COMPLETE NABTEB ECONOMICS ESSAY AND OBJ

(1a) Qd=60-10P at P=#1 Qd=60-10---------(1) =60-10 =50 at P=#2 Qd=60-10-------(2) =60-20 =40 at P=#3 Qd=60-10--------(3) =60-30 =30 (1b) Qs=30+5P at P=#1 Qs=30+5--------- (1) =30+5 =35 at P=#2 Qs=30+5-------(2) =30+10 =40 at P=#3 Qs=30+5--------(3) =30+15 =45 (1c) Complete the table below by filling the Qd and Qs1 columns P(#)| Qd | Qs1| Qs2 1 | 50 | 35 | 50 2 | 40 | 40 | 60 3 | 30 | 45 | 70 Present the table in a graph, Click Here for the table graph. (1d) Excess supply over demand. ========================== (3a) (i) How to produce (ii) When to produce. (iii) For whom to produce (iv) What to produce (3bi) how to produce. This is referred to as technique of production. Every society should take decision on how it will use the scarce resources to produce goods efficiently and effectively. (ii) For whom to produce. This problem relates to distribution. A society should determine how its products should be distributed among the various components in an effective way. (iii) What to produce. One of the major problems of economic is what goods and services to produce and in what quantities. This problems arises from the fact that human wants are unlimited but the resources are scarce. (iv) When to produce. This problem related to the efficient use of resources. Are the resources being fully utilised or some of them lying idle. Every society tries to allocate resource efficiently to produce the highest production level at the least positive cost ========================== (4a) Economic planning is a deliberate and conscious effort on the part of government to give meaningful direction to the economy by guiding and coordinating public policies towards efficient allocation of resources in order to ensure growth and development. (4b) Reasons for economic planing. (i) To promote growth and development. Planing takes place to ensure that the e economy is able to achieve sustained growth and accelerated development. (ii) To ensure productivity. Government through planning helps to mobilize scarce resources needed for production. This has helped to increase the Level of productivity. (iii) To reduce rural urban migration. Planning are major tools by which government try to reduce rural and urban imbalances. Products to develop the rural areas are imbedded in the plans. (iv) To strengthen market mechanism. If the market mechanism is not perfect, the government can introduce policies to remove such imperfections. To mobilise and utilise resources to overcome such problems is a major reason for development planning. (v) To achieve economic self sufficient. A deliberate and conscious effort to give control and directions to any economy is aimed at achieving self reliance and sufficiency. Goods imported can now be produced locally. ========================== (5a) (i) In perfectly competition market there are no selling cost because products are homogeneous while in monopolistic competition there are selling cost because of differentiation of products. (ii) Perfectly competition demand curve is perfectly elastic while demand curve is elastic and slope downward in monopolistic. Competition (iii) In the long run firms are of the optimum size in perfectly competition while firms are less than optimum in monopolistic competition. (5b) (i) Free movement of factors of production (ii) Consumers satisfaction will be maximized (iii) Full employment of all resources (iv) Free operations of market forces ========================== (6a) Capitalising is an economic system characterized by private ownership of means of production and distribution and their operations for profit under competitive conditions. Allocation of resources is determined by decision of private individuals. (6b) Advantages Of Capital Economic System. (i) Freedom of private ownership of property. Private individuals are free to own properties without interference from the government. Each individual controls what he owns. (ii) Profit maximisation. The driving force of a free market economy is profit maximization. Business organization are motivated by profit. They produce purposely to make profit. (iii) Self regulating. There is no need for the government to intervene in the workings of economy. (iv) Freedom of choice. There is freedom of choice on the part of the consumers and producers. The consumer is free to choose what to consume. ========================== (8a) Money market is a market for lending nd borrowing of short term fund for investment. It is a collective name given to various individuals or institutions that have money to lend or wish to borrow on a short term basis. (8bi) Facilities transfer of fund. Through money market excess fund can be transferred from one sector to another where it can be productively put to use. (ii) Promotes liquidity and safety of financial assets. Money market promote the liquidity and safety if financial assets. (iii) Encourage investment. It provide local investment outlets for reception of funds in Nigeria (iv) Use of surplus funds. Financial institutions can make use of their surplus funds for profitable purpose withing a short period of time. (8c) (i) Central bank (ii) Finance houses (iii) Discount houses (iv) Commercial banks ECONOMICS OBJ: 1-10 CBCBDCB-BB 11-20 CCCCAABA-D 21-30 CBBAC---CD 31-40 CDACDACDDA 41-50 ACA---DBC-