*2019 VERIFIED NECO ECONOMICS ANSWERS*
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*2019 NECO ECONOMICS OBJECTIVE*
*Economics OBJ
1-10: EDCBEEEEBA
11-20: CAEADACEEB
21-30: ABCEEAEEBA
31-40: CECEABDABA
41-50: CBCDCCAABA
51-60: CAEDCCACDB
*2019 NECO VERIFIED ECONOMICS ANSWERS SOLVED BY Mr"p SOLUTION TEAM*
#####################
(1i)
Tabulate
Under Age group;
0 - 17
18 - 35
36 - 60
61 and above
Under population;
15,000
11,000
25,000
9,000
Total 60,000
Under sectoral angles
15000/60000*360°=90°
11000/60000*360°=66°
25000/60000*360°=150°
9000/60000*360°=54°
Draw the chart
18-35years
0-17years
36-60years
61and above Years
(1ii)
Dependency ratio
=(0-17years) + (61and above Years)/(18-35)+(36-60)
=15000+9000/11000+25000
=24000/36000
=2/3 or 2;3
(1iii)
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
(1iv)
% labour force = 11000+25000/60000 * 100%
=60%
*
(3a)
Scale of preference can be defined as a list of unsatisfied wants of an individual,firm or government,arranged inorder of priority ,starting from the most important to the least important.
(3b)
*[CHOOSE ANY FOUR]*
(i)Ranking of needs:Scale of preference helps us to rank our needs or wants in order of their relative importance
(ii)Identification of highest priority: Scale of preference assists individuals to identity quickly the most important needs among others
(iii)Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants
(iv)Efficient utilisation of limited resources: Scale of preference also helps individuals to make efficient utilisation of available resources
(v)Optimum allocation of resources: Scale of preference facilitates optimum allocation of resources
(vi)Maximisation of satisfaction: Scale of preference enables economic agents to maximise their satisfaction.
(vii)Financial prudence: Scale of preference does assist in managing our finances properly
[Complete NUMBER4
No 4(a)
Choose any definition
*the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
*The division of labour is the separation of tasks in any system so that participants may specialize. Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own.
No 4(b)
Merit
Pick any 3
Risk Reduction: An employee who performs the same task repeatedly by specializing in it is less likely to make a mistake. They are familiar with the pitfalls and issues that a nonspecialist performing that task would not know. For instance, someone who makes deliveries to the same places every day will know the roads and potential traffic issues better than someone who doesn’t drive that route all the time.
2-Solidarity: A big advantage of specialization is that employees feel a certain camaraderie with others in their department or skill set. It allows for a feeling of “we’re all in this together!” that bolsters morale and, in turn, improves performance. Even if an employee is a lone specialist in what they do, it still brings a feeling of immense pride.
3-Saves Money: Training one person to do a particular job saves money and time in training. Transferring or moving employees from a task they are skilled in to a task they are not means potentially wasting a lot of resources. The advantage of specialization in a task is that there is a virtual guarantee of not having to expend money to perform the same task over again because the specialist knows it very well.
,4-Accurate Time Management: Time wasted is money wasted. Training multiple people to do many tasks can result in all of them being at least okay at doing it, whereas a few people specializing in the task means it will be done more quickly and with greater ease.
Demerits
Inflexibility: If an employee who specializes in a task or procedure is not available when it must be done as soon as possible, then someone who is not as adept at it must take over. A nonspecialist performing a specialist’s job can lead to problems. This is a huge disadvantage of specialization. Taking the time to teach a newbie the ropes in an emergency results in a loss of time and money.
Isolation: When employees specialize in just one aspect of the company’s goal they may not feel connected to the whole process, to say nothing of feeling disconnected to coworkers. An innate satisfaction comes from understanding an entire procedure. Specialization can lead to a feeling of isolation, of being divided from the whole. A decline in work ethic is the danger here.
