Author Topic: CORRECT: 2024 NABTEB ECONOMICS ANSWERS (OBJ & ESSAY) (Read 19042 times)

MANDINHO · « **on:** July 29, 2024, 07:15:23 pm »

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MANDINHO · « **Reply #1 on:** July 30, 2024, 01:29:44 pm »

NABTEB ECONOMICS OBJ & ESSAY ANSWERS

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ECONOMICS OBJ
01-10: DCCBBCBCDC
11-20: CCCBBDBBCD
21-30: BDDCCCCBCA
31-40: CBCCBCACCC
41-50: CDABBCCBCC

COMPLETED
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PART I: ANSWER ONE(1) QUESTION ONLY

(1a)
The consumption function is given by: C = 10 + 0.5Y.

When Y = 0
C = 10 + 0.5(0) = 10

When Y = 5
C = 10 + 0.5(5) = 10 + 2.5 = 12.5

When Y = 10
C = 10 + 0.5(10) = 10 + 5 = 15

When Y = 15
C = 10 + 0.5(15) = 10 + 7.5 = 17.5

When Y = 20
C = 10 + 0.5(20) = 10 + 10 = 20

When Y = 25
C = 10 + 0.5(25) = 10 + 12.5 = 22.5

When Y = 30
C = 10 + 0.5(30) = 10 + 15 = 25

So, the values of C are:
C = 10 : Y = 0
C = 12.5 : Y = 5
C = 15 : Y = 10
C = 17.5 : Y = 15
C = 20 : Y = 20
C = 22.5 : Y = 25
C = 25 : Y = 30

(1b)

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(2a)
Given:
Demand function: Qd=400−2P
Supply function: Qs=100+4P

When Price (P) N10;
Qd = 400 - 2(10) = 380
Qs = 100 + 4(10) = 140

When Price (P) N30;
Qd = 400 - 2(30) = 340
Qs = 100 + 4(30) = 220

When Price (P) N50;
Qd = 400 - 2(50) = 300
Qs = 100 + 4(50) = 300

When Price (P) N70;
Qd = 400 - 2(70) = 260
Qs = 100 + 4(70) = 380

When Price (P) N90;
Qd = 400 - 2(90) = 220
Qs = 100 + 4(90) = 460

(2b)

(2ci)
Equilibrium Price:
The equilibrium price is the price at which the quantity of goods demanded by consumers equals the quantity supplied by producers. From the schedule, we can see that at a price of N50, the quantity demanded (300) equals the quantity supplied (300). Therefore, the equilibrium price is N50.

(2cii)
Equilibrium Quantity:
The equilibrium quantity is the quantity of goods that is bought and sold at the equilibrium price. In this case, the equilibrium quantity is 300 sachets of Milo.
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PART II: ANSWER FOUR(4) QUESTIONS ONLY

(3i)
Wage Rate: The wage rate is a crucial factor in determining the demand for labor. As wages increase, businesses may reduce their demand for labor to minimize costs. Conversely, lower wages can lead to an increase in demand for labor. The wage rate affects the cost of production, and businesses must balance this cost with their output price and revenue goals.

(3ii)
Price of Output: The price of the output or product affects the demand for labor. If the price of the output increases, businesses may demand more labor to produce more output and capitalize on the higher price. This is known as the "output effect." Conversely, a decrease in output price may lead to a decrease in demand for labor.

(3iii)
Technology: Technological advancements can significantly impact the demand for labor. Automation, machinery, and artificial intelligence may replace human labor in some industries, reducing demand. On the other hand, new technologies can create new job opportunities in fields like software development, data analysis, and robotics engineering.

(3iv)
Capital: The availability and cost of capital can influence the demand for labor. If capital is abundant and inexpensive, businesses may substitute capital for labor to minimize costs. For example, they might invest in automation or machinery. Conversely, if capital is scarce and expensive, businesses may demand more labor to maintain production levels.

(3v)
Expectations: Expectations about future market conditions, sales, and profits can influence the demand for labor. If businesses anticipate an increase in demand for their product, they may demand more labor to prepare for the expected increase in production. Conversely, if they expect a downturn, they may reduce their demand for labor to minimize costs.
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(4a)
Deficit financing refers to the practice of financing government expenditures by borrowing or printing money, rather than through taxation or other revenue sources.

