Neco 2017 Economics Obj And Theory Exam Expo Runs Free Econs Answers

Neco 2017 Economics Obj And Theory Exam Expo Runs Free Economics Answers
Neco 2017 Economics Obj And Theory Exam Expo Runs Free Economics Answers

We are at it once again the next subject now is Economics scheduled to take place on Jun 20th 2017,

As you all know we at Mp3York.Com post answers free of charge.

100% VERIFIED ECONOMICS THEORY ANSWERS

*NECO ECONOMICS OBJ*
1-10 BEEBECEBAE
11-20 EACAACACDD
21-30 EDCEDCBEAE
31-40 AECDBDABBC
41-50 DBEDBEEABD
51-60 DCEADABCEB

1a)
CLICK HERE
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 x 100
= ¼ x 100
= 25%
1d)
Degree = palm oil expert in 1971 x 360°
Total expert in 1971
= 75/450 x 360°
= 60°
=====================
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

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)
CLICK HERE
2c) As output rises, the AFC decreases and the curve the
represents it would slope downward from left to right
============================
3ai)
Similarities:
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)
Difference:
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)
A tariff is a tax imposed by a government on goods and
services imported from other countries that serves to
increase the price and make imports less desirable, or at least
less competitive, versus domestic goods and services
7b)
i )Infant Industries
ii ) National Defense
iii ) Domestic Employment
Iv ) Aggressive Trade Practices
V ) Environmental Concerns
=========================
8)
Elasticity of supply is measured as the ratio of proportionate
change in the quantity supplied to the proportionate change in
price
8b)
i )Possibility of Substitution:
The change in supply in response to the change in price
depends on the possibility of substitution of a product for
others. If the market price of potato rises, resources will be
shifted from there cultivation like tomato and employed in the
cultivation of potato. The greater the possibility of shifting of
resources to the potato cultivation, the greater is the
elasticity of supply of potato.
ii )Infrastructural facilities:
The expansion of supply of a commodity also depends on the
availability of productive facilities and inputs. The agricultural
producer can not increase in response to the rise in price
unless there is sufficient flow of fertilizers, irrigation etc. In
case of industrial goods the expansion of supply is inhibited
by the shortage of power, fuel and the essential raw
materials.
iii )Producers response:
The elasticity of supply for a product depends on the
producers’ responsiveness to the change in its price. The
quantity supplied of a commodity will not change if the
producers do not react positively to the increase in prices.
Producers do not always increase the quantity supplied of a
commodity to a rise in price.
iv )Marginal Cost:
Elasticity of supply of a commodity depends on the marginal
cost of production. The elasticity of supply of a commodity
would be less if the marginal cost of production goes up. In
the short run, diminishing marginal returns operates as some
factors are fixed. This gives rise to expansion of marginal
cost of production.
============================
10a)
Production is incomplete without distribution because the
main aim of production is to satisfy human wants. When the
link between the producers and the consumers is absent, then
the aim is defected.
10b)
Factors that affect the volume of production are;
i)
The quantity and quality of factors of production (I.e land,
labor, capital and entrepreneur). For example, amount of
capital determines the labor to be hire and raw materials to
be bought.
ii)
The size of market: This is the extent to which the products
are demand.
Iii)
The nature of the product: If the goods are durable in nature,
more can be produced and stored. Perishable goods have to
be produced based on the ones that can be sold at that time
since they cannot be stored for a long time.
iv)
Availability of raw materials: This will determine the quantity
of good to be produced.
v)
Government policy: This has to do with the nature of
economic policy of the government. The more favorable the
government economic policy, the more they volume of goods
to be produced and vice versa

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