Complacency: Repetitive routine runs the risk of monotony, and boredom often leads to complacency, so much so that mistakes can happen. New tasks and routines engage the brain and body, forcing a concentrated focus. The disadvantage of specialization means taking the chance that complacency could lead to missteps, which can cost the company money and compromise safety
==========================================
*no 5*
5a) it is defined as a business organization wholly or partly owned by a scale and controlled through authority
Wild wizard team
*Disadvantages*
1)don't care attitude
2) political pressure
3) government interference
4)lack of competition
==========================
Saves Money: Training one person to do a particular job saves money and time in training. Transferring or moving employees from a task they are skilled in to a task they are not means potentially wasting a lot of resources.
Accurate Time Management: Time wasted is money wasted. Training multiple people to do many tasks can result in all of them being at least okay at doing it, whereas a few people specializing in the task means it will be done more quickly and with greater ease.
(7i)
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.
(7ii)
(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.
[9i)
Public revenue is the total income accrues to all levels of administration (local, state and federal) or government from various sources. It includes all the capital revenue (receipts) and recurrent revenue.
(9ii)
(i) Taxes
(ii) Commercial Revenue or Prices.
(iii) Fees.
(iv) License Fee.
(v) Special Assessment.
(i) Taxes: It is one of the most important sources of public revenue. Taxes are compulsory payments to Government without exec of direct return or benefit to the tax payer”. It is a compulsory contribution of a citizen for the service of the Government towards public expenditure.
(ii) Commercial Revenue or Prices: The price is the payment of goods and services sold to them by the government. For example, fares and freights charged by the railways or roadways for transport services or electricity charged paid by citizens for electricity consumption etc.
(iii) Fees: Fee is the payment made by citizen for non-economic services rendered by the
Government . It refers to a payment for special benefits received by a fee-payer. Fee is a payment for services rendered for the benefit of the whole society.
(iv) License Fee: A license fee is paid in such cases where the Government authority confer a permission or a privilege rather than to perform a service of a more tangible and definite sort. Registration fee is one of the examples of this kind of revenue.
(v) Special Assessment: Where the Government provides certain services to the residents of a particular locality by which the value of the properties of residents increases, the Government or the authority may impose a special type of levy based upon the increase in the value of properties, on the residents of that very locality which is known as special assessment or better merit levy.
(10i)
Trade by barter may be defined as a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange .
(10ii)
*PICK 4*
(i)Problems of double coincidence of wants: This involves looking for someone who is in need of what you have and at the same time has what you need. To do this amounts to a very serious problem.
(ii) No fixed rate of exchange: There is the problem of exchange rate determination between two products. Different rates of exchange have to be determined to cover every transaction before it can take place ,e.g how much of Garry will exchange for beans.
(iii) Wastage of time and effort: Barre system leads to waste of time and energy because one has to search for somebody to exchange the goods with.
(iv) Problem of indivisibility: Many goods cannot be divided into small convenient units because they are heavy and indivisible so it does not encourage divisibility.
(v) Problems created by bulkiness of some goods: Some of the goods to be exchanged are so bulky that one finds it difficult to carry them about.
11a)
Unemployment is a situation where some people who fall within the ages of the working population, capable and willing to work are unable to obtain befitting work to do.
11b)
i ) *Achieving industrialization:* Establishing many industries will create more employment opportunities.
ii) *Population Control:* Optimum population will help to to solve our unemployment problem because it will bring our population to equilibrium point with out resources.
iii) **Good development plans* schools and colleges should be established based on the available places that will absorb the products of these institutions
*NUMBER 12*
12(a)
Economic growth may be defined as the process by which the productive capacity of an economy increase over a given period ,leading to rise in level of the national income
*WHILE*
Economic development may be defined as the process whereby the level of national production (that is national income )or per capital income increase over a period of time.
12(b)
(i) To increase the level of employment:A good economic plan will ensure the increase in the level of employment in the economy.
(ii)To develop efficient technology:A good economic plan can promote a better and efficient technology.
(iii)To increase the real income of citizens:The real income of the citizens can easily be increased through a good economic planning
(iv)Equitable allocation of resources:Development plan is aimed at equal allocation of the country 's resources to all sectors of the economy.
(v)To bridge the gap between the rich and poor:A good economic planning ensures distribution of income more evenly among individuals and the socio - economic groups.
🔥 🔥 🔥 🔥 🔥 🔥 🔥
*===========================*
COMPLETED!.
