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ECONOMICS NECO EXAM EXPO WILL BE POSTED FREE OF CHARGE.,... Click Here




Wednesday 19th June....

Paper I: Objective - Economics 10.00 am - 11.00 am

Paper II: Essay - Economics 11.00 am - 1.00 pm

Remain ONLINE



Econs OBJ:

1.DDBCBADCDE

11.DAADBDEDAC

21.CABBEAABEA

31.CCCDBABBCC

41.DAAEDDBEEE

51.EEBEBBCDCB

_THEORY_


(1a)fixed cost=rent=N10,0 00

(1b)
variable cost:
fuel(5000)
electricity(2,0 00)
maintenance of asset(2000)
depr on fixed asset(2000)
raw materials(30000 )
transportation( 2000)
salary of assistants(5000 )
total(50,000)

(1c)
total cost=fixed cost+variable
cost
=10,000+50,000
=60,000

(1d)
average cost =total cost/output
=60000/2500
#24

(1e)
(i)
total
revenue=#50*250 0=#125,000
(ii)profit=125, 000-60,000

(7)
-acceptance of deposit:
commercial banks accept
deposits from the public for safe
keeping.
-lending of money: this is the
most profitable function of
commercial banks.
-agent of payment:commerc ial
banks can act as agent of
payment on behalf of their
customers
-safe keeping of
valuables:
commercial banks can act as
agent of payments on behalf of
their customers
-safe keeping of valuables :
commercial banks keep
customers' valuables such as
jewellery, will,etc.
-discounting bill of exchange:-
creditors can be paid by the
bank immediately by discounting
bill of exchange for their
customers.

(11a)
. economic growth may be
described as the process by
which the productive as the
process by which the productive
capacity of an economy
increases over a given
period,leading to a rise in the
level of the national income.
Economic development may be
define as the process whereby
the level of national production
or per capital income increases
over a period of time.

(11B)
-dependence on agriculture
-high dependence on foreign
nations
-low savings and investment
-low per capital income
-low standard of living
-Dependence on agriculture:-
Majority of the developing
countries depends mainly on
agriculture as a source of
income.
-High dependency on forign
nations:- Most of these
develpoing nations depend
greatly on forign countries for
their survival.
-Low savings and investment:-
labour receives low income and
this reduces savings and
investment.
-low standard of living:- the
standard of living in these
countries is generally low.
-low per capital income:- the per
capital income in all developing
economics is generally low.

(4a) Demographic transition
theory is the transfiguration or
changes a country's population
structure undregoes as a result
of economic development.

(4b)
-First stage: the pre
industrializati on:- This stage is
characterised b y high fertility
rate and high mortality rate.in
this stage the population is
either static or incresing
decreasing at a low rate.
-Second stage: this stage is
known as the sub-stages as
follows,early transitional stage
middle transitional stage,Late
transitional stage.

(10)
(i)one of the negative
contribution of petroleum to
nigeria economy is the
contribution to environmental
pollution.
(ii)The discovery of petroleum in
nigeria led to the neglect of
agricultural sector.
(iii)Rural urban drift: petroleum
industry influnces the rural
urban drift because much of
labour force in the rural areas
will move to where the
petroleum industry is
concentrated purposely for
employment opportunity.
(iv)huge spending of petro-naira
earnings by nigeria government
has tremendously brought about
increased inflation in the nigeria
economy.
(v)the activities of the petroleum
products smuggles could be
attached to the petroleum
industry because their industry
because their industry
encourages them.

(9)
(a) Tax base:- it refers to the item
which is taxed. this includes
personal income, imports and
exports, properties
(b) Tax burden:- this refers to
the amount paid as tax and the
burden of taxation lies on the
person who finally pays the tax.
(c) Tax rate:- it refers to the
percentage of tax base which is
to be paid as tax, eg 10% of
income
(d) Tax incidence:- it refers to the
point at which the tax burden
finally resets. The incidence of
taxation lies on the person who
finally pays the tax.








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