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ECONOMICS. ANSWERS


Economics Obj and Theory Questions And Answers.

*ECONOMICS OBJECTIVE* NIGERIA
ECONOMICS OBJ:
1-10: CBCACDADDC
11-20: DACADBACCD
21-30: BDCBCAABCD
31-40: CCACDDACBD
41-50: ADBADDCACA
_GHANA AND SIERRA LEONE_
01-10: *dbacabadcc*
11-20: *aabbaaabab*
21-30: *cadccdadcc*
31-40: *cccbdaccaa*
41-50: *abdbbbbcdb*

THEORY ANSWERS
1a)
Calculate The Value Of Visible Exports
120 ,000 ,000 40,000 ,000 , 80,0000
= 240 ,000 ,000
1b)
Calculate The Balance Of Trade For The Country visible export
80,000 ,000
120 ,000 ,000
40,000 ,000
visible import
140 ,000 ,000
80,000 ,000
50,000 ,000
Total= 240 ,000 ,000 – 270 ,000 ,000
= – 30,000 ,000
1c)
List The Items Of Invisible Exports And Import
export
i) tourism
ii) shipping and insurance
import
i) bank services
ii) insurance
1d)
Calculate The Current Account balance of the country 120 ,000 ,000 40,000,00 45,000 ,000 60,000 ,000 80,000 ,000 / 140 ,000 ,000 80,000 ,000 50,000 ,000 60,000 ,000 40,000 ,000
= 345 ,000 ,000 – 370 ,000 ,000
= – 25,000 ,000
1e)
Is the country developed or developing ? Give one reason for it. The country is developy because the value of import is greater than the value of exports
=====================
(2a)
Pls put in a tabular form:
Under Output(kg):
0, 15, 35, 60, 85
Under variable cost($):
0, 30, 55, 75, 90
Under Total cost ($):
15, 45, 70, 90, 105
Under Total revenue($):
0, 30, 70, 120, 170
(2ai)
at output 0; marginal revenue (M. R)
= $0.00
at output 15; M.R = TR2-TR1
=30 – 0 = $30.0
at output 35; M.R = TR3 – TR2
70 – 30 = $40.0
at output 60; M.R = TR4 – TR3
=120 – 70 = $50.0
at output 85; M.R = TR5 – TR4
= 170 – 120 = $50.0
(2aii)
at output 0, marginal cost (mc) = $0.00
at output 15, mc = TC2 – TC1
= 45 – 15 = $30.00
at output 35, mc = TC3 – TC2 = 70 – 45 = $25.0
at output 60, mc = TC4 – TC3
= 90 – 70 = $20.0
at output 85, mc = TC5 – TC4
= 85 – 60 = $25.0
(2b)
(i) The firm broke even at output 60kg.
(ii) The firm made the highest profit at output level 85kg.
(iii) The firm attained equilibrium at output 35kg.
(2c)
The firm operates on a project market structure.

(3a)
Optimum population may be defined as that population which is neither too small nor too large, but when combined with the available resources and given the level of existing technology secure a maximum return per head
(3b)
– It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population
– Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases
– It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,
(3c)
– Family planning; Family planning which involves giving birth to controllable number of children, adopted in a country will help to check of control both growth and over population
– Sex education; Through this, people are taught the implications of involving in any type of sex and how to do it without having unwanted pregnancy
– Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control
=-=-=-=-=-=-=-=-=-==-=-=-=-
(4a) State owned enterprises are public companies established by the act of parliament and control by the board of directors in order to produce essential services for the citizens. Some state owned enterprises are owned by the state government é.g 05BC while others are owned by the federal government e.g NPA, NRC etc.
(4b)(I) Huge capital outlay :- Public corporations exist because of the huge capital involved.
(II) Welfarism :- Government set up state owned enterprises in order to enhance the well being of the citizens.
(iii) Equitable distribution of wealth public corporations are established in order to ensure even distribution of resources.
(4c)(i)
Inefficient management :- poor management affect the effectiveness of public corporation.
(ii)
Corruption :- political interference in the management of state owned enterprises promote corruption in the system.
(iii)
Lack of willingness on the part of staff of public corporations affect the efficiency of the enterprises. =-=-=-=-=-=-=-=-=-=-=-

=======GOODLUCK======


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