image
All Categories

Ongoing Stories

-Price to Pay For Love

-My private tutor

Contact_US Call/Whatsapp

+2348140027062 +2347056010859
+2349075552702 +233237495538
Get Your Project topic & Downloade!!!

« | »

VERIFIED ECONOMICS ANSWERS, 2017/18 MAY/JUNE NECO EXPO IS AVAILABLE HERE

By | On June 20, 2017 (1 month ago)


2017 NECO ANSWERS, 

UPLOADED BY STUDENTCLUBS

_________________________________

COMPLETED OBJ
_STUDENTCLUB_
1-10    BEEBECEBAE
11-20  EACAACACDD
21-30  EDCEBCBEAE
31-40  AECDBDABBC
41-50  DBEDBEEABD
51-60  DCEADABCEB
VERIFIED ECONOMICS 

THEORY ANSWER

SECTION A CHOOSE NO1 or NO2

_____________________________

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°

_______________________________

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

SECTION B

ANSWER 4 QUESTIONS ONLY

_______________________________

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 ________________________

8a )

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 .

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 .

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 .

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 .
______________________________

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
_____________________________

ECONS ANSWERS, IS COMPLETED✅

_____________________________

INBOX ME, FOR UR ENGLISH RUNS NOW

+234907555702

http://studentclub.com.ng

http://ExamMade.net

Our official sites for 2017 Neco runs

_____________________________

_____________________________

71 total views, 1 views today

PLEASE NOTE:


Are You On FACEBOOK? Like Our Page For Latest WAEC, NECO, JAMB, NABTEB Updates - Studentclub

Categories: NECO RUNZ

No Responses Yet

Leave a Reply

« | »




IMPORTANT LINKS


JAMB Cut Off Mark for All Inst
Check JAMB Admission Status
JAMB Admission Letter
JAMB Result Checker
WAEC Result Checker
NECO Result Checker

Like Us On Facebook