TUESDAY, 1st August, 2023
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Our team of expert educators has carefully crafted comprehensive, accurate, and up-to-date answers and questions for this year’s exam, ensuring that you are fully equipped to tackle every challenge that comes your way.
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INSTRUCTIONS:- Answer any one(1) Question from the SECTION A and any four(4) Questions from SECTION B
(1a)
Population Growth Rate = ((Current Year Population - Previous Year Population) / Previous Year Population) * 100
(i) The population growth rate in 2000 : ((85-105)/105) x 100% = -19.05%
(ii) The population growth rate in 2001 is: ((65-85)/85) x 100% = -23.53%
(iii) The population growth rate in 2002 is: ((70-65)/65) x 100% = 7.69%
(1b)
Percentage of Working Population = (Working Population / Total Population) * 100
(i) The percentage of the working population in 1999 is: (45/105) x 100% = 42.86%
(ii) The percentage of the working population in 2000 is: (25/85) x 100% = 29.41%
(1c)
(i) Economic growth: A working population contributes to the growth of the economy by producing goods and services. They also pay taxes which can be used for the development of infrastructure and other public services.
(ii) Reduced dependency ratio: A working population reduces the dependency ratio, which is the ratio of non-working individuals to working individuals. This means that there are more people who are able to support themselves and others who are unable to work, such as children and the elderly.
(2a)
Price (₦) | Quantity Demanded
------------|------------------
200 | 100
80 | 150
(2b)
Elasticity of demand = (Percentage change in quantity demanded) / (Percentage change in price)
Percentage change in quantity demanded = (New quantity demanded - Old quantity demanded) / Old quantity demanded * 100
= (150 - 100) / 100 * 100 = 50%
Percentage change in price = (New price - Old price) / Old price * 100
= (80 - 200) / 200 * 100 = -60%
Elasticity of demand = (50% / -60%) = -0.83
(2c)
The nature of elasticity in (-0.83) is inelastic.
Reasons:
(i) The coefficient of price elasticity of demand is less than 1 indicating that the demand for milk is relatively unresponsive to price changes. This suggests that even though there was a significant decrease in price the increase in quantity demanded was relatively smaller.
(ii) Inelastic demand typically occurs for products that are necessities or essential goods. Milk is considered an essential food item so even when the price decreases consumers are still likely to purchase it due to its necessity.
(2d)
(i) The price of the good or service
(ii) The income of consumers
(iii) The availability of substitute goods or services.
(4a)
An entrepreneur is a person who takes on financial risks to create or grow a business venture, with the aim of making a profit.
(4b)
(i) Innovation: Entrepreneurs are often innovative and creative, bringing new ideas and products to the market. This can help to stimulate growth and competitiveness, and can result in increased profits for the business.
(ii) Job creation: Entrepreneurs are often responsible for creating new jobs, which can help to reduce unemployment and stimulate economic growth.
(iii) Risk-taking: Entrepreneurs are willing to take on financial risks in order to grow their businesses. This can lead to increased investment and growth, and can help to stimulate the economy.
(iv) Competition: Entrepreneurs can help to stimulate competition in the market, which can lead to increased efficiency and lower prices for consumers.
(v) Economic development: Entrepreneurs can play a key role in driving economic development, particularly in developing countries. By creating new businesses and investing in new technologies, entrepreneurs can help to stimulate growth and create new opportunities for people.
(5a)
Specialization is the process of focusing on a specific task or skill in order to become more efficient and productive in that area. It involves individuals or organizations choosing to concentrate on a narrow range of activities and becoming highly proficient in those particular tasks.
(5b)
=Advantages of Division of Labour=
(i) Increased efficiency: When individuals or organizations specialize in a specific task they can develop expertise and skill in that area. This leads to increased efficiency and productivity as they become faster and more adept at carrying out the task. By allocating specific tasks to individuals who are skilled in those areas overall productivity is maximized.
(ii) Time-saving: Division of labor allows individuals to focus on their specific tasks eliminating the need to switch between different activities. This saves time and reduces the chances of errors or delays that could occur when switching tasks. By streamlining the workflow and reducing time wasted on transitioning between tasks the overall time taken to complete a project or produce a good is decreased.
(iii) Specialization leads to innovation: When individuals or organizations concentrate on a specific area they tend to become experts in that field. This depth of knowledge and experience often leads to innovation and advancements within that area. Specialized workers can come up with new techniques processes or ideas to improve their work leading to better quality products or services.
=Disadvantages of Division of Labour=
(i) Lack of versatility: Specialization in a particular task or skill can limit an individual's ability to perform different tasks. This can make them less adaptable and flexible in a changing work environment. If there is a need for individuals to perform multiple tasks lack of versatility due to specialization can be a disadvantage.
(ii) Monotony and job dissatisfaction: Specialization often involves repetitive tasks that can become monotonous over time. This can lead to job dissatisfaction and lack of motivation among workers. The lack of variety in tasks can also lead to boredom and burnout which can have negative effects on job performance and overall morale.
