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ECONOMIES (OBJ & ESSAY) NECO GCE 2015 FREE EXPO ANSWERS




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Monday 16th Nov. 2015
ECONOMIES (OBJ & ESSAY)
2.00PM-5.00PM
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ECONOMICS OBJ:
1BAAEECACEE
11EBCDADECAA
21ABBEEDCBBA
31EADEEDDCEE
41DEEEBAAEDE
51BBECADECDC

(3a)
Division of labour can be defined as the breaking down of a production process into a number of separate operations whereby each operation is undertaken by one person or group of people

(3b)
-Time saving: Division of labour saves time that would have been wasted in moving from one operation to another
-Development of greater skill: It enables each worker to develop greater skill through repetition of the same process
-Large scale of production: It leads to large production of goods
-It leads to specialisation: It makes one to be a specialist in the performance of a particular job



(6)
-Personal savings: He can obtain capital from previous savings.He can use his personal income as the initial capital to start a the business

-Loan from friends: He can also raise capitals by borrowing from his friends and relatives

-Trade credit: He can also obtain capital by purchasing goods oe in the form of loan or an overdraft

-Grants from government:Government can release capital to its agencies in support of certain his constitute capital for such person.



(7)
-Reduction in company tax: This is because every industrialist wants to maximise his profits

-Reduction in import duties:This and availability of foreign exchange for the importation of machinery and raw materials will attract more investors

-Provision of infrastructural facilities: These includes good roads,air and seaports,electricity etc.This will attract investors.

-Provision of medical facilities: More hospitals should be built,equipped with drugs and more doctors and nurses posted to them. This will assure the would be investors of good health condition and dismiss the erroneous notion the foreign investors may have that West Africa is white man's grave

-Relaxing industrial laws: One of such laws is the indigenization and nationalization policies of the government



(2a)
Given that
Qd = 500-50p
Qs = 150+20p
(i) Equilibrium price
At Ep, Qd = Qs
=500-50p = 150+20p
=500-150 = 20p+50p
=350=70p
p=350/70
p=5
.:. Ep = N5

(ii) Equilibrum quantity
150+20p=Qs
150+20*5=Qs
150+100=Qs
250=Qs
.:.Eq = 250 units

(2b)
Qd=500-50*6
=500-300
=200

(i)
50/200 * 100
=25%
Qs=150+20*6
150+120

(ii)(270-250)/250 * 100
20/250 * 100= 8%



(9)
-Illiteracy and ignorance: Many people of Nigeria are illiterate and ignorant therefore they do not understand the meaning of census. As a result of this twin problems people tend to associate census and tax payment and therefore run away on sighting census personnel

-Lack of trained manpower: Lack of trained experts such as demographers, statisticians etc needed through census leads to inaccurate population census

-Superstition: The taboo in many communities in Nigeria that the number of people in the family should not be counted is supported by superstitious belief that


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Posted By KellyChi On 01:57 Mon, 16 Nov 2015

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