Earlyface

1b)
Tabulate:
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600
Total = #1550m
=#1.55b
1c)
Percentage = 150/600 * 100
= ¼ * 100
= 25%
1d)
Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
= 60°
2a)
A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I = 113/7 = 16.1
J = 19.5 * 8 = 156
2b)
Draw the Graph
2c)
As output rises, the AFC decreases and the curve the
represents it would slope downward from left to right
SECTION-B ANSWER 4 ONLY
4a)
Trade union is an organized association of workers in a
trade, group of trades, or profession, formed to protect and
further their rights and interests
4b)
i)Trade Unions working for the Progress of the Employees:
The trade unions try to improve the economic conditions of
the workers by representing their cases to the employers
and try to get adequate bonus to the workers.
ii)Safeguarding the Interests of the Workers: Most of the
industries try to exploit the workers to the maximum. They
do not provide any benefits such as increasing their wages,
granting sick leaves, giving compensation in case of
accidents, etc.
iii) Increasing Co-operation and Well-being among Workers:
It is in this context that the trade unions come into the
picture and they promote friendliness and unity among the
workers. Besides this, the trade unions also discuss the
problems, which are common to all the workers.
Iv )Establishing Contacts between the Workers and the
Employers: The trade unions play an important role in
bringing to the notice of the employers the difficulties and
grievances of the employees. They try to arrange face-to-
face meetings and thus try to establish contacts between
the employees and the employers.
4c)
i)picket lines
ii) strike
7a)
A tariff is a tax imposed by a government on goods and
services imported from other countries that serves to
increase the price and make imports less desirable, or at
least less competitive, versus domestic goods and services
7b)
i)Infant Industries
ii)National Defense
iii)Domestic Employment
iv)Aggressive Trade Practices
v)Environmental Concerns
8a)
Elasticity of supply is measured as the ratio of
proportionate change in the quantity supplied to the
proportionate change in price
8b)
i)Possibility of Substitution:
The change in supply in response to the change in price
depends on the possibility of substitution of a product for
others. If the market price of potato rises, resources will be
shifted from there cultivation like tomato and employed in
the cultivation of potato.
ii)Infrastructural facilities:
The expansion of supply of a commodity also depends on
the availability of productive facilities and inputs. The
agricultural producer can not increase in response to the
rise in price unless there is sufficient flow of fertilizers,
irrigation etc.
iii)Producers response:
The elasticity of supply for a product depends on the
producers’ responsiveness to the change in its price. The
quantity supplied of a commodity will not change if the
producers do not react positively to the increase in prices.
iv)Marginal Cost:
Elasticity of supply of a commodity depends on the
marginal cost of production. The elasticity of supply of a
commodity would be less if the marginal cost of
production goes up. In the short run, diminishing marginal
returns operates as some factors are fixed.
10a)
Production is incomplete without distribution because the
main aim of production is to satisfy human wants. When
the link between the producers and the consumers is
absent, then the aim is defected.
10b)
i)The quantity and quality of factors of production (I.e land,
labor, capital and entrepreneur). For example, amount of
capital determines the labor to be hire and raw materials to
be bought.
ii)The size of market: This is the extent to which the
products are demand.
iii)The nature of the product: If the goods are durable in
nature, more can be produced and stored.
iv)Availability of raw materials: This will determine the
quantity of good to be produced.
v)Government policy: This has to do with the nature of
economic policy of the government. The more favorable
the government economic policy, the more they volume of
goods to be produced and vice versa