merrylarry
Re: waec may/June assistance
Apr 24 2015 at 09:57am
ECONOMICS OBJ
1ABBCCBAACC
11CBCCABACDB
21AADDBACDBD
31CBDCDCDABC
41CDBCCABABA (1)
(i)
Vc=Tc-Fc
At 2=>100-40=60
At 4=>140-40=100
At 6=>180-40=140 (ii)
ATc=Tc/output
At 2=> 100/2=50
At 3=> 120/3=40
(iii)
Mc=change in Tc/Change in output At 4 and 6 =>(180-140)/(6-4)
=40/2 =20
(1b)
profit=Tc-Vc
(i)
100-60=$40 (ii)
140-40=$100 2a.Disposable income: i.doctor=10% of
8000=10/100*800/1= $800 ii. Engineer
=12% of 7000=12/100*7000=$840 iii.
Civil servant= 18% of
5000=18/100*5000 =$900 iv. Nurse=
15% of 6000 =15/100*6000= $900 2b. Regressive tax system 2c. -profession
with lower income pay higher tax -the
tax percentage rate in professions
earning high is lower than that of
profession earning low income 3a.Trade union can be defined as an
organization of workers in a
particular craft or industry.
3bi.collective bargaining: trade union
afford workers the ability to improve
wages ii. To protect the interest of the
workers: some employers are very
exploitive, thus trade union bcum
greatly imperative.
iii. Participation in policy formulation
of the organizationiv. Goal congruency.
3c.
-strike
-dialogue (4a)
- To prevent exploitation of consumers
by
producers
- To avoid or control inflation
- To help income earners - To control profits of companies
(4b)
- It stimulates excess demand which
cannot be
satisfied
- It encourages hoarding of commodities by
wholesaler and retailers
- It encourages conditional sales of
product
- It discourages shortages,which might
result in queues and racketerering 7a. Deflation maybe defined as a
continuos fall in price level of goods
and services as a result of decrease in
the volume of money in circulation.
7b.
- it increase the volume of money -it encourages export-it encourages
savings.
7c
. - it discourages savings-loss of value
of money
-it leads to balance of payment problems 6) balance of payment disequilibrium
can be defined as a situation which
occurs when the total receipt of a
country on the combined current and
capital account are not equal to the
payment 6aii) Balance of payment surplus: is a
situation when the total receipt from
other counti existing exceeded the
total payment to the countries during
trading period 6aiii) Balance of payment deficit: th is
occurs when the combined one
receipt on the current and long capital
account of a country are less than
corresponding payment (6b)
balance of payments surplus:there is
balance of payments surplus when the
total receipts from all other countries
exceed the total payments to the other
countries during a given period. this situation gives rise to what is referred
to
as favourable balance of payments.
balance of payments deficit: balance of
payments deficit is a situation which
occurs when the combined receipts on the current and long term capital
accounts of a country are less than the
corresponding payments. (6c)
-low level of agricultural production:
this
make Nigeria dependent on food
imports
and imported inputs for our agro-allied industries.
-political instability:it discourages
export drive but encourages massive
importattion of goods.
-excessive government
expenditure:this attitude encourages the government to
engage in massive importation of all
kinds of goods into the country. -
servicing of huge external debts: this
can
go along way to deplete the external reserrves and use all earnings to settle
external debts.
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