NABTEB GCE Advance Economics Question and Answer 2021/2022

NABTEB GCE Advance Economics Question and Answer 2021/2022

(i) Availability of natural resources.
(ii) Availability of raw materials
(iii) Technology
(iv) Availability of capital
Public Corporation are government owned establishment and enterprises through the act of parliament or statutes,decrees or edicts to provide essential social and welfare services to the people
(i) Owned by the state;
A public corporation is fully owned by the state and state is responsible in subscribing the whole of the capital.
(ii) Created by a special Act of legislature;
It is an autonomous corporate body created by special act of legislature and the powers, duties, immunities etc are defined by the Act.
Optimum population is the size of population which when combined with the available resources and level of technology will yield the highest output per head.
(i) The size of markets will increase: This should enable firms to take greater advantage of economies of scale.
(ii)There may be an increase in factor mobility if the rise has resulted from an increase in the birth rate or immigration.
(i) Collective bargaining: In this method, representatives of the union and employees will meet to negotiate or deliberate on issues affecting the workers.
(ii) Work to rule: This involves the slowing down of rate of work by the worker. They will come to work but the rate of work will be slowed down by the workers.
(iii) Picket lines: This involves the workers staying at the entrance of the factory and refusing to work.
(iv) Threat to strike: The workers’ union gives ultimatum to the employer that they will embark on strike if their demands are not met on time.
(i) Buying and Assembling
(ii) Selling
(iii) Collection and Supply of Market Information
(iv) Helps In Introducing New Products
Peasant farming can be defined as a localized system of agricultural farming usually operated on a small piece of land.
Commercial farming can be defined as a large-scale farming geared toward production of crops and livestock for commercial purposes with widespread distribution to wholesalers or retail outlets.
(i) Medium of exchange: It means that money can be used to make payments for all the transactions of goods and services
(ii) Measure of value: Money serves as a measure of value. The value of all goods and services is expressed in terms of money.
(iii) Standard of deferred payments: Money can be used conveniently for deferred payments which need to be paid by individuals. It has become the standard for payments made presently or in future.
(iv) Transfer of value: Money also serves for transfer of value. It facilitates buying and selling of goods not only in the domestic country but also in other parts of the world.
(i) Higher Profits since producers can sell at higher prices
(ii) Increase in Production
(i) Inequality in Income Distribution Increases
(ii) Harmful Effects on Capital Accumulation
(i) Change in demand is caused due to a change in own price of the commodity whereas change in quantity of goods demanded is caused due to a change in other factors affecting the demand for that commodity but the price remains constant.
(ii) Change in demand leads to a movement along the same demand curve whereas Change in quantity of goods demanded leads to a shift in the demand curve.
(iii) Change in demand occurs due to an increase or decrease in price of the commodity whereas change in quantity of goods demanded occurs due to change in other factors such as price of related goods, income of the consumer etc.
= Positive effects of petroleum industry on the economy of Nigeria are:
(i) Provision of revenue in form of petroleum tax/sales of petroleum products.
(ii) It is a source of foreign exchange.
= Negative effects of Petroleum industry on the economy of Nigeria are:
(i) The discovery of oil led to rapid monetary expansion which has caused a high rate of inflation
(ii) Oil exploration in Nigeria has caused ecological problem like pollution

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