Economics (Theory and Obj) Answers

Economics Objective:

1-10: BCDBBBCCBA
11-20: CCCCCDCCBD
21-30: BBCADCABAB
31-40: CAABBCDBDD
41-50: BDCABBBACA

"""""" *Section A* """""""
*Questions 1*
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai % change in demand= (800-600)*100
-------------------------------
800 =200/800*100% =25%
%change in price=500-450*100%
------------------------------- 450 =50/450*100% =11.11%
% elasiticy of demand =%change in demand /% change in price =25%/11.11% =2.25%
2a) Qd = 30 - P Qs = 15 2 P
Demand and Supply schedule for the market:
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qd = 30 - P when P = 2
Qd = 30 - 2 = 28
Qd = 30 - P when P = 4
Qd = 30 - 4 = 26
Qd = 30 - P when P = 7
Qd = 30 - 7 = 23
tabulate again
supply schedule
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qs = 15 2 P when P = 2
Qs = 15 2 ( 2 ) = 15 4 = 19
Qs = 15 2 P when P = 4 Qs = 15 2 ( 4 )
= 15 8 = 23
Qs = 15 2 P when P = 7 Qs = 15 2 ( 7 )
= 15 14 = 29
2bi) Equilibrium quantity
Qd = 30 - P
Qd = 30 - 5
Qd = 25
2bii) At P =$ 3
Qd =30 - p
Qd =30 - 3
Qs =15 2 p
= 15 2 ( 3 )
= 15 6
= 21 apples
excess demand = 27 -21 = 6 apples
2ci) Tabulate
Qd =40 - p
Price ( $ ) : 2 ,4 ,7
Qd : 38 ,36 ,33
2 cii ) i ) it represent an increase in demand
2 ciii) i ) the two schedules show that there is a corresponding increase in demand for apples for ten ( 10 ) at each price
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*SECTION B CHOOSE ANY 3 ANSWERS BELOW*

3a) Land: It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface
3 b ) i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible Powers
3c)
-Fishery purposes: Land is used for fishery in rivers, seas and oceans. Fish ponds are also developed
- Wildlife purpose: Land is used for wildlife conservation, e.g game reserves and national parks.
-Livestock purpose: Land is also used for livestock production (I.e rearing of animals), e.g cattle, sheep, goat, poultry, e.t.c
-Farming purpose: Land is used for the cultivation of both food and cash crops, e.g maize, yam, cocoa, etc.
4a) subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only
4b) crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowoea. WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc
4c -Credit facilities
-Extension of workers
-Construction of good road
-provision of social ameninites
6a) Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
6bi) -growing economy
-expectation of inflation
-discretionary fiscal
6bii) -monopoly
-wage inflation
-exchange rates
8ai)
- Increased exports.
-Make use of surplus raw materials.
8aii)
-Restrictions on immigration
- cross-border investment are abolished.
8b) A common market, or single market, have advantages including consumers have more choice and lower prices.
Disadvantages of the common market include that monopolies may be formed.