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(3a)
Price Elasticity of Demand measures the responsiveness of the quantity demanded of a good to a change in its price, all other factors being constant.
Formula: PED = (% Change in Quantity Demanded) / (% Change in Price). Income Elasticity of Demand measures the responsiveness of the quantity demanded of a good to a change in consumer income, all other factors being constant. Formula: YED = (% Change in Quantity Demanded) / (% Change in Income)
(3bi) Government:
It helps in assessing the impact of taxes on consumer behavior. Inelastic goods may bear the burden of taxes without a significant reduction in quantity demanded.
It affects decisions related to public services pricing, as inelastic goods may be charged higher without a sharp decline in demand.(ads)
(3bii) Monopolist:
It guides a monopolist in setting prices. If demand is elastic, lowering prices may increase total revenue, while inelastic demand allows for higher prices without a significant loss in revenue.
(3biii) Devaluation of Currency as it Affects Exports:
It helps understand how changes in the currency value affect the demand for exports. If the PED for exports is elastic, a devaluation may lead to a proportionally larger increase in export demand.
(3biv) Trade Unions' Agitation for Wage Increase:
It provides insight into how consumers might react to changes in prices resulting from wage increases. If PED for certain goods is elastic, consumers may be more sensitive to price increases, and the impact on demand should be considered in wage negotiations.(ads)
(5a)
Crop farming refers to the cultivation and production of plants for food, fiber, or other commercial purposes. It involves the systematic and organized growing of crops such as grains, vegetables, fruits, oilseeds, and cash crops on a large scale.
(5b)
(PICK ANY THREE)
(i) Food security: Crop farming plays a crucial role in providing a stable food supply for the population. It ensures that there is enough food available to meet the dietary needs of the people, reducing the dependence on imported food and improving food security.
(ii) Employment generation: Crop farming creates employment opportunities across various stages of the agricultural value chain, including cultivation, harvesting, processing, transportation, and marketing. It helps to alleviate unemployment and poverty, particularly in rural areas.(ads)
(iii) Income generation: Crop farming is a significant source of income for farmers and rural communities. It allows them to earn money through the sale of crops, which can be used for investment, education, healthcare, and improving their standard of living.
(iv) Contribution to GDP: Crop farming contributes to the Gross Domestic Product (GDP) of a country. It is an essential sector in the economy, driving economic growth and development through the production and sale of crops.
(v) Export earnings: Many countries rely on crop farming for export earnings. Cash crops such as coffee, cocoa, tea, cotton, and spices are in high demand globally. The export of these crops generates foreign exchange and contributes to trade balance and economic stability.
(vi) Industrial raw materials: Crop farming provides raw materials for various industries, such as textile, pharmaceutical, paper, and biofuel industries. Crops like cotton, jute, medicinal plants, and oilseeds are used to produce essential products.
(vii) Environmental sustainability: Crop farming promotes environmental sustainability through practices like crop rotation, organic farming, and agroforestry. It helps to conserve soil fertility, support biodiversity, and reduce the impact of climate change.(ads)
(5c)
(PICK ANY THREE)
(i) Increased food production: Governments aim to enhance agricultural productivity and output to meet the growing demands of the population. This includes providing farmers with improved seeds, fertilizers, and farming techniques to achieve higher yields.
(ii) Rural development: Agricultural policies focus on promoting rural development by providing necessary infrastructure and services to rural communities. This includes improving access to education, healthcare, roads, markets, and credit facilities to uplift the living standards of rural areas.
(iii) Poverty reduction: Agricultural policies aim to reduce poverty by empowering smallholder farmers and ensuring equitable access to resources and markets. Governments provide support and incentives to small farmers to boost their productivity and income, thus reducing poverty levels.
(iv) Agricultural diversification: Governments encourage farmers to diversify their crop production and engage in value-added activities. This helps to reduce dependency on a single crop, increases resilience to climate change, and enhances income stability for farmers.
(v) Technology adoption: Governments promote the adoption of modern agricultural technologies and innovation to increase productivity and efficiency in the sector. This includes the use of improved seeds, mechanization, precision farming techniques, and information and communication technologies (ICT) in agriculture.
(vi) Sustainable agriculture: Governments strive to promote sustainable farming practices that minimize negative impacts on the environment. This includes the promotion of organic farming, conservation agriculture, water-efficient irrigation, and the use of renewable energy in agriculture.(ads)
(vii) Market access and trade promotion: Governments facilitate market access for farmers by improving transportation infrastructure, establishing market information systems, and negotiating favorable trade agreements. This enables farmers to access domestic and international markets, increasing their income and market opportunities.
7. (a) Fiscal policy refers to the use of government spending and taxation to influence the overall economy. It involves the government's decisions regarding the allocation and utilization of public resources to achieve desired economic objectives.
(b) Two ways in which fiscal measures can be used to correct:
i) inflation:
1. Increasing taxes: By raising taxes, the government can reduce disposable income, which leads to lower consumer spending and decreases aggregate demand. This helps to control inflationary pressures in the economy.
(ads)
2. Reducing government spending: Cutting back on government expenditure reduces demand in the economy, which can help to curb inflation. This can be achieved by reducing public investment or implementing austerity measures.
ii) unemployment:
1. Increasing government spending: The government can boost employment by increasing spending on public infrastructure projects, such as building roads, bridges, and schools. This stimulates economic activity and creates job opportunities.
2. Implementing tax incentives: By providing tax incentives to businesses that hire unemployed individuals, the government can encourage job creation. This reduces unemployment rates and increases overall economic productivity.
(ads)
iii) Balance of payment deficit:
1. Implementing import controls: The government can impose tariffs or quotas on imports to reduce the inflow of goods and services. This helps to correct the trade imbalance and reduce the balance of payment deficit.
2. Promoting exports: The government can provide export subsidies or incentives to domestic producers to increase their competitiveness in international markets. This leads to higher export earnings, which can help to address the balance of payment deficit.
(Q8a) Natural resources are materials or substances that occur naturally in the environment and are used by humans for various purposes. They can be categorized into renewable resources (such as water and forests) and non-renewable resources (such as minerals and fossil fuels).
(b) The exploitation of solid minerals in a country can have both positive and negative effects on the economy. (ads)
Positive effects:
i) Economic growth and development: The extraction and export of solid minerals can contribute to economic growth by generating revenue and foreign exchange earnings. This can lead to increased investment, job creation, and improved living standards for the population.
ii) Infrastructure development: The mining sector often requires the development of transport, energy, and communication infrastructure to support operations. This can lead to the construction of roads, railways, power plants, and telecommunication networks, which benefit the overall economy and facilitate further economic activities.
iii) Technology transfer and skill development: The exploitation of solid minerals can attract foreign companies with advanced mining technologies and expertise. This can lead to the transfer of knowledge and skills to the local workforce, enhancing their capabilities and promoting technological advancement in related industries.
iv) Diversification of the economy: Dependence on a single sector for economic growth can be risky. The exploitation of solid minerals can diversify the economy and reduce reliance on other sectors. This can provide stability and resilience to the overall economy.(ads)
Negative effects:
i) Environmental degradation: Mining activities can result in deforestation, soil erosion, water pollution, and habitat destruction. These negative impacts can harm ecosystems, biodiversity, and the overall environmental balance, leading to long-term ecological damage.
ii) Social and cultural disruptions: The influx of mining activities can disrupt local communities and their traditional way of life. It can lead to the displacement of people, social conflicts, and cultural erosion. Additionally, mining operations can create social inequalities and worsen social issues if not managed properly.
ECONOMICS-OBJ
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