ECONOMICS OBJ
*by Mr"p *
*by Mr"p *
1-10: CBCACDADDC
11-20: DACADBACCD
21-30: BDCBCAABCD
31-40: CCACDDACBD
41-50: ADBADDCACA
💯💯💯💯💯
*Q1a.*
Terms of trade=(Index of Export prices/Index of import prices)*100%
Year 2013
(80/85)*100%
=94.118
Year 2014
(90/80)*100%
=112.5
Year 2015
(90/75)*100%
=120
*bi*.Favourable terms of trade
Year 2014 and year 2015
*1bii)*
There was unfavourable terms of trade in 2013 because the countries import exceeded the export of goods and services
Year 2013
*C.*
bi.There was favourable terms of trade in the year 2014 & 2015 Because the countries exports exceeded the countries import of goods and services
d.Trade is the exchange of goods and service
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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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:NO5
unemployment may be defined as a situation where some people who fall withing the ages of working population,capaple and willing to work are unable to obtain befitting work to do while under employment is a situation where by the potentialities of workers are not fully utilised
5bi
seasonal unemployment:this is caused by seasonal changes that affect some types of work.workers that work in road construction companies remain unemployed during rainy season.
*6a* Commodity money is money whose value comes from a commodity of which it is made. Commodity moneyconsists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
*6b*
I.Double Coincidence of Wants:
Ii.Absence of Common Measure of Value
Iii .Lack of Divisibility
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
3a) Optimum population refers to the size of a population that produces the best results according to chosen end targets
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
8 a )
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.
7)
Demand shedule is a table showing the quantity demanded of a good at different price level
*7b* THe Law of demand states that all things being equal The higher the price, the lower the quantity demanded or the lower the price the higher the quantity of goods 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
(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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