2018/2019 ECONOMICS(THEORY &OBJ) QUESTIONS & ANSWERS

2018/2019 ECONOMICS(THEORY &OBJ) QUESTIONS &
ANSWERS FROM EXAMSUCCESS247.COM
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INSTRUCTION: answer 1 question from SECTION A AND 3
QUESTIONS FROM SECTION BE
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OBJ
ECONOMICS OBJ:
1-10: CBCACDADDC
11-20: DACADBACCD
21-30: BDCBCAABCD
31-40: CCACDDACBD
41-50: ADBADDCACA

SECTION A
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(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.

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SECTION B
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(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
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(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 e.g OSBC 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.
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6a)
Commodity money is money whose value comes from a
commodity of which it is made.
6b)
i) determining the exchange rate among goods;
ii) barter economy also faced the problem of indivisibility
i.e. where one party to the exchange has an indivisible
item such as sheep;
iii) some goods to be exchanged were not easily portable;
6c)
i)as a medium of exchange it breaks transactions into
sale and purchase thus there is no need for double
coincidence of wants;
ii) as a unit of account it allows rate of exchange to be
easily determined;
iii) modern money has several units and facilities
exchange in small and large units;
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(7a)
The demand schedule, in economics, is a table of the
quantity demanded of a good at different price levels.
Given the price level, it is easy to determine the expected
quantity demanded.
(7b)
The law of demand states that the higher the price the
lower the quantity demanded and the low the price the
higher the quantity demanded
(7c)
(i) Competitive demand; Demand is said to be competitive
when a commodity is wanted to satisfy a want in place of
another similar commodity
(ii) Derived demand; This is a situation in which a
commodity is wanted not for its immediate satisfaction of
want but because of the demand for another commodity
(iii) Joint Demand; When two or more commodities are
wanted to satisfy one want at the same time
(iv) Composite demand; Demand is said to be composite
when a commodity is wanted to satisfy different wants for
instance, palm oil may be demanded for cooking
food,manufacturing of soap and pomade
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8a)
Tax is a compulsory contribution to state revenue, levied
by the government on workers’ income and business
profits, or added to the cost of some goods, services, and
transactions.
8bi)
progressive tax is a tax in which the tax rate increases as
the taxable amount increases.
8bii)
proportional tax is a tax imposed so that the tax rate is
fixed, with no change as the taxable base amount
increases or decreases.
8biii)
regressive tax is a tax imposed in such a manner that the
tax rate decreases as the amount subject to taxation
increases.
8ci)
Equality every person should pay to the Government
according to his ability to pay, that is in proportion of the
income or revenue he et jove onder the protection of the
State.
8cii)
Convenience
Is the sum, time and/manner of payment of a tax should
not only be certain but the time and manner of its
payment should also be convenient to the contributor.
8ciii)
Economy: The Government has to spend money on
collecting taxes levied by it- Since collection costs of taxes
add nothing to the national product, they should be
minimized as far as possible.
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