[Gaposa Education]: ECONOMICS ANSWER 2017

 
ECONOMICS OBJ:
1-10 BABBCBABBB
11-20 CCBBAABABA
21-30 DCCDABADBC
31-40 DDBBAADBAD
41-50 BCCACCBBBC
==============
°°SECTION A°°
Q1)
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai)
% change in demand= (800-600)*100
———-
800
=200/800*100%
=25%
%change in price=500-450*100%
——————
450
=50/450*100%
=11.11%
% elasiticy of demand =%change in demand /%
change in price
=25%/11.11%
=2.25%
1c There is a fall in total weekly
revenue due to an increase in
price
1D)
i close substitute of a
. ii the extent of the necessity
of the commodity
===========================
CLICK HERE TO VIEW (NO2a In Table In IMage)
CLICK HERE TO VIEW (NO2b Image Continuation)
2a)
Qd =30 – P
Qs =15 +2P
Demand and Supply schedule for the market :
Please tabulate
Price($): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qd = 30 – P when P =2
Qd = 30 -2 =28
Qd = 30 – P when P=4
Qd = 30 -4 =26
Qd = 30 – P when P=7
Qd = 30 -7 = 23
tabulate again supply schedule
Please tabulate
Price($): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qs = 15 + 2P when P=2
Qs = 15 + 2(2)
= 15 + 4 = 19
Qs = 15 + 2P when P=4
Qs = 15 + 2(4)
= 15 + 8 = 23
Qs = 15 + 2P when P=7
Qs = 15 + 2(7)
= 15 + 14 =29
2bi)
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25
2bii)
At P=$3
Qd=30-p
Qd=30-3
Qs=15+2p
=15+2(3)
=15+6
=21apples
excess demand =27-21
=6apples
2ci)
Tabulate
Qd=40-p
Price($): 2,4,7
Qd :38,36,33
2cii)
i)it represent an increase in demand
2ciii)
i)the two schedules show that there is a
corresponding increase in demand for apples for
ten (10) at each price
============
°°SECTION B (Answer 3 Only°°
3a)
Land is any natural resource used to produce goods
and services. This includes not just land, but
anything that comes from the land
3b)
i)Land is a Primary Factor of Production
ii)Land is a Passive Factor of Production
iii)Land has some Original Indestructible Powers
3c)
i)Land is the original sources of all material
wealth: The economic prosperity of a country is
closely linked with the richness of her natural
resources.
ii)The quality and quantity of agricultural wealth a
country depends on nature of soil, climate, rainfall.
The agricultural products are the form the basis of
trade and industry.
iii)Industry also depends upon availability raw
materials and sources of power e.g coal-mines or
waterfall for electricity product which are gotten
from soil.
iv)Land provides employment : land help people of
a citizen to get jobs such as farming, fishing,
lumbering among others and this help to develop a
nation
==================
4a)
subsistence farming can be defined as the type of
agriculture which is concerned with the production
if food for the farmer and family only
4b)
crop farming can be defined as an agriculture
which deal with crop cash production e. G cocoa,
cashew, cowoea.
WHILE livestock farming can be defined as the
rearing of domestic animals e. G pig, fish etc
4c)
i)Credit facilities
ii)Extension of workers
iii)Construction of good road
iv)provision of social ameninites
=======================
6a)
Inflation is the rate at which the general level of
prices for goods and services is rising and,
consequently, the purchasing power of currency is
falling.
6bi)
i)growing economy
ii)expectation of inflation
iii)discretionary fiscal
6bii)
i)monopoly
ii)wage inflation
iii)exchange rates
==============
7a) Economic development can be defined as
efforts that seek to improve the economic well-
being and quality of life for a community
7b) -dependency on agricultural sector
-illiteracy
-production for self-consumption
7c)
-Currency Strength
The value of the U.S. dollar compared to other
foreign currencies such as the yuan, yen and the
pound is important even for companies that do not
import or export goods. Consumers have a choice
to purchase goods or services originating in the
United States or in other countries. If the U.S.
dollar strengthens, companies in the industry that
purchase inputs from other countries are able to
be more competitive in pricing. In industries that
are heavily reliant on foreign raw materials and
processing, such as the clothing industry, the
entire sector can be lifted or depressed with a
strengthening or weakening of the dollar.
-Government Intervention
Many industries are regulated by the government
in one form or another. Government agencies such
as the –Environmental Protection Agency, the
Food & Drug Administration or the U.S.
Department of Agriculture maintain standards that
all operators in an industry must follow for the
safety of consumers, employees, or natural
resources. Some industries are more heavily
regulated than others and new laws and rules can
shake up an entire industry and depress growth.
For example, new child toy safety laws
implemented under the Consumer Product Safety
Improvement Act in 2009 threatened to wipe out
many small toy producers as the requirements to
test and certify the toys were cost-prohibitive to
all but large toy manufacturers. Proposed changes
to the Act may help alleviate the burden on small
manufacturers and resellers.
-Environmental Impact
Economic growth in an industry can be impacted
not only by the environmental effect the products
or services have but also by consumers’
perceptions of that impact. For example, the
market for fur apparel declined drastically over the
course of a few years in the 1990s when
consumers perceived that raising and killing small
animals for their fur was both inhumane and a poor
use of land. Although the industry is once again
picking up with international demand, the number
of fur farmers in the country has substantially
declined. If the public views an industry’s products
or services as being harmful or unsafe, most
companies within the sector can experience a
marked decline in sales quickly.
-Overall Economic Health
The economic state of the country
confidence can also spur growth and development
or harm it. In recessionary times, consumers begin
limiting their purchases to the essentials,
foregoing luxury or big-ticket items. Companies
also scale back production, hiring and the
development of new products and services to
ensure that their finances can weather the storm.
In periods of overall economic growth, these
companies once again expand.
8ai)- Increased exports.
-Make use of surplus raw materials.
8aii) -Restrictions on immigration
– cross-border investment are abolished.
8b) A common market, or single market, have
advantages including consumers have more choice
and lower prices.
Disadvantages of the common market include that
monopolies may be formed.