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Exam Time: Wednesday 1st, November
Economics Paper III & II (OBJ & Essay) – 2pm – 5pm
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NECO GCE ECONOMICS OBJ AND THEORY ANSWERS FROM EXAMHOT.COM
No of birth
30/45 × 488500 = 3256667
No of death
15/45 × 488500 = 1628333
No of Environment Immigrant – Net migrant
70000 – 25000 = 45000
Birth rate – Death rate
3,256,667 – 1628333 = 1628334
5000000 + 700000 – 45000 = 5025000
New Pop – Old pop / old pop × 100/1
5025000 – 5000000 / 5000000 × 100/1
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.
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.
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.
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.
An industry is defined as a group of firms producing similar products and under separate administration or management
(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 channeled to industrial sector for industrialization is used to cater for the teeming 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
(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
(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 Money they will receive 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 services
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
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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