries. Industrial mobility of labor may occur as a result of irregular payments of salaries to workers.
(iv) Promotion: A worker can be promoted from one section of an industry to another or even from one geographical area to another.
(v) Bad management: Some management is so dictatorial and tyrannical that workers may not tolerate that and may decide to change to other sections or firms.
(5) Consequences of population in Nigeria are:
(i) Congestion: over population leads to congestion, this congestion occurs in areas of traffic like Lagos, housing like Onitsha, lands and schools.
(ii) Increase in rent: The amount of money people pay for house has increased greatly because many people are chasing the few available houses especially in the urban areas. A good example is Lagos where it is difficult and very expensive to get both residential houses and offices. The amount also paid for land usage is exorbitant.
(iii) High rate of illiteracy: The rate of illiteracy has increased because not all that are willing to go to school has been given the opportunity and can afford it as a result of too many people in the country.
(iv) It causes unemployment: There are too many applicants that are competing for the few available jobs or employment opportunities recently. The result of this unemployment and also unemployed people in the country
(v) High rate of crime: Over population has led to increase in such crimes as armed robbery, rape, murder, drug pushing, and arson. As many unemployed people strive for survival.
Tax may be defined as a compulsory contribution imposed by a government authority on goods, services, individuals, corporate bodies, etc irrespective of the exact amount of services rendered to the tax payer in return and not imposed as a penalty for any legal offence.
(6b) Disadvantages of direct Tax:
(i) They may cause deflation: When the(taxes) are high, they reduce the volume of money in circulation than the available goods and services thereby causing deflation.
(ii) They discourage saving: What may be left after paying direct taxes, may not encourage any form of saving.
(iii) Discouragement of hard work: The workers may feel that hard work will lead to more income which on the other hand will attract more tax, which they may consider as unprofitable exercise.
(iv) They may cause disincentive to invest: When company and profit taxes are high, they discourage investment.
Money may be defined as anything that is generally acceptable as a medium of exchange for making payments, settlement of debts OR other business obligations.
The reasons people hold money are:
(i) Transaction motive: People desire to hold money for the day-to-day transactions such as buying of foodstuffs and other daily family needs. The amount to be kept for these purposes is determined by the amount that is received as income and the extent of one’s needs.
(ii) Precautionary motive: Money is also held in order to meet up with unforeseen circumstances or contingencies or unexpected expenditures such as sickness, unexpected visitors, breakdown or damage or ones car. Etc
(iii) Speculative motive: People also keep money with the hope of using such money in making quick money. For instance; money may be held with the hope of giving it in form of loan if the rate of interest is high and at a short period of time, buying goods like cars at lower prices and reselling at higher prices, purchasing shares at lower prices and reselling at higher prices etc. Therefore, it is the demand for money for investment purposes.
National Budget is also called A government budget. It is an annual financial statement presenting the government’s proposed revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation.
Balanced budget is a situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. A budget can be considered balanced in hindsight after a full year’s worth of revenues and expenses have been incurred and recorded.
Budget surplus is a period when income or receipts exceed outlays or expenditures. A budget surplus often refers to the financial states of government. They provide enough capital to pay for all domestic production.
Budget deficit is a situation in which imports of goods, services, investment income and transfers exceed the exports of goods, services, investment income and transfers must borrow from other countries to pay for its imports. In the short-term, that fuels the country’s economic growth.
Economic growth may be defined as the process by which the productive capacity of an economy increases over a given period, leading to a rise in the level of the national income.
(i) Lack of skilled manpower: The manpower development in developing countries is unusually very low. This affect economic development.
(ii) Low level of technology: Majority of the development nations have low level of technology, which impedes economic development.
(iii) Leadership problems: Majority of the leaders in developing countries do not direct well the human and natural resources of such countries and this leads to low economic development.
(iv) High level of illiteracy: Majority of the people in developing countries are illiterates, i.e. they cannot read and write. This eventually leads to low economic development.
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