(4b)
(i) Borrowing from domestic sources: The government can issue bonds to the public, financial institutions, or corporations. These bonds are essentially loans that the government promises to pay back with interest over a specific period. This method helps raise funds without immediately affecting the money supply. Additionally, the government can issue treasury bills, which are short-term securities designed to cover temporary funding gaps. Treasury bills are typically sold at a discount and redeemed at face value upon maturity.

(ii) External borrowing: This involves securing loans from foreign governments, international financial institutions like the World Bank or the International Monetary Fund (IMF), or private foreign entities. These loans provide the necessary funds for government expenditures but increase the country's external debt. In addition to direct loans, the government can issue bonds in international markets to attract foreign investors. These bonds, often denominated in foreign currencies, can help diversify the sources of funding and spread the risk.

(iii) Printing money: In this approach, the central bank directly finances the deficit by creating new money. This method provides immediate funds without the need for borrowing, but it carries significant risks. Increasing the money supply can lead to inflation, especially if the economy is already operating at or near full capacity. Inflation erodes the value of money, leading to higher prices and potentially destabilizing the economy.

(iv) Utilizing foreign exchange reserves: The government can use its reserves of foreign currencies to finance the deficit. This method depletes the reserves but avoids the need for borrowing and the risks associated with printing new money. Using foreign exchange reserves can be a temporary measure to manage short-term deficits, but it is not a sustainable long-term solution. Depleting these reserves can leave the country vulnerable to external economic shocks and reduce its ability to manage exchange rate stability.
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(5i)
Frictional unemployment: This occurs when workers are temporarily unemployed while they are searching for a new job or transitioning between jobs. This type of unemployment is a natural part of the labor market, as workers may need time to find a job that matches their skills and preferences. For example, a recent graduate may take a few months to find their first job, or a worker who quit their job may need some time to search for a new one. Similarly, a person who moved to a new city may need some time to find a job in their new location.

(5ii)
Structural unemployment: This occurs when there is a mismatch between the skills and qualifications of workers and the requirements of available jobs. This can happen due to changes in technology, industry, or the economy. For instance, a coal miner who loses their job due to the shift to renewable energy sources may need to acquire new skills to find a new job. Similarly, a worker in a declining industry, such as print journalism, may need to transition to a new field. Additionally, a person with skills that are no longer in demand may need to retrain to find a new job.

(5iii)
Cyclical unemployment: This occurs when there is a decrease in aggregate demand for goods and services, leading to a decrease in production and employment. This type of unemployment is often associated with economic downturns or recessions. For example, a worker who loses their job due to a recession may need to wait until the economy recovers to find a new job. Similarly, a person who is laid off due to a decline in sales in their industry may need to wait until the industry recovers to find a new job.

(5iv)
Long-term unemployment: This occurs when workers are unemployed for an extended period, usually six months or more. This type of unemployment can lead to a decline in skills and a decrease in employability. For instance, a worker who has been unemployed for over a year due to a lack of job opportunities in their field may need to retrain to find a new job. Similarly, a person who has been out of the labor market for an extended period due to caregiving responsibilities may need to update their skills to find a new job. Additionally, a worker who has been unable to find a job due to a criminal record or other barriers to employment may need support services to overcome these barriers.
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(6a)
A market is a system where buyers and sellers interact to exchange goods, services, or resources. It allows for the allocation of resources based on supply and demand, enabling the creation, distribution, and consumption of goods and services.

(6b)
(i) Many Buyers and Sellers: A perfectly competitive market is characterized by having numerous buyers and sellers. This large number of participants ensures that no single buyer or seller can influence the market price. Each individual buyer and seller has a negligible impact on the overall market, leading to a situation where prices are determined by market forces rather than individual actions.

(ii) Homogeneous Products: In a perfectly competitive market, products are homogeneous, meaning they are identical or indistinguishable from one another. This uniformity ensures that buyers perceive no difference between the products offered by different sellers. As a result, buyers make purchasing decisions solely based on price, leading to intense competition among sellers to offer the lowest price possible.

(iii) Perfect Information: In a perfectly competitive market, buyers and sellers have access to complete information about the market. This includes prices, quality, and availability of products. With perfect information, buyers can make informed decisions about their purchases, and sellers can adjust their production and pricing strategies based on market conditions.

