TYPE A)
1.D-unlimited liability
2.A-delay in decision
3.D-de-jure
4.D-hoard goods & create artificial scarcity
5.D-portability
6.C-MV=PT
7.B-decreasing marginal product
8.B-economics of scale
9.E-structural
10.E-provide storage facilities
11.
12.A-agriculture
13.B-cost push
14.C-communism
15.C-horizontal to d output axis
16.A-average
17.C-#74.00
18.A-elastic
19.B-inequitable
20.E-privatization
21.C-decrease in demand
22.D-increase in supply
23.A-disposable
24.C-MPS/MPC=1
25.A-available of variety goods
26.D-switzerland
27.B-limited market
28.B-ensure efficient use of atglackf resource
29.D-the forces of demand and supply
30.E-product are homogenous
31.D-#73,000
32.C-progressive
33.C-lender of last resort
34.A-bill discount
35.D-14
36.B-36
37.B-complementary
38.E-use of open market operation
39.E-raw materials
40.A-construction
41.A-industrial arbitation panel
42.A-divisibility
43.A
44. B-provision of adequate power supply
45. C-25.0%
46. D-land
47. C-GNP/POPULATION
48. E-vertical
49. C-Manufacture-Wholesaler-Retailer-Consumer
50. C-how to produce
51. E-5
52. C-4
53. E-monoculture
54. C-Ghana
55. C-median
56. A-adam smith
57. B-limited resources limited
58. D-mode
59.
60.
1.D-unlimited liability
2.A-delay in decision
3.D-de-jure
4.D-hoard goods & create artificial scarcity
5.D-portability
6.C-MV=PT
7.B-decreasing marginal product
8.B-economics of scale
9.E-structural
10.E-provide storage facilities
11.
12.A-agriculture
13.B-cost push
14.C-communism
15.C-horizontal to d output axis
16.A-average
17.C-#74.00
18.A-elastic
19.B-inequitable
20.E-privatization
21.C-decrease in demand
22.D-increase in supply
23.A-disposable
24.C-MPS/MPC=1
25.A-available of variety goods
26.D-switzerland
27.B-limited market
28.B-ensure efficient use of atglackf resource
29.D-the forces of demand and supply
30.E-product are homogenous
31.D-#73,000
32.C-progressive
33.C-lender of last resort
34.A-bill discount
35.D-14
36.B-36
37.B-complementary
38.E-use of open market operation
39.E-raw materials
40.A-construction
41.A-industrial arbitation panel
42.A-divisibility
43.A
44. B-provision of adequate power supply
45. C-25.0%
46. D-land
47. C-GNP/POPULATION
48. E-vertical
49. C-Manufacture-Wholesaler-Retailer-Consumer
50. C-how to produce
51. E-5
52. C-4
53. E-monoculture
54. C-Ghana
55. C-median
56. A-adam smith
57. B-limited resources limited
58. D-mode
59.
60.
ECONOMIC NECO THEORY
(1a) Population increase of growth rate in 2001 is
= New – Old population
= 60,000 – 45,000
= 15,000
= New – Old population
= 60,000 – 45,000
= 15,000
Population growth rate in 2001 is = 15,000/45,000 x 100 = 33.33%
Growth pop. in 2003 is
= 80,000 – 70,000
= 10,000
= 80,000 – 70,000
= 10,000
Growth rate is = 10,000/70,000 x 100
= 14.29%
= 14.29%
Growth pop in 2004 is = 105,000 – 80,000
= 25,000
= 25,000
Growth rate is = 25,000/105,000 x 100
= 23.81%
= 23.81%
1b) Percentage of working from 2002 – 2004
In 2002
Working pop = 45
Total pop = 70
= 45/70 x 100
= 64.28%
In 2002
Working pop = 45
Total pop = 70
= 45/70 x 100
= 64.28%
In 2003
Working pop = 60
Total pop = 80
= 60/80 x 100 = 75%
Working pop = 60
Total pop = 80
= 60/80 x 100 = 75%
In 2004
Working pop = 78
Total pop= 105
= 78/105 x 100
= 74.21%
Total % from 2002 to 2004 is 78 + 60 + 45 / 255 x 100
= 77.77%
Working pop = 78
Total pop= 105
= 78/105 x 100
= 74.21%
Total % from 2002 to 2004 is 78 + 60 + 45 / 255 x 100
= 77.77%
1c)
* Early Marriage: people who engage in early marriage leads to having many of childrens thereby increases the size of population
1c)
(i) Birth rate – The higher the birth rate, the higher will be the population of a country
(ii) Death rate; The lower the death rate, the higher will be the population of a country
(iii) Immigration: The higher the immigration rate, the higher the population of a country
--------------------------------
(2ai)
At Equilibrium, Qs= Qo
30 + 3p = 90 -2p
3p + 2p = 90 – 30
5p = 60
P = 60/5 = 12
(2aii)
QE = Q5 = Qp = 30 + 3p
= 30 + 3(12) = 30 + 36
=66
(2b)
(2c)
i. government policy
ii. price of other commodity
iii. technology
iv. cost of production
v. seasons
--------------------------------
(3a)
Production is the creation of good s for the satisfaction of human wants. it can be primary, secondary or tertiary
(3b)
i. what to produce: An entrepreneur is to observe and think about whats he needs to offer the public as a producer
ii. for whom to produce: an entrepreneur recognizes the set of people targeted at production and whose product are sold to
iii. how to produce: An entrepreneur decides on the method of production he wants i.e Labour intensive or capital intensive production
iv. Marketing;- An entrepreneur must creates awareness for his goods
v. Distribution: An entrepreneur designs how to distribute his product so that it reaches the final consumers
--------------------------------
(4)
proprietorship
(1)A business owned by one person, who is
entitled to all of its profits and responsible for all of its debts, is considered a sole proprietorship.
