Economics OBJ:
1-10: BDDCCABBCB
11-20: CBBCCDABAB
21-30: ACBCBCACCB
31-40: ACCBACDDBB
41-50: BCDDAACBA
(1) '
tabulate '
sn:1,2,3,4,5 '
output:0,5,7,10 ,20, '
T.c:7,12,14,17, 27 '
AFC:0,7,3.5,2.3 ,1.25 '
ATC:0,12,7,5.6, 6.75 '
AVC:0,5,3.5,3.3 ,5 '
MC:0,5,2,3,10 '
'
(1ai) '
AFC=ATC-AVC '
=0-0=0 '
at2 '
AFC=ATC-AVC '
7-3.5 '
=3.5 '
AFC=ATC-AVC '
=6.75-5 '
=1.75 '
'
(1aii) '
MC=0 '
MC=5-0=5 '
MC=7-5=2 '
M=10-7=3 '
M1=20-10
(2) Mr smiths scale of preference:
items needed|price$.
Textbooks|5.00.
Shirt |2.00
shoes |3.00
trousers |3.00
notebooks|1.00
school fees|7.00
marthress|10.00 .
Mr. Smiths disposable income :$7.00.
(2ai)frm the scale of preference. Mr smith will spend his money on textbook and shirt.
(ii) the reason why he should expend his money on two items above is that they are the pressing need and his income is $7.00 whch wil meet the money cost of the items.
(2ai)frm the scale of preference. Mr smith will spend his money on textbook and shirt.
(ii) the reason why he should expend his money on two items above is that they are the pressing need and his income is $7.00 whch wil meet the money cost of the items.
3a)Peasant farming is the type of farming system where the farmer produces food for his family and his self.
(3aii)Comnercia l type of farming is where the farmers produce crops for their use and for sales. This involves theuse of machines like tractors etc.Labour is hired to executive it.
(3b) i). It serves as a revenue to d govt & d nation
(ii). Provision of food to d citizenry
(iii) it is d largest employer of labour hence; avenue 4 d creatn of employment opportunities
(iv) it provides cash goods 4 export, therefore leading to earning of foreign currencies
(v) it provides raw materials 4 d domestic industries.
(5a)
-stimulation of other sectors: the industrial sector stimulates the growth of other sectors
-improvement in standard of living: it leads to raising of standard of living of the people through production of goods and services.
-control of inflation: with modern technology, products car, machinery etc can be mass produced.
(5B)
-acquisition of skill: skills should be acquiredfor industrial operations
-local sourcing of raw materials: there should be exploitation of raw materials locally for industries
-creation of industrial zone: this will provide a cnducive environment with all the infrastructural facilities for the industries.
-good government policies: there should be good policies to encourage and protect local industries
[6a]
(i)direct taxes are levied on income of individuals and corporate bodies while indirect taxes are levied on consumption or individual and corporate bodies
(ii) tax yield from direct tax cam be pre-determined by thegovt while the indirect tax cannot be pre-determined
(iii)direct tax incidence falls on the tax payer whereas,the indirect tax incidence may be shared between the consumer or the producer depending on the price elasticity of demand
(iv)income from indirect tax is the major source of govt revenue while that of a direct tax is not the major sources.
(v)there is high tax evasion in the direct tax whereas,tax evasion is minimized in indirect taxes
(vi)indirect taxes discourage consumption,whe reas,direct taxes discourage workers.
(6b)
(i)it is used to discourage consumption of harmful product
(ii) it is used as a trade restriction instrument
(iii)it is used to discourage importation of some certain goods
(iv)it generates the highest source of income to the govt
(v)tax evasion is not possible
(vi) it is used as protection instrument
(12a) The four problems of barter economy are:
(i) problem of double coincidence of want- This was one ofthe major problems of barter economy as the individual has to look for someone that has what he or she want andat the sametime want to exchange it wit his own.
(ii) No store of value: perishable goods cannot provide store of value.
(iii) lndivisibilty: some comodity, example, house cannot easily be put denominations- thus making exchanhe dificult.
(iv) Constraint in borowing and lending operations of borrowing and lending is not possible in a barter ecomony.
(12b)
-mdium of exchange: it serves as a medium through whichpeople can exchange goods and services and it solve the problem.
-standard for deterred payments: it makes future payment possible when goods are bought on credit which barter can not do.
