NECO 2016 Economics Answers

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ECONOMICS OBJ:
1-10: EBECCCEBAE
11-20: EAAEBADEEC
21-30: CCCCDBCDCD
31-40: BDEAECBEEC
41-50: BADBEEEDBD
51-60: DCCBDCCBBE

 

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1a)
Qd=40-2p:
Qd=40-2p
when P=N1
Qd=40-2(N1)
Qd=40-2
Qd=38
.
Qd=40-2p
when P=N3
Qd=40-2(N3)
Qd=40-6
Qd=34
.
Qd=40-2p
when P=N5
Qd=40-2p
Qd=40-2(N5)
Qd=40-10
Qd=30
.
Qd=40-2p
when P=N7
Qd=40-2(N7)
Qd=40-14
Qd=26
.
Qd=40-2p
When P=9
Qd=40-2(N9)
Qd=40-18
Qd=22
.
Qs=10+4p
when P=N1
Qs=10+4(N1)
Qs=10+4
Qs=14
.
Qs=10+4p
when P=N3
Qs=10+4(N3)
Qs=10+12
Qs=22
.
Qs=10+4p
when P=N5
Qs=10+4(N5)
Qs=10+20
Qs=30
.
Qs=10+4p
when P=N7
Qs=10+4(N7)
Qs=10+28
Qs=38
.
Qs=10+4p
when P=N9
Qs=10+4(N9)
Qs=10+36
Qs=46
.
1b)
Tabulate
demand and supply schedule of milk
Price N- |1|3|5|7|9|
quantity demand-|38|34|30|26|22|
quantity supplied-|14|22|30|38|46|
.
1c)
click here to veiw digrams
.
1d)
equilibrum price N5 A price at which quantity demanded equates quantity supplied

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4i)
marginal product is the Output that results from one additional unit of a factor of production (such as a labor hour or machine hour), all other factors remaining constant.
.
4ii)
law of diminishing returns states that in a production process, as one input variable is increased, there will be a point at which the marginal per unit output will start to decrease, holding all other factors constant.
.
4iii)
i)proper combination of factors of production:it helps the enterpreneur to combine factors of production properly to prevent wastage
.
ii)changes in scale of production: it helps forms to change the scale of production through the varcation of the quantities of all input
.
iii)it ensure efficiency: when mare variable factors are added to a fixed factor it eventually comes to a profitable level

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6a)
Tax can be define as a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.
.
6b)
i)Lack of Equality: The bulk of PIT today
are paid by only the employees. Politicians, the rich, professionals and the privileged, few are not equitably taxed.
.
ii)Challenge of Multiple taxes: It is still a
major problem besetting our tax
collection and administration.
.
iii)Challenge of Bad Governance: Taxpayer are not encouraged to pay more taxes because there is no visible evidence of good governance.
.
iv)Challenge of Corruption: The tax
collection and administration is often
prone to corruption. The corruption risk erodes the tax yield and confidence in the system.
.
v)Challenges of Human Capacity
Building and Training: At the States and
Local Governments, there is dearth of
capable hands to administer the relevant taxes efficiently.

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7a)
dependency ratio: this is the ratio of dependants to working population,it can be expressed as dependent population
.
7b)
declining population: it an increasing percentage of old people while the relative percentage of children and workers are decreasing
.
7c)
population density: it is described as the number of persons per square kilometre of land,it can either be high or low depending on the number of people in a specified area or country
.
7d)
effiency of labour: it is the ablity of labour to increase output without increasing the quantity of labour if labour is effiency the quantity of goods and services produced will be high

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8)
i)ISSUANCE AND DISTRIBUTION OF
CURRENCY
.
ii)BANKER AND FINANCIAL ADVISER TO THE GOVERNMENT
.
iii)BANKER TO THE OTHER BANKS AND
FINANCIAL INSTITUTION
.
iv)LENDER OF LAST RESORT
.
v)CLEARING AND COLLECTION OF CHEQUES AND OTHER INSTRUMENT
.
i) ISSUANCE AND DISTRIBUTION OF
CURRENCY It is the responsibility of the central bank of a country to issue and distribute the legal tender currency (notes and coins) of the country.
.
ii) BANKER AND FINANCIAL ADVISER TO THE GOVERNMENT The central bank keeps major accounts of the government and manages the account of government and its agencies. As a government bank it also ensure that money is available to finance the government budget deficits.
.
iii) BANKER TO THE OTHER BANKS AND
FINANCIAL INSTITUTION Central bank acts as the banker to the commercial banks. The central bank for a country keep banks’ account for commercial and merchant banks and other financial institutions operating within the country including foreign banks.
.
iv) LENDER OF LAST RESORT a process when bank is faced with a shortage liquid fund, after it has tried all other sources of fund without success it can always apply to obtain loan from central bank as a lender of last resort.
.
v) CLEARING AND COLLECTION OF CHEQUES AND OTHER INSTRUMENT In each country the central banks operates a clearing house. Cheques of commercial banks and other negotiable instrument are cleared

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