NECO 2019 - ECONOMICS ANSWER
Under Age group;
0 - 17
18 - 35
36 - 60
61 and above
Under sectoral angles
Draw the chart
61and above Years
=(0-17years) + (61and above Years)/(18-35)+(36-60)
=2/3 or 2;3
Since the ratio is high its going to lead to
(i)pressure to raise retirement age
(ii)higher government spending
(iii)lower tax revenue
(iv)reduction in productivity growth
% labour force = 11000+25000/60000 * 100%
Old price = ₦10,000
New Price = ₦16,000
Old quantity = 30 tins
New quantity = 40 tins
Income elastic of demand = percentage change in quantity demand / percentage change in income
=new Qd - old Qd /old Qd * 100% /new I - old I /old I * 100%
=100/3 / 60/1
=100/3 * 1/60 = 100/180
=0.56 ; demand is in elastic
It is an inferior goods, this is because more of milk is demand as the price increase. This, the higher the price of milk, the higher the demand for the milk .
(i) The value of a good’s elasticity of demand can tell you if it’s a necessary or a normal good.
(ii) The firm’s decision regarding the quantity of amount to be produced requires the knowledge of elasticity of the good.
(iii) If a tax is imposed, whether the burden of the tax will fall upon the consumers or producers can be inferred from elasticity values.
(iv) Value of cross price elasticity can tell you if the goods are substitutes or complements.
Division of labour is defined as the breaking down of a production process into a number of separate operations ,whereby each operation is undertaken or performed by one person or a group of persons
(i)increase in production: division of labour and specialisation lead to increase in production because the various experts along the production process work together to boost greater production.
(ii) Time saving:Division of labour helps to save time that would have been wasted in moving from one operation to another.
(iii) Development of greater skill: Division of labour enables each workers to develop greater skills through repetition of the same process
(i) Monotony and repetition: In division of labour,a worker perform the same job on daily basis,the job therefore becomes monotonous and boring to him and this may lead to Loss of interest in the job being done
(ii) Decline in craftsmanship: As a result of the use of machines in division box labour ,people no longer makes use of their skills in the production of goods,rather,they become machine minders.
Public enterprise is a business organizations established, owned, manages and financed with tax payers money by government of a country with the main motive of not making profit but to provide essential services to members of the public. Public Enterprises are owned by government.
(i)Government Interference: This results in square pegs being put in round holes as general managers and members of board of directors are appointed on political basis. An adage has it that he who pays the Piper dictated the tune.
(ii) Huge capital is needed: This goes further in making their establishment more difficult.
(iii) Delay in policy and decision formulation: This is because their decisions and policies are taken and made by members of the board of directors, subject to government ratification.
(iv)Bureaucracy: There are lots of complicated systems of administrations and a lot of red-tapism in them
Mortgage banks are financial institutions that extend collateralized credit to consumers and commercial customers while commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.
(i)Accepting Deposits; Commercial banks accept deposits from people, businesses, and other entities.
(ii)Lending of Funds; Another important activity is lending funds to customers in the form of loans and advances, cash credit, overdraft and discounting of bills , etc.
(iii)Financing Foreign Trade: A commercial bank helps in foreign trade by financing his customers and by accepting foreign bills of exchange.
(iv)Agency Service: A bank discharges agency services on behalf of its customers.
Trade by barter may be defined as the direct system and practice of exchanging goods for goods and services for services.
(i) It does not encourage Instalment payment: This is as a result of the difficulty in assessing the value and non durability of the commodities used for exchange.
(ii) Difficulty in accessing the value of commodities: For instance, it is difficult to determine how many tubers of yam will be equal to a basin of garri.
(iii) Exchange becomes uninteresting and unexciting: When one considers the ordeal one has to undergo in order to exchange one's goods and services with others, the interest and excitement one has for the exchange will disappear.
(iv) It does not encourage deferred payment: Deferred payment is a system whereby one buys a commodity and pays in future, under trade by barter, this is not possible because the goods used for exchange are not durable.