1-10: BDDCCABBCB
11-20: CBBCCDABAB
21-30: ACBCBCACCB
31-40: ACCBACDDBB
41-50: BCDDAACBA
(1) '
tabulate '
sn:1,2,3,4,5 '
output:0,5,7,10 ,20, '
T.c:7,12,14,17, 27 '
AFC:0,7,3.5,2.3 ,1.25 '
ATC:0,12,7,5.6, 6.75 '
AVC:0,5,3.5,3.3 ,5 '
MC:0,5,2,3,10 '
'
(1ai) '
AFC=ATC-AVC '
=0-0=0 '
at2 '
AFC=ATC-AVC '
7-3.5 '
=3.5 '
AFC=ATC-AVC '
=6.75-5 '
=1.75 '
'
(1aii) '
MC=0 '
MC=5-0=5 '
MC=7-5=2 '
M=10-7=3 '
M1=20-10
(2) Mr smiths scale of preference:
items needed|price$.
Textbooks|5.00.
Shirt |2.00
shoes |3.00
trousers |3.00
notebooks|1.00
school fees|7.00
marthress|10.00 .
Mr. Smiths disposable income :$7.00.
(2ai)frm the scale of preference. Mr smith will spend his money on textbook and shirt.
(ii) the reason why he should expend his money on two items above is that they are the pressing need and his income is $7.00 whch wil meet the money cost of the items.
(2ai)frm the scale of preference. Mr smith will spend his money on textbook and shirt.
(ii) the reason why he should expend his money on two items above is that they are the pressing need and his income is $7.00 whch wil meet the money cost of the items.
3a)Peasant farming is the type of farming system where the farmer produces food for his family and his self.
(3aii)Comnercia l type of farming is where the farmers produce crops for their use and for sales. This involves theuse of machines like tractors etc.Labour is hired to executive it.
(3b) i). It serves as a revenue to d govt & d nation
(ii). Provision of food to d citizenry
(iii) it is d largest employer of labour hence; avenue 4 d creatn of employment opportunities
(iv) it provides cash goods 4 export, therefore leading to earning of foreign currencies
(v) it provides raw materials 4 d domestic industries.
(5a)
-stimulation of other sectors: the industrial sector stimulates the growth of other sectors
-improvement in standard of living: it leads to raising of standard of living of the people through production of goods and services.
-control of inflation: with modern technology, products car, machinery etc can be mass produced.
(5B)
-acquisition of skill: skills should be acquiredfor industrial operations
-local sourcing of raw materials: there should be exploitation of raw materials locally for industries
-creation of industrial zone: this will provide a cnducive environment with all the infrastructural facilities for the industries.
-good government policies: there should be good policies to encourage and protect local industries
[6a]
(i)direct taxes are levied on income of individuals and corporate bodies while indirect taxes are levied on consumption or individual and corporate bodies
(ii) tax yield from direct tax cam be pre-determined by thegovt while the indirect tax cannot be pre-determined
(iii)direct tax incidence falls on the tax payer whereas,the indirect tax incidence may be shared between the consumer or the producer depending on the price elasticity of demand
(iv)income from indirect tax is the major source of govt revenue while that of a direct tax is not the major sources.
(v)there is high tax evasion in the direct tax whereas,tax evasion is minimized in indirect taxes
(vi)indirect taxes discourage consumption,whe reas,direct taxes discourage workers.
(6b)
(i)it is used to discourage consumption of harmful product
(ii) it is used as a trade restriction instrument
(iii)it is used to discourage importation of some certain goods
(iv)it generates the highest source of income to the govt
(v)tax evasion is not possible
(vi) it is used as protection instrument
(12a) The four problems of barter economy are:
(i) problem of double coincidence of want- This was one ofthe major problems of barter economy as the individual has to look for someone that has what he or she want andat the sametime want to exchange it wit his own.
(ii) No store of value: perishable goods cannot provide store of value.
(iii) lndivisibilty: some comodity, example, house cannot easily be put denominations- thus making exchanhe dificult.
(iv) Constraint in borowing and lending operations of borrowing and lending is not possible in a barter ecomony.
(12b)
-mdium of exchange: it serves as a medium through whichpeople can exchange goods and services and it solve the problem.
-standard for deterred payments: it makes future payment possible when goods are bought on credit which barter can not do.
objective now please!
ReplyDeleteU guys are 2much. Keep it . Pls dont 4get d all might maths next week.
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