(6a)
Economic integration refers to the process of removing barriers to trade and investment between different economies in order to promote closer economic ties and cooperation. It involves the creation of a single market and the establishment of common policies and regulations among participating countries or regions.
(6b)
(i) Increased trade: One of the primary goals of economic integration is to promote trade among participating countries. By eliminating tariffs quotas and other trade barriers countries can experience a significant increase in the flow of goods and services across borders. This leads to expanded markets for businesses increased efficiency and greater choice and lower prices for consumers.
(ii) Enhanced economic growth: Economic integration can stimulate economic growth by creating new opportunities for businesses and promoting investment. When countries come together to form a larger market it can attract more domestic and foreign investment leading to increased production and economic activity. This can result in higher levels of employment income and overall economic prosperity.
(iii) Access to larger markets: Economic integration allows businesses to access larger markets beyond their own domestic market. This can be especially beneficial for small and medium-sized enterprises (SMEs) that may have the or on a larger customers and opportunities growth which can up and become more
(iv) Economies: Economic integration facilitates the consolidation of of of scale countries their economies businesses can production volumes which to cost savings and increased. This can particularly advantageous require significant investments technology as they can their fixed larger customer base.
(v) Cooperation: Economic foster closer political cooperation and likelihood of conflicts or disputes among participating countries. By working together to create common policies and regulations countries develop a greater sense of trust and interdependence.
This can lead to stronger diplomatic ties increased regional stability and improved prospects for collaboration in other areas such as security environmental protection and social welfare.
(7a)
Economic growth refers to an increase in the production of goods and services in a country over a period of time, while economic development refers to the improvement in the living standards of people in a country over a period of time.
(7b)
(i) Low per capita income: Developing economies are characterized by low per capita income, which means that the average income of people in these economies is low.
(ii) High poverty rate: Developing economies are characterized by a high poverty rate, which means that a large percentage of the population lives below the poverty line.
(iii) High unemployment rate: Developing economies are characterized by a high unemployment rate, which means that a large percentage of the population is unemployed or underemployed.
(iv) Low levels of infrastructure: Developing economies are characterized by low levels of infrastructure, which means that basic amenities such as roads, electricity, and water supply are inadequate.
(v) Dependence on primary sector: Developing economies are characterized by a dependence on the primary sector, which means that a large percentage of the population is engaged in agriculture and other primary activities.
(8a)
Consumer Surplus: This is the difference between what consumers are willing to pay for a good or service and the actual price they pay.
(8b)
Balance of Payment Deficit: This is a situation where a country's imports (goods, services, or financial assets) exceed its exports. It signifies more money leaving the country than coming in.
(8c)
Terms of Trade: This refers to the ratio at which a country's exports are exchanged for its imports. It is an indicator of a nation's economic health.
(8d)
Elasticity of Demand: This is a measure of how much the quantity demanded of a good changes when its price changes. If the quantity demanded changes significantly when the price changes, the demand is said to be elastic.
(8e)
Budget Surplus: A budget surplus occurs when income, typically via taxes, exceeds government spending within a specific period, usually a fiscal year. This allows the government to pay down debt, invest, or save for future spending.
(10a)
Mechanized farming refers to the use of various equipment and machinery to enhance the efficiency and effectiveness of farming practices. This might include the use of tractors, harvesters, irrigation systems, drones for crop monitoring, automated feeders for livestock, and other advanced technology.
(10b)
(i) Employment Generation: Agriculture is the largest employer of labor in Nigeria, providing jobs for millions of citizens and reducing unemployment rates.
(ii) GDP Contribution: As of my knowledge cut-off in 2021, Agriculture contributed about 23.8% of Nigeria's Gross Domestic Product (GDP), making it a significant player in the economy.
(iii) Foreign Exchange Earnings: Agricultural exports, such as cocoa, palm oil, cashew nuts, and others, earn foreign exchange which helps in balancing the country's external trade.
(iv) Provision of Raw Materials: Agriculture provides raw materials for industries such as food processing, textiles, and breweries, thus fostering industrial development.
(v) Food Security: By producing food crops, Nigeria can ensure food security and reduce its dependence on food imports.
(12a)
Cooperative Society is a voluntary association of individuals united by common economic, social, or cultural needs and aspirations. They come together to form a democratically controlled enterprise.
(12b)
(i) Personal Savings: This is the most common source of finance for small businesses where the entrepreneur uses their personal savings to start a business.
(ii) Retained Earnings: This is the profit that a company has earned but not yet distributed to its owners. Instead, it's reinvested back into the business.
(iii) Bank Loans: Banks offer loans which businesses can use to finance their operations. They will have to pay back the loan with interest over a period of time.
(iv) Equity Finance: This involves selling a portion of the business to investors in return for capital. This could be through selling shares to the public (IPO) or private equity investment.
(v) Trade Credit: Suppliers may offer goods or services to businesses on credit. This allows businesses to delay payment, effectively giving them short-term financing.
