NECO 2016 Economics Answers

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NECO 2016 Economics Answers
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    COMPLETE ECONOMICS OBJ
    1-10: EBECCCEBAE
    11-20: EAAEBADEEC
    21-30: CCCCDBCDCD
    31-40: BDEAECBEEC
    41-50: BADBEEEDBD
    51-60: DCCBDCCBBE

    Economics Theory Answers
    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)
    You are to draw digram yourself

    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)
    [/b] 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 (settled) through the clearing house.

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