Neco Economic answers 2021

Here the neco economics answers for 2021, congratulations.

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Completed!.

ECONOMICS-THEORYSPECIAL BONUSES; YOU ARE TO ANSWER FIVE (5) QUESTIONS ONLY.
ANSWER ONE (1) FROM SECTION 1 AND FOUR
(4) FROM SECTION TWO (2). PLS TAKE NOTE.

(1)
TABULATE

X: 20, 30, 40, 50, 60, 70

F: 10, 8, 20, 13, 6, 3

Fx: 200, 240, 800, 650, 360, 210

x-x-bar: -21, -11, -1, 4, 19, 29

(x-x-bar)²: 441, 121, 1, 81, 361, 841

F(x-x-bar)²: 4410, 968, 20, 1053, 2166, 2523

(1i)
Arithmetic mean (x-bar) = ∑fx/∑f = 2460/60 = 41

(1ii)
Variance = ∑f(x-x-bar)²= 11140/60 = 185.67

Standard deviation= √variance
= √185.67
= 13.63

(1iii)
(i)It does not give a fall range of the data
(ii)It can be hard to calculate
(iii)It only used with data where an independent variable is plotted against the frequency of it.

(2a)
%∆ in Quantity dd/ %∆ in income = 100/150
= 0.667

%∆ in Qty dd = ∆ In Qty dd/ old Qty dd * 100/1
= 10/10 * 100/1
= 100

%∆ in income = ∆ in income * 100/1
= 3000/2000 * 100/1
= 150

(2b)
Positive income elasticity: This is as a result of having more quantity demand for milk as income increases

(2c)
Luxurious goods

(2d)
(i) Change in price related commodity
(ii) Change in taste and fashion
(iii) Income of the consumer
(iv) Advertisement

(4a)
A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts

(4b)
(i)High price: Middlemen cause high price of goods by adding cost to the cost of goods

(ii) Increase in advertisement: The introduction of middlemen in the chain of distribution leads to high cost of creating awareness to the customer

(iii) Low profit: Middlemen will reduce the profit of the producer by increasing the cost of production for the producer

(iv) Decrease in production: Middlemen will lead to decrease in production of goods that will affect the price of the goods

(11)
(i)Source of revenue: To get most income into the government purse, taxes are imposed on goods coming in from other countries.

(ii)Reduction of unemployment: This discourages importation and encourage infant industries to survive which will create jobs for more unemployment people

(iii) To improve standard living: To help the citizens of a country to be self-sufficient and self reliant

(iv)Balance of payment deficit: It helps to correct a country’s balance of payment deficit in the long run

(v)Trade restriction: This enables the citizen to consume more locally made goods instead of foreign goods
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(3a)
Capital formation is a term used to describe the net capital accumulation during an accounting period for a particular country

(3b)
(i) Low level of Natural income and per capital income
(ii) Lack in demand of capital
(iii) Lack in supply of capital
(iv) Lack of Economic and social overheads
(v) Lack of skilled entrepreneurs
(vi) Lack of effective fiscal policy
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(10a)
Internal trade is the act of buying and selling of goods and services within a geographical area WHILE External trade is the buying and selling of goods and services between two or more countries

(10b)
=SIMILARITIES=
(i)They both engage in exchange of goods and services
(ii) They both engage in trade e
(iii) They both involve in the use of money to facilitate trade

=DIFFERENCES=
TABULATE

>INTERNATIONAL TRADE
(i) Buying and selling is between two or more countries
(ii) There is language barrier
(iii) It involves more documentation

>EXTERNAL TRADE
(i) Buying and selling is within a country
(ii) There is no language barrier
(iii) It involves low documentation