(2) the ease with which it can be started,
(3) the owner's freedom
to make decisions, and
(4) the distribution of profits (owner takes all).
Partnership
(1)
A business owned by two or more people,
who agree to share in its profits, is considered a partnership.
(2) draw
on the skills and abilities of each partner,
(3) offer employees the opportunity to
become partners, and
(4) utilize the part ners' combined financial resources.
--------------------------------
(5a)
labor market:
These is nominal market in which workers find paying work , employers find willing workers, and wage rates are determined.
Labor markets may be local or national
(even international) in their scope and are made up of smaller, interacting labor markets for different qualifications, skills, and geographical locations.
They depend on exchange of information between employers and job seekers about wage rates, conditions of employment, level of competition, and job location.
(5b)
The efficiency of labour means the fitness of the labour for the production of wealth. The efficiency of labour depends upon the power to work, will to work and efficiency or organization.
The number of able-bodied men being more or less fixed, the supply of labour mainly depends on the efficiency of labour. The contribution of labour to production depends not only upon the number of production but also upon the efficiency of labour itself.
(5c)
mobility of labor Extent to which the workers are able or willing to move between different jobs,
occupations, and geographical areas.
It is called horizontal mobility if it does not result in a change in the worker's grading or status, and vertical mobility if it does.
Skilled workers have low occupational mobility but high geographical mobility;
low-skilled or unskilled workers have high degrees of both types of mobility. Low labor-mobility causes structural unemployment, and governments try to avoid it byworker retraining schemes and by encouraging establishment of new industries in the affected areas.
5d)
Supply of Labour Higher wages usually will encourage a worker to supply more labour because work is more attractive compared to
leisure Therefore the Supply curve for Labour tends to be upwardly sloping.
Supply of Labour depends upon:
1. The number of qualified people For example, the number of qualified
Accountants is low, therefore supply is
quite inelastic.
--------------------------------
(6)
i)The Collateral Security Offered
ii)The Period of Repayment
iii)The Customers Referee
iv)The Earning Power of The Customer
v)The Sources of Re-payment
(i)The Collateral Security Offered:
These collateral securities which are fixed assets must be the things the bank can sell easily and more than the value of the loan given.
(ii)The Period of Repayment:
The period of re-payment of such loan is very important because, the Bank would not want its loan to be tied down for a very long time in spite of the fact that it changes interest on the loan.
(iii) The Customers Referee:
The referee must be one who is well known to the bank and who will guarantee that in case the borrower defaults or becomes insolvent, that he will repay the loan.
(iv) The Earning Power of The Customer:
The person's earnings vis-a-vis the amount to be given out as loan are some of the determining factors in granting and issuing loans.
(v) The Sources of Re-payment:
The Bank Managers will also like to know the possible sources the customer intending to borrow loans has for repaying the loan.
--------------------------------
(7a)
tabulate between internal trade and External Trade
Internal Trade
– Trade within a country
-Involves currency
External Trade
– Trade between country
- Involves many currency
(7b)
(i) language Barrier – Because international Trade involves trade among countries and languages vary from one country to another, language tends to limit the extent of international trade
(ii) problem of currency:- International trades involves a series of currency conversion since goods are bought and sold in a country with its currency
(iii) import and export duties: the imports and Exports duties paid on goods at counties of import and export is a barrier to international trade
(iv) Quota: this is the amount of goods by law that can be imported to a within a fiscal gear. This has limited international trade from taking place at its full capacity
(v)problem of visa: many people who are willing to embark on international trade could not do so because they could not pet a visa that permit them to pet to the intended trade country
--------------------------------
(8a)
Habit: the more habitual a person is to a particular goods, the more inelastic the good is. For instance, a person addicted to smoking will smoke no matter how high the price of cigarettes is.