*MISSION ACCOMPLISHED*
✔️✔️✔️✔️✔️✔️
💯💯💯💯💯*
*2019 NECO ECONOMICS OBJECTIVE*
*Economics OBJ
1-10: EDCBEEEEBA
11-20: CAEADACEEB
21-30: ABCEEAEEBA
31-40: CECEABDABA
41-50: CBCDCCAABA
51-60: CAEDCCACDB
*2019 NECO VERIFIED ECONOMICS ANSWERS SOLVED BY Mr"p SOLUTION TEAM*
#####################
(1i)
Tabulate
Under Age group;
0 - 17
18 - 35
36 - 60
61 and above
Under population;
15,000
11,000
25,000
9,000
Total 60,000
Under sectoral angles
15000/60000*360°=90°
11000/60000*360°=66°
25000/60000*360°=150°
9000/60000*360°=54°
Draw the chart
18-35years
0-17years
36-60years
61and above Years
(1ii)
Dependency ratio
=(0-17years) + (61and above Years)/(18-35)+(36-60)
=15000+9000/11000+25000
=24000/36000
=2/3 or 2;3
(1iii)
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
(1iv)
% labour force = 11000+25000/60000 * 100%
=60%
*
(3a)
Scale of preference can be defined as a list of unsatisfied wants of an individual,firm or government,arranged inorder of priority ,starting from the most important to the least important.
(3b)
*[CHOOSE ANY FOUR]*
(i)Ranking of needs:Scale of preference helps us to rank our needs or wants in order of their relative importance
(ii)Identification of highest priority: Scale of preference assists individuals to identity quickly the most important needs among others
(iii)Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants
(iv)Efficient utilisation of limited resources: Scale of preference also helps individuals to make efficient utilisation of available resources
(v)Optimum allocation of resources: Scale of preference facilitates optimum allocation of resources
(vi)Maximisation of satisfaction: Scale of preference enables economic agents to maximise their satisfaction.
(vii)Financial prudence: Scale of preference does assist in managing our finances properly
[Complete NUMBER4
No 4(a)
Choose any definition
*the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
*The division of labour is the separation of tasks in any system so that participants may specialize. Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own.
No 4(b)
Merit
Pick any 3
Risk Reduction: An employee who performs the same task repeatedly by specializing in it is less likely to make a mistake. They are familiar with the pitfalls and issues that a nonspecialist performing that task would not know. For instance, someone who makes deliveries to the same places every day will know the roads and potential traffic issues better than someone who doesn’t drive that route all the time.
2-Solidarity: A big advantage of specialization is that employees feel a certain camaraderie with others in their department or skill set. It allows for a feeling of “we’re all in this together!” that bolsters morale and, in turn, improves performance. Even if an employee is a lone specialist in what they do, it still brings a feeling of immense pride.
3-Saves Money: Training one person to do a particular job saves money and time in training. Transferring or moving employees from a task they are skilled in to a task they are not means potentially wasting a lot of resources. The advantage of specialization in a task is that there is a virtual guarantee of not having to expend money to perform the same task over again because the specialist knows it very well.
,4-Accurate Time Management: Time wasted is money wasted. Training multiple people to do many tasks can result in all of them being at least okay at doing it, whereas a few people specializing in the task means it will be done more quickly and with greater ease.
Demerits
Inflexibility: If an employee who specializes in a task or procedure is not available when it must be done as soon as possible, then someone who is not as adept at it must take over. A nonspecialist performing a specialist’s job can lead to problems. This is a huge disadvantage of specialization. Taking the time to teach a newbie the ropes in an emergency results in a loss of time and money.
Isolation: When employees specialize in just one aspect of the company’s goal they may not feel connected to the whole process, to say nothing of feeling disconnected to coworkers. An innate satisfaction comes from understanding an entire procedure. Specialization can lead to a feeling of isolation, of being divided from the whole. A decline in work ethic is the danger here.
