Main PageVERIFIED NECO 2015 ECONOMICS ANSWER IS NOW READY. GET IT NOW.
VERIFIED NECO JUNE/JULY 2015
EXAM DAY: MONDAY
SUBJECT: ECONOMICS
IGNORE D PAPER TYPE AND WRITE TYPE A ON YOUR OMR SHEET
VERIFIED ECONOMICS OBJ
Type:A
1-10DADDDCBBEA
11-20- -BCCACABE
21-30AEAAAAABDE
31-40DCECDBBAEC
41-50AAABDDCCCC
51-60EDECCDBDBE
2.QS=30+3p
QD=90-2P
Q at equilibrium
QD=QS
90-2p=30+3p
90-30=3P+2P
60=5P
5P=60
Divide bothside by 5
P=60/5
P=12
QS=30+3P
=30+3(12)
30+36=66
QD=90-2P
90-2(12)
90=24
=66
3a.production:it can be defined as the transformation of raw materials into finished goods and the distribution of goods and services in order to satisfy human want.
3bi.provision of capital:this is one of the most crucial functions performed by the entrepreneur it provides the initial capital used in the formation of the business and carrying out productive activities
ii.he takes decision:he takes decision on the type of business to be carried on,on what to be produced
iii.co-ordination of the factors of productions:the entrepreneur as a factor of production combines and co-ordinates other factors of production in order to archive meaningful production
iv.efficient management:the entrepreneur also plays the role of main training efficient management in production lines.he directs what workers should work and delegates authority to his assistants for the efficient and effective management of their limited available resources in order to maximize production of goods and services
v.risk bearing:the entrepreneur:the entrepreneur bears on all type of risk that occur in business
5a.
labour market:it is a market where wages and conditions of employment are negotiated and determined labour market. it is an integral part of factor market where factors of production are bought and sold
5b
efficiency of labour:it refers to an increase in production as a result of the combination of labour and other factors of production.it means that labour was at its best which brought about the increase in the total quantity of output without lowering the quantity
5c.
mobility of labour :refers to free movement of labour from one occupation workplace and geographical area to another
5d.
supply of labour refers to the total number of capable men and women who fail in the age bracket of the labour force who are willing and ready to work.
6a.
i.the earning power of borrower
ii.the period of re-payment
iii.the amount involved
iv.the collateral security offered
v.the past financial dealings of the customer with the bank
i.the earning power borrower:the person's earning vis-a-vis the amount to be given out as loan are some of the determining factors in granting loans
ii.the period of re-payment:the period of re-payment is important because,the bank would not want its money to be tied down for a very long time in spite of the part that it charges interest on the loan
iii.the amount involved:if it is a large sum of money,the bank manager will consider whether if such amount is removed it will or not affect the financial standing of the bank
iv.these 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
v.the past financial dealings of the customer with the bank:one with sound past financial dealings with a bank has a brighter chance of getting a loan and vice versa.
12.
national income:may be defined as the total monetary value of all goods and services and the total income earned in a given country over a period of time,usually a year
b.
i.the output method
ii.the income method
iii.the expenditure method
i.the output method:in this method of calculating the monetary value of goods and services produced in a given country in a period under review usually a year
ii.the income method:in this,the total monetary value of incomes received by individuals,business organizations,government agencies etc are calculated
iii.the expenditure method:this is the calculation of the total monetary value of expenditures on goods and services by government,individuals,organization etc.within a country in a given period.in this calculation expenditure on intermediate goods and services bought and used for further production must be excluded
2b.
GRAPHICALLY
2c
i.price of the goods
ii.taxation
iii.weather
iv.government policy
v.cost of production
QD=90-2P
Q at equilibrium
QD=QS
90-2p=30+3p
90-30=3P+2P
60=5P
5P=60
Divide bothside by 5
P=60/5
P=12
QS=30+3P
=30+3(12)
30+36=66
QD=90-2P
90-2(12)
90=24
=66
3a.production:it can be defined as the transformation of raw materials into finished goods and the distribution of goods and services in order to satisfy human want.
3bi.provision of capital:this is one of the most crucial functions performed by the entrepreneur it provides the initial capital used in the formation of the business and carrying out productive activities
ii.he takes decision:he takes decision on the type of business to be carried on,on what to be produced
iii.co-ordination of the factors of productions:the entrepreneur as a factor of production combines and co-ordinates other factors of production in order to archive meaningful production
iv.efficient management:the entrepreneur also plays the role of main training efficient management in production lines.he directs what workers should work and delegates authority to his assistants for the efficient and effective management of their limited available resources in order to maximize production of goods and services
v.risk bearing:the entrepreneur:the entrepreneur bears on all type of risk that occur in business
5a.
labour market:it is a market where wages and conditions of employment are negotiated and determined labour market. it is an integral part of factor market where factors of production are bought and sold
5b
efficiency of labour:it refers to an increase in production as a result of the combination of labour and other factors of production.it means that labour was at its best which brought about the increase in the total quantity of output without lowering the quantity
5c.
mobility of labour :refers to free movement of labour from one occupation workplace and geographical area to another
5d.
supply of labour refers to the total number of capable men and women who fail in the age bracket of the labour force who are willing and ready to work.
6a.
i.the earning power of borrower
ii.the period of re-payment
iii.the amount involved
iv.the collateral security offered
v.the past financial dealings of the customer with the bank
i.the earning power borrower:the person's earning vis-a-vis the amount to be given out as loan are some of the determining factors in granting loans
ii.the period of re-payment:the period of re-payment is important because,the bank would not want its money to be tied down for a very long time in spite of the part that it charges interest on the loan
iii.the amount involved:if it is a large sum of money,the bank manager will consider whether if such amount is removed it will or not affect the financial standing of the bank
iv.these 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
v.the past financial dealings of the customer with the bank:one with sound past financial dealings with a bank has a brighter chance of getting a loan and vice versa.
12.
national income:may be defined as the total monetary value of all goods and services and the total income earned in a given country over a period of time,usually a year
b.
i.the output method
ii.the income method
iii.the expenditure method
i.the output method:in this method of calculating the monetary value of goods and services produced in a given country in a period under review usually a year
ii.the income method:in this,the total monetary value of incomes received by individuals,business organizations,government agencies etc are calculated
iii.the expenditure method:this is the calculation of the total monetary value of expenditures on goods and services by government,individuals,organization etc.within a country in a given period.in this calculation expenditure on intermediate goods and services bought and used for further production must be excluded
2b.
GRAPHICALLY
2c
i.price of the goods
ii.taxation
iii.weather
iv.government policy
v.cost of production
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