(b) Availability of substitutes: Goods that have substitutes have elastic demand as consumer will shift to alternative goods that have no substitutes have inelastic demand
(c) Consumer’s income: the higher the income ,the more inelastic demand tend to be
(d) Nature of commodity: Neccesary goods have an inelastic demand since consumer need them while luxury goods have an elastic demand since consumer can do without them
--------------------------------
(9a)
A monopolistic competition is a market situation which combines the fundamental characteristics of both pure monopoly and perfect competition. in this type of market situation exists because neither pore monopoly nor perfect competition exists in isolation and this is a result of absence of homogeneity and heterogeneity of products sold in both market
(9b)
(i) Granter Efficiency: There is a great efficiency resulting from an assemblage or pool of specialized managerial skills
(ii) Centralized Management: There is effective and proper central managements under monopoly
--------------------------------
(11a)
Trade by barter can be defined as a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange
(11b)
Do it yourself
--------------------------------
(12a)
National income may be defined as the ways of computing or determing the money value of the total volume of goods and services produced or the total income earned in a given country over a period of time, usually a year.
(12b)
The methods are:-
(i)Income method
(ii) Output Method
(iii) Expenditure Method
-INCOME METHOD:- This is defined by adding incomes received by all factores of production . The incomes to be added include workers earnings profit from enterpreneurs, rents on land, interest from capitals e.t.c. In order to avoid double counting, transfer payments such as payment to old people, beggers, e.t.c are not included . The income which must be included must be that which arises from the production of goods and services.
-OUTPUT METHOD:- This method measures the total money value of all goods and services produced in the country in a year. To avoid double counting the figures collected on the basis of value added i.e the value of output, less cost of input.
-EXPENDICTURE METHOD:- This method helps in calculating the total amount spent on consumption and investment purpose during the year. Transfer payment such as pension paid to refired workers, gift to beggers, e.t.c are excluded.
-------
* Early Marriage: people who engage in early marriage leads to having many of childrens thereby increases the size of population
1c)
(i) Birth rate – The higher the birth rate, the higher will be the population of a country
(ii) Death rate; The lower the death rate, the higher will be the population of a country
(iii) Immigration: The higher the immigration rate, the higher the population of a country
--------------------------------
(2ai)
At Equilibrium, Qs= Qo
30 + 3p = 90 -2p
3p + 2p = 90 – 30
5p = 60
P = 60/5 = 12
(2aii)
QE = Q5 = Qp = 30 + 3p
= 30 + 3(12) = 30 + 36
=66
(2b)
(2c)
i. government policy
ii. price of other commodity
iii. technology
iv. cost of production
v. seasons
--------------------------------
(3a)
Production is the creation of good s for the satisfaction of human wants. it can be primary, secondary or tertiary
(3b)
i. what to produce: An entrepreneur is to observe and think about whats he needs to offer the public as a producer
ii. for whom to produce: an entrepreneur recognizes the set of people targeted at production and whose product are sold to
iii. how to produce: An entrepreneur decides on the method of production he wants i.e Labour intensive or capital intensive production
iv. Marketing;- An entrepreneur must creates awareness for his goods
v. Distribution: An entrepreneur designs how to distribute his product so that it reaches the final consumers
--------------------------------
(4)
proprietorship
(1)A business owned by one person, who is
entitled to all of its profits and responsible for all of its debts, is considered a sole proprietorship.
(2) the ease with which it can be started,
(3) the owner's freedom
to make decisions, and
(4) the distribution of profits (owner takes all).
Partnership
(1)
A business owned by two or more people,
who agree to share in its profits, is considered a partnership.
(2) draw
on the skills and abilities of each partner,
(3) offer employees the opportunity to
become partners, and
(4) utilize the part ners' combined financial resources.
--------------------------------
(5a)
labor market:
These is nominal market in which workers find paying work , employers find willing workers, and wage rates are determined.
Labor markets may be local or national
(even international) in their scope and are made up of smaller, interacting labor markets for different qualifications, skills, and geographical locations.
They depend on exchange of information between employers and job seekers about wage rates, conditions of employment, level of competition, and job location.
(5b)
The efficiency of labour means the fitness of the labour for the production of wealth. The efficiency of labour depends upon the power to work, will to work and efficiency or organization.
The number of able-bodied men being more or less fixed, the supply of labour mainly depends on the efficiency of labour. The contribution of labour to production depends not only upon the number of production but also upon the efficiency of labour itself.