(iv) Low Barriers to Entry and Exit: Another key feature is the presence of low barriers to entry and exit in a perfectly competitive market. This means that new firms can easily enter the market to compete with existing firms. Similarly, existing firms can exit the market without facing significant obstacles. This ease of entry and exit promotes competition and ensures that firms cannot maintain long-term monopolies.

(v) Price Takers: In a perfectly competitive market, both buyers and sellers are considered price takers. This implies that they accept the market price as given and do not have the power to influence it. Individual firms in the market have no control over the price of the product they sell; instead, they must accept the prevailing market price. This feature ensures that competition drives prices down to a level where firms can only earn normal profits in the long run.
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(7a)
International trade refers to the exchange of goods, services, and capital between different countries. It involves the import and export of goods and services across international borders, with the goal of earning profits and improving economic welfare.

(7b)
(i) Political and Legal Differences: International trade is subject to different political and legal systems, tariffs, quotas, and trade agreements, which can affect the cost, quality, and availability of goods and services. In contrast, internal trade is governed by a single political and legal system.

(ii) Cultural and Language Differences: International trade involves different cultures, languages, and business practices, which can lead to communication barriers, misunderstandings, and differing consumer preferences. Internal trade, on the other hand, operates within a shared cultural and language context.

(iii) Transportation Costs and Logistics: International trade involves longer distances, different modes of transportation, and higher logistics costs, which can increase the cost of goods and services. Internal trade, by contrast, has shorter distances and more established transportation networks.

(iv) Exchange Rates and Currency Differences: International trade involves different currencies and exchange rates, which can affect the price and value of goods and services. Internal trade, on the other hand, operates within a single currency and exchange rate system.
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(8.)
(i) Resource Depletion: A growing population puts pressure on natural resources like water, food, and energy, leading to scarcity and depletion. This can lead to conflicts over resources and increased costs for extraction and production. Resource depletion also leads to reduced access to basic necessities for marginalized communities.

(ii) Environmental Degradation: Population growth contributes to pollution, climate change, deforestation, and loss of biodiversity. The degradation of the environment can have severe consequences, including natural disasters and health problems. Environmental degradation also leads to the loss of ecosystem services essential for human well-being.

(iii) Food Insecurity: Increasing population leads to food shortages, hunger, and malnutrition. This can result in poor health, stunted development, and social unrest. Food insecurity also leads to increased vulnerability to famine and displacement.

(iv) Urbanization and Overcrowding: Rapid population growth results in urban sprawl, overcrowding, and strain on city infrastructure. This can lead to inadequate housing, transportation, and public services. Urbanization also leads to the breakdown of social cohesion and community structures.

(v) Unemployment and Poverty: Population growth can lead to high levels of unemployment and poverty. This can result in social and economic instability. Unemployment and poverty also lead to reduced economic mobility and increased inequality.

(vi) Housing Shortages: A growing population creates a demand for housing, leading to shortages and increased housing costs. This can result in inadequate and unaffordable housing. Housing shortages also lead to increased homelessness and informal settlements.

(vii) Strain on Public Services: Population growth puts pressure on public services like healthcare, education, and transportation. This can result in inadequate services and reduced quality of care. Strain on public services also leads to increased wait times and reduced access to essential services.

(viii) Loss of Biodiversity: Habitat destruction and fragmentation due to population growth lead to loss of biodiversity. This can result in the extinction of species and reduced ecosystem resilience. Loss of biodiversity also leads to reduced crop yields and food security.

(ix) Climate Change: Population growth contributes to increased greenhouse gas emissions and climate change. This can result in severe weather events and negative impacts on human health and the economy. Climate change also leads to increased displacement and migration.

(x) Social and Political Instability: Rapid population growth can lead to social and political instability. This can result in conflicts over resources and social unrest. Social and political instability also lead to reduced economic investment and increased corruption.
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COMPLETED

Earlyface

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Author Topic: CORRECT: 2024 NABTEB ECONOMICS ANSWERS (OBJ & ESSAY) (Read 19042 times)

MANDINHO

CORRECT: 2024 NABTEB ECONOMICS ANSWERS (OBJ & ESSAY)

MANDINHO

Re: CORRECT: 2024 NABTEB ECONOMICS ANSWERS (OBJ & ESSAY)

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