2017/2018 Neco Gce Economics Verified Answers.

Econs 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%

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

2b)

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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.

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4a)
Marginal cost: This refers to the money value of a commodity, it is the cost in terms of legal tender (currency) value while REAL COST is an expression of cost in terms of forgone alternatives, in other words is the satisfaction of one want at the express of another want.

(4b)
Fixed Cost: This is also called overhead cost or unavoidable cost and is defined as the cost of an enterprise which does not change with change of output while VARIABLE COST also called direct cost and is defined as the cost of production which varies or changes directly with the level of output.

(4c)
Average Cost: This is defined as a cost per unit of output of the total cost of production of a commodity incurred by an enterprise divided by the number of units of output while AVERAGE REVENUE is defined as the revenue generated per unit of output sold. It play’s a role in the determination of a firm’s profit.

(4d)
Marginal Cost: This is also called incremental cost and it may be defined as the extra cost of increasing output by one more unit while MARGINAL REVENUE is the increase in revenue that results from the sale of one additional unit of output.

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(5a)
An industry is defined as a group of firms producing similar products and under separate administration or management

(5b)
(i) Insufficient Capital: This part of the world cannot afford the huge capital required for industrialization.
(ii) Over-Population: The Money that should have been channelled to industrial sector for industrialization is used to cater for the teerning population.
(iii) Inadequate Raw Materials: This one got from agriculture are inadequate as a result of low productivity and those not got from agriculture are not found in Nigeria.
(iv) Political instability: This scares away both local and foreign industrialist because industrialization does not take place in a politically rowdy atmosphere.
(v) Inadequate skilled personnel: This can be attributed to our faulty education which we inherited from our former colonial masters.

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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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7)
I)Maintaining Good Animal Health: Better drugs for animals should be encouraged and veterinary medicine should be promoted by the Nigerian government. This will boost agricultural production.
ii)Soil improvement: Certain crops require certain soil conditions for productivity. Example soil that is good for rice may not be good for groundnut. More measures should be taken to improve the soil.
iii) Standardized price control: Unstable prices can disrupt the marketability of farm produce. This can make people not settle down into agriculture is an occupation. Better standardized price measures should be introduced to stabilize the price of agricultural products
iv) Use of agro-based loans by the government to encourage farmers: The government of Nigeria should encourage farmers by giving loans for agricultural activities. This will help farmers meet up with financial needs in terms of purchasing some seeds, hiring machines etc thereby boosting agriculture in Nigeria.
v) Local Awareness Creation: Measures should be taken to make create local awareness of these government programs. This can be done by the government using different communication patterns. It is not enough for the government to introduce these programs but also necessary to make the common man aware of them.

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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.

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.

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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)
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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(8)
Beneficiaries:
(i)Businessmen: During inflation, Profit of bussinessmen will increase due to increase in cost of goods which they bought at lower cost before the inflation; and the inflation prevents consumers from waiting for lower prices.
(ii)Debtor: Debtor will gain because more money is in circulation and they will pay with money that has less value
Losers:
(i)Fixed income earners: They will suffer because their income are constant and money has lost its value
(ii)Creditors: They will loose. This is because the value of oney they will recieve will not be equal to the one they lent out
(iii)Consumers: Consumers in general will suffer. This is as a result of rise in the price level of goods and service

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