(5c)
mobility of labor Extent to which the workers are able or willing to move between different jobs,
occupations, and geographical areas.
It is called horizontal mobility if it does not result in a change in the worker's grading or status, and vertical mobility if it does.
Skilled workers have low occupational mobility but high geographical mobility;
low-skilled or unskilled workers have high degrees of both types of mobility. Low labor-mobility causes structural unemployment, and governments try to avoid it byworker retraining schemes and by encouraging establishment of new industries in the affected areas.
5d)
Supply of Labour Higher wages usually will encourage a worker to supply more labour because work is more attractive compared to
leisure Therefore the Supply curve for Labour tends to be upwardly sloping.
Supply of Labour depends upon:
1. The number of qualified people For example, the number of qualified
Accountants is low, therefore supply is
quite inelastic.
--------------------------------
(6)
i)The Collateral Security Offered
ii)The Period of Repayment
iii)The Customers Referee
iv)The Earning Power of The Customer
v)The Sources of Re-payment
(i)The Collateral Security Offered:
These collateral securities which are fixed assets must be the things the bank can sell easily and more than the value of the loan given.
(ii)The Period of Repayment:
The period of re-payment of such loan is very important because, the Bank would not want its loan to be tied down for a very long time in spite of the fact that it changes interest on the loan.
(iii) The Customers Referee:
The referee must be one who is well known to the bank and who will guarantee that in case the borrower defaults or becomes insolvent, that he will repay the loan.
(iv) The Earning Power of The Customer:
The person's earnings vis-a-vis the amount to be given out as loan are some of the determining factors in granting and issuing loans.
(v) The Sources of Re-payment:
The Bank Managers will also like to know the possible sources the customer intending to borrow loans has for repaying the loan.
--------------------------------
(7a)
tabulate between internal trade and External Trade
Internal Trade
– Trade within a country
-Involves currency
External Trade
– Trade between country
- Involves many currency
(7b)
(i) language Barrier – Because international Trade involves trade among countries and languages vary from one country to another, language tends to limit the extent of international trade
(ii) problem of currency:- International trades involves a series of currency conversion since goods are bought and sold in a country with its currency
(iii) import and export duties: the imports and Exports duties paid on goods at counties of import and export is a barrier to international trade
(iv) Quota: this is the amount of goods by law that can be imported to a within a fiscal gear. This has limited international trade from taking place at its full capacity
(v)problem of visa: many people who are willing to embark on international trade could not do so because they could not pet a visa that permit them to pet to the intended trade country
--------------------------------
(8a)
Habit: the more habitual a person is to a particular goods, the more inelastic the good is. For instance, a person addicted to smoking will smoke no matter how high the price of cigarettes is.
(b) Availability of substitutes: Goods that have substitutes have elastic demand as consumer will shift to alternative goods that have no substitutes have inelastic demand
(c) Consumer’s income: the higher the income ,the more inelastic demand tend to be
(d) Nature of commodity: Neccesary goods have an inelastic demand since consumer need them while luxury goods have an elastic demand since consumer can do without them
--------------------------------
(9a)
A monopolistic competition is a market situation which combines the fundamental characteristics of both pure monopoly and perfect competition. in this type of market situation exists because neither pore monopoly nor perfect competition exists in isolation and this is a result of absence of homogeneity and heterogeneity of products sold in both market
(9b)
(i) Granter Efficiency: There is a great efficiency resulting from an assemblage or pool of specialized managerial skills
(ii) Centralized Management: There is effective and proper central managements under monopoly
--------------------------------
(11a)
Trade by barter can be defined as a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange
(11b)
Do it yourself
--------------------------------
(12a)
National income may be defined as the ways of computing or determing the money value of the total volume of goods and services produced or the total income earned in a given country over a period of time, usually a year.
(12b)
The methods are:-
(i)Income method
(ii) Output Method
(iii) Expenditure Method
-INCOME METHOD:- This is defined by adding incomes received by all factores of production . The incomes to be added include workers earnings profit from enterpreneurs, rents on land, interest from capitals e.t.c. In order to avoid double counting, transfer payments such as payment to old people, beggers, e.t.c are not included . The income which must be included must be that which arises from the production of goods and services.
-OUTPUT METHOD:- This method measures the total money value of all goods and services produced in the country in a year. To avoid double counting the figures collected on the basis of value added i.e the value of output, less cost of input.
-EXPENDICTURE METHOD:- This method helps in calculating the total amount spent on consumption and investment purpose during the year. Transfer payment such as pension paid to refired workers, gift to beggers, e.t.c are excluded.
-------
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