Econs Obj
1-10:ABBCABDCBA
11-20BABABDCBAB
21-30ACCBCBCDAC
31-40BBACDDCBDA
41-60ACADBACBBD
Goodluck
(1a)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
(1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
(1bii)
Dependency ratio is 0-17
(1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
(1d)
The population decliner because it reduce from the age 1-17 to 60 and above
(1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
===================
3a)
(i) Wants: Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
(ii) Scarcity: It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man
(iii) Scale of preference: It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference
(iv) Opportunity cost: It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone
(3b)
(i) Satisfaction of human wants: Economics deals with human being and the satisfaction of their numerous needs with their limited available resources
(ii) Allocation of scarce resource: As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
(iii) Rational decision: It enable us to take a rational decision pertaining to business and other policy matters
(iv) Economic analysis: It enable us to build up theories and tools of economic analysis
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6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
6b)
(i) Money market - central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
6c)
(i) Provision of loan: Commercial Bank make both short term and medium - term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller's cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
==========
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
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8b)
i)Transaction Motive
ii)Speculative Motive
8c)
i)Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it's currency value.
ii)Current State of the Economy: If a country's economy is not doing well,this can decrease the demand for that country's currency.
iii)Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable
products produced in that country, this can hurt the economy of that country.
iv)Political Conditions of a Country: To what degree does political corruption exist within a country.
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