1ABBCABDCBA
11BABABDCBAB
21ACCBCBCDAC
31BBACDDCBDA
41ACADBACBBD
(2)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
(1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
(1bii)
Dependency ratio is 0-17
(1c)
Percentage of the population that constitute the labour
force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
(1d)
The population decliner because it reduce from the age
1-17 to 60 and above
(1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
===========================
(3a)
(i) Wants: Wants are desire to own goods and services
that gives satitisfaction.Human wants are insatiable andunlimited.Human beings have unlimited wants but the
resources are limited relative to the demand for them
(ii) Scarcity: It is the limited supply of reources which are
used for satisfaction of unlimited wants>It is the limited
in supply or shortage in supply of available resources
relative to demand for it.It arises as a result of the
inability of available resources to satisfy the unlimited
wants of man
(iii) Scale of preference: It is the arragement of wants in
order of imporatance.It is a list of individual wants in
order of their relative importance makes it easier for
choice to be made when we draw scale of preference
(iv) Opportunity cost: It is the expression of cost in
relation to the forgone alternative.It is the cost of the
alternative forgone
(3b)
(i) Satisfaction of human wants: Economics deals with
human being and the satisfaction of their numerous
needs with their limited available resources
(ii) Allocation of scarce resource: As a result of the fact
that the resources within the limt of human being are not
in abundance,It becomes necessary to study economics
so as to decide on the alternative uses of the scarce
resources to satisfy the unlimited resources
(iii) Rational decision: It enable us to take a rational
decision pertaining to business and other policy matters
(iv) Economic analysis: It enable us to build up theories
and tools of economic analysis
=================+++++++++===
5ai)Direct tax refers to the type of tax imposed directly
on income of individuals or organisation by government
or its agencyl
5aii)Indirect tax:This refers to taxes which are imposed
or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the
country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to
the appropriate tax authority
===========================
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
========================%
(8a)
(i) supply of money is the total amount of money
available for use in the economy at a given period of time.
(ii) Demand for money is the total amount of money whch
all individuals in economy wish to hold for various
reasons. It is the desire to hold money
(8b)
(i) transactionary motives
(ii) precautionary motives
(8c)
(i) The Price Level: If the price level increases, it means
that a given sum of money would buy fewer goods and
services. Fall in prices leads to an increase in the value of
money.
(ii) Inflation and Deflation: The value of money reduces
during inflation while the value of money increases
during Deflation.
(iii) volume Of goods and services: When more goods and
services are available while the supply of money remains
constant, the value of money will increase. More
commodities can be purchased with a given sum of
money.
(iv) The supply of money and it's speed or velocity in
circulation
(No6a)
Money market is a financial market for lending
and borrowing of short term loans while capital
market is a financial market for the lending and
borrowing of long-term loans
(No6b)
(i) Money market – central bank and
Commercial Bank
(ii) Capital market: Building societies and the
stock exchange.
Co
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Saturday, 17th September, 2016
Economics (Essay& Objective) 9.3
12.30pm
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