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2016/2017 NECO Economics Objectives And Theory Answers Published Here


CURRENT EXAMINATION:

NECO May/June Economics Objectives & Theory Questions & Answers;
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ECONOMICS OBJECTIVES
1-10: EBECCCEBAE
11-20: EAAEBADEEC
21-30: CCCCDBCDCD
31-40: BDEAECBEEC
41-50: BADBEEEDBD
51-60: DCCBDCCBBE


ECONOMICS THEORY

1a)
Qd=40-2p:
Qd=40-2p
when P=N1
Qd=40-2(N1)
Qd=40-2
Qd=38

Qd=40-2p
when P=N3
Qd=40-2(N3)
Qd=40-6
Qd=34

Qd=40-2p
when P=N5
Qd=40-2p
Qd=40-2(N5)
Qd=40-10
Qd=30

Qd=40-2p
when P=N7
Qd=40-2(N7)
Qd=40-14
Qd=26

Qd=40-2p
When P=9
Qd=40-2(N9)
Qd=40-18
Qd=22

Qs=10+4p
when P=N1
Qs=10+4(N1)
Qs=10+4
Qs=14

Qs=10+4p
when P=N3
Qs=10+4(N3)
Qs=10+12
Qs=22

Qs=10+4p
when P=N5
Qs=10+4(N5)
Qs=10+20
Qs=30

Qs=10+4p
when P=N7
Qs=10+4(N7)
Qs=10+28
Qs=38

Qs=10+4p
when P=N9
Qs=10+4(N9)
Qs=10+36
Qs=46

1b)
Tabulate
demand and supply schedule of milk
Price N- |1|3|5|7|9|
quantity demand-|38|34|30|26|22|
quantity supplied-|14|22|30|38|46|

1c)


1d)
equilibrum price N5 A price at which quantity demanded equates quantity supplied

6a)
Tax can be define as a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
==================================================================== 
4i)
marginal product is the Output that results from one additional unit of a factor of production (such as a labor hour or machine hour), all other factors remaining constant.

4ii)
law of diminishing returns states that in a production process, as one input variable is increased, there will be a point at which the marginal per unit output will start to decrease, holding all other factors constant.

4iii)
i)proper combination of factors of production:it helps the enterpreneur to combine factors of production properly to prevent wastage
from pinloaded.com

ii)changes in scale of production: it helps forms to change the scale of production through the varcation of the quantities of all input

iii)it ensure efficiency: when mare variable factors are added to a fixed factor it eventually comes to a profitable level

================================================================== 
 (5a)
Supply may be defined as the quantity of a given
commodity or service which a producer is
willing,able and ready to offer for sale over a period
of time at particular market price
(5b)
(i) Diagram
(ii) Diagram

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

6b)
i)Lack of Equality: The bulk of PIT today
are paid by only the employees. Politicians, the rich, professionals and the privileged, few are not equitably taxed.

ii)Challenge of Multiple taxes: It is still a
major problem besetting our tax
collection and administration.

iii)Challenge of Bad Governance: Taxpayer are not encouraged to pay more taxes because there is no visible evidence of good governance.

iv)Challenge of Corruption: The tax
collection and administration is often
prone to corruption. The corruption risk erodes the tax yield and confidence in the system.

v)Challenges of Human Capacity
Building and Training: At the States and
Local Governments, there is dearth of
capable hands to administer the relevant taxes efficiently.
==================================================================== 
7a)
dependency ratio: this is the ratio of dependants to working population,it can be expressed as dependent population

7b)
declining population: it an increasing percentage of old people while the relative percentage of children and workers are decreasing

7c)
population density: it is described as the number of persons per square kilometre of land,it can either be high or low depending on the number of people in a specified area or country

7d)
effiency of labour: it is the ablity of labour to increase output without increasing the quantity of labour if labour is effiency the quantity of goods and services produced will be high

=================================================================
8)
i)ISSUANCE AND DISTRIBUTION OF CURRENCY
ii)BANKER AND FINANCIAL ADVISER TO THE GOVERNMENT
iii)BANKER TO THE OTHER BANKS AND FINANCIAL INSTITUTION
iv)LENDER OF LAST RESORT
v)CLEARING AND COLLECTION OF CHEQUES AND OTHER INSTRUMENT

i) ISSUANCE AND DISTRIBUTION OF CURRENCY It is the responsibility of the central bank of a country to issue and distribute the legal tender currency (notes and coins) of the country.

ii) BANKER AND FINANCIAL ADVISER TO THE GOVERNMENT The central bank keeps major accounts of the government and manages the account of government and its agencies. As a government bank it also ensure that money is available to finance the government budget deficits.


iii) BANKER TO THE OTHER BANKS AND FINANCIAL INSTITUTION Central bank acts as the banker to the commercial banks. The central bank for a country keep banks’ account for commercial and merchant banks and other financial institutions operating within the country including foreign banks.

iv) LENDER OF LAST RESORT a process when bank is faced with a shortage liquid fund, after it has tried all other sources of fund without success it can always apply to obtain loan from central bank as a lender of last resort.
v) CLEARING AND COLLECTION OF CHEQUES AND OTHER INSTRUMENT In each country the central banks operates a clearing house. Cheques of commercial banks and other negotiable instrument are cleared (settled) through the clearing house.

=======================================================================
(9a)
Economic growth is a substainable increase ina country's real gross national product on either a total or per capital basis over a period of time.It can also be reffered to as steady process of increasing the country's economic real output over time

(9b)
(i) Quantity and quality of human resources
(ii) Quality and quantity of natural resources
(iii) Accumulation of capital
(iv) Rate of technological progress
(v) Socio-economic environment

EXPLANATIONS:
(i) Quality and quantity of human resources:Increase in working population and high productivity will influence the rate of economic growth
(ii) Quality and quantity of natural resources:Increase in the level of output depends entirely on the availability and quality of natural resources.Growth occurs when there is abundance of resources
(iii) Accumulation of capital:Capital accumulation simply means the process by which country forgoes current consumption to build capital stock.It is a major key for growth
(iv) Rate of technological progress:Is a process by which there is a change in made of production as a result of new innovation and inventions
(v) Socio economic environment factors:The political social cultural and economic environment should favourable if significant economic growth is to be achieved by a country

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