Verified Neco Economics Objektivz And Theory Answerz/Expo/Runz

ECONOMICS OBJ

1-10:BEEBECEBAE

11-20:EACAACACDD

21-30:EDCEBCBEAE

31-40:AECDBDABBC

41-50:DBEDBEEABD

51-60:DCEADABCEB

VERIFIED ECONOMICS THEORY
BY BMASTERZ☆☆
SECTION A
ANSWER ONE QUESTIONS

CHOOSE EITHER NO1 OR NO2
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1a) diagram

1b)
Tabulate:
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600

Total = #1550m
=#1.55b


1c) Percentage = 150/600 × 100
= ¼ × 100
= 25%


1d)
Degree = palm oil expert in 1971 × 360°
Total expert in 1971
= 75/450 × 360°
= 60°

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2a)
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

2b)
GRAPH

2c)
As output rises, the AFC decreases and the curve the represents it would slope downward from left to right

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SECTION B
ANSWER 4 QUESTIONS

CHOOSE NO3,4,6 AND 7
____________
3ai)
Similarities are:
i) Both provide long term loan to their member ountries
ii)Both aim to promote economic development
iii)Both render technical and financial advice to member states

3aii)
One difference is:
i) ADB is meant for African countries only while IBRD is a global bank

3b)
Benefit obtained by Nigeria from world Bank are:
i) Approval of 500 million dollars to improve material and child health in the country in 2015
ii)Approval of 200 million dollars credit to support the nigerian agricultural sector especially small and medium scale farmers in March, 2017
___________

4a)
A trade union is an association of workers formed primarily to protect the interest of their workers and collectively bargain with their employer for  higher remuneration, improved conditions of service, greater job, security etc

4b)
Functions of Trade union are as follow:
i) Collective bargain with employer:it continuously negotiate with employers for raising economic welfare of the workers
ii)To protect workers interest
iii)To enter favourable contract with management on behalf of its members thereby making workers always and promptly receiving their entitlement.
iv) To unite workers in a manner that ushers in harmony which enable them to work diligently with their employers for the overall peace and progress of the organisation as well as the nation

4c)
Weapons used for Collective bargaining are:
i)Strike
ii) Demonstration using placards.

___________

6a)
Money is anything that is generally accepted as a medium of exchange for making payments, settlement of debt or other business obligation prior to the introduction of money, trade by barter was in vogue

6b)
Functions of money are:

i)A medium of exchange:With money, the difficulties posed by trade by barter is eradicated
ii)A store of Value:Money is now used in storing wealth unless there is inflation, money stored or saved retain its value for money years
iii) A standard of deferred payment
As a result of its durability, one can buy a commodities now and buy with the money in future.
iv) Money encourages division of labour :With the existence of money people tend to concentrate on certain occupations and respect it production leaving other espects to other people with means of buying the commodities with money they will earn

___________

7a)
Tariffs also known as input duties are taxes imposed on goods that come from others countries into a particular country

7b)
i)To collet balance of payment deficit :If a country import all sort of goods without checks, it will suffer from unafavorable balance of Trade and payment
ii)To protect infant industries:If goods from others countries are restricted, home industries will expand, thereby creating more employment opportunities
iii)Source of revenue:A lot of revenue accrue to the government of a country through imposition of Tariffs on goods from others countries

iv)To discourage dumping
v)To prevent the importation of dangerous goods example drugs that are detrimental to health

Bmasterz☆