Complacency: Repetitive routine runs the risk of monotony, and boredom often leads to complacency, so much so that mistakes can happen. New tasks and routines engage the brain and body, forcing a concentrated focus. The disadvantage of specialization means taking the chance that complacency could lead to missteps, which can cost the company money and compromise safety
==========================================
*no 5*
5a) it is defined as a business organization wholly or partly owned by a scale and controlled through authority
Wild wizard team
*Disadvantages*
1)don't care attitude
2) political pressure
3) government interference
4)lack of competition
==========================
Saves Money: Training one person to do a particular job saves money and time in training. Transferring or moving employees from a task they are skilled in to a task they are not means potentially wasting a lot of resources.
Accurate Time Management: Time wasted is money wasted. Training multiple people to do many tasks can result in all of them being at least okay at doing it, whereas a few people specializing in the task means it will be done more quickly and with greater ease.
(7i)
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.
(7ii)
(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.
[9i)
Public revenue is the total income accrues to all levels of administration (local, state and federal) or government from various sources. It includes all the capital revenue (receipts) and recurrent revenue.
(9ii)
(i) Taxes
(ii) Commercial Revenue or Prices.
(iii) Fees.
(iv) License Fee.
(v) Special Assessment.
(i) Taxes: It is one of the most important sources of public revenue. Taxes are compulsory payments to Government without exec of direct return or benefit to the tax payer”. It is a compulsory contribution of a citizen for the service of the Government towards public expenditure.
(ii) Commercial Revenue or Prices: The price is the payment of goods and services sold to them by the government. For example, fares and freights charged by the railways or roadways for transport services or electricity charged paid by citizens for electricity consumption etc.
(iii) Fees: Fee is the payment made by citizen for non-economic services rendered by the
Government . It refers to a payment for special benefits received by a fee-payer. Fee is a payment for services rendered for the benefit of the whole society.
(iv) License Fee: A license fee is paid in such cases where the Government authority confer a permission or a privilege rather than to perform a service of a more tangible and definite sort. Registration fee is one of the examples of this kind of revenue.
(v) Special Assessment: Where the Government provides certain services to the residents of a particular locality by which the value of the properties of residents increases, the Government or the authority may impose a special type of levy based upon the increase in the value of properties, on the residents of that very locality which is known as special assessment or better merit levy.
(10i)
Trade by barter may be defined as a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange .
(10ii)
*PICK 4*
(i)Problems of double coincidence of wants: This involves looking for someone who is in need of what you have and at the same time has what you need. To do this amounts to a very serious problem.
(ii) No fixed rate of exchange: There is the problem of exchange rate determination between two products. Different rates of exchange have to be determined to cover every transaction before it can take place ,e.g how much of Garry will exchange for beans.
(iii) Wastage of time and effort: Barre system leads to waste of time and energy because one has to search for somebody to exchange the goods with.
(iv) Problem of indivisibility: Many goods cannot be divided into small convenient units because they are heavy and indivisible so it does not encourage divisibility.
(v) Problems created by bulkiness of some goods: Some of the goods to be exchanged are so bulky that one finds it difficult to carry them about.
11a)
Unemployment is a situation where some people who fall within the ages of the working population, capable and willing to work are unable to obtain befitting work to do.
11b)
i ) *Achieving industrialization:* Establishing many industries will create more employment opportunities.
ii) *Population Control:* Optimum population will help to to solve our unemployment problem because it will bring our population to equilibrium point with out resources.
iii) **Good development plans* schools and colleges should be established based on the available places that will absorb the products of these institutions
*NUMBER 12*
12(a)
Economic growth may be defined as the process by which the productive capacity of an economy increase over a given period ,leading to rise in level of the national income
*WHILE*
Economic development may be defined as the process whereby the level of national production (that is national income )or per capital income increase over a period of time.
12(b)
(i) To increase the level of employment:A good economic plan will ensure the increase in the level of employment in the economy.
(ii)To develop efficient technology:A good economic plan can promote a better and efficient technology.
(iii)To increase the real income of citizens:The real income of the citizens can easily be increased through a good economic planning
(iv)Equitable allocation of resources:Development plan is aimed at equal allocation of the country 's resources to all sectors of the economy.
(v)To bridge the gap between the rich and poor:A good economic planning ensures distribution of income more evenly among individuals and the socio - economic groups.
🔥 🔥 🔥 🔥 🔥 🔥 🔥
*===========================*
COMPLETED!.
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