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2021 NABTEB ECONOMICS VERIFIED ANSWERS

ECONOMICS-Obj!
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THEORY

(2a)
10,000-3,000+7,000-4,000
Total population= 104,000+10,000+7,000 =111,000

(2b)
New – Old population/Old population *100/1%

111000-104000/104,000 * 100/1%

7000/104000*100/1%=6.7%

(2c)
Birth Rate; 10,000

(2d)
Death Rate; 3,000

(2e)
Net migration; B.R-D.R +(I-E)
10,000-3,000+(7,000-4,000)
7,000+3,000=10,000

(2f)
Natural Growth Rate; B.R – D.R 10,000-3,000 =7,000
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(3a)
Revenue allocation is defined as the division of available resources within an organisation or company. At a broader level, it is the process of assigning a cost to the amount of services and products generated. Government revenue is obtained from taxes, licenses and fees and allocated to public facilities.

(3b)
(i)Licence fee: is paid in those instances in which the govern­ment authority is invoked simply to confer a permission or a privilege.

(ii)Fee; is a payment to defray the cost of each recurring service undertaken by the government, primarily in the public interest.

(iii)Rates; refer to local taxation, i.e., taxation levied by (or for) local rather than central government. Normally rates are proportional to the estimated rentable value of business and domestic properties. Rates are often criticised as being unrelated to income.

(iv)tax; is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority.
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(4a)
Unemployment is a situation where people who are able and willing to work at the existing wage rate are unable to find work OR a situation where factors of production such as capital lie idle or cannot be put to productive use

(4b)
(i)Poor Quality of Education
(ii)Lack of Skills
(iii)Negligence of Agriculture and Other Natural Resources
(iv)Corruption

(4c)
(i)Poor Quality of Education; Every year, many graduates come out from the universities and colleges of education in Nigeria with little or nothing to contribute to the society. In other words the graduates come out of school half-baked, without practical background to make good impact to the society, neither are they able to defend the certificates which they are holding

(ii)Lack of Skills; Another problem that is closely related to that of poor quality education, as a cause of unemployment in Nigeria, is of lack of skills. For many years running, most Nigerian youths have disdained acquisition of skills, thinking that the time spent on such is wasted, and opting for so-called ‘clean-shirt’ and ‘easy’ ways of making money.

(iii)Negligence of Agriculture and Other Natural Resources; Nigeria, as a country, is blessed with many un-utilized resources which are enough to gainfully engage every un-employed person. But the craze for quick ‘oil money’ has made both government and individuals to direct all attention to only the oil industry.

(iv)Corruption; is a cause of unemployment Nigeria because when those in government who are to use public money for building more industries are busy embezzling the funds for their selfish use, the result is massive increase in unemployment rate.
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(7a)
Monopoly; is a market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

(7b)
(ii)Control over Prices: Monopoly will always try to fix the highest possible price which it can obtain from the customers, so as to earn minimum profit. The state can control the monopoly by fixing the profits and the prices and ensure that the industry does not earn undue profit.

(ii)Effective Publicity: Monopoly works with some serious irregularities, which usually do not come to the notice of the people. It is therefore, desirable that proper publicity should be given to these defects. There should be provision for public supervision of monopoly houses.

(iii)Anti Trust Legislation:
One of the measures which is adopted by the monopoly is to form trusts. These trusts are of course voluntary, but all the evils of monopoly more or less creep into it, with the result that the State is forced to take legislative measures.

(iv)Organised Consumer’s Associations: The monopoly fixes high prices because it knows it fully well that the consumer is not well organised and will take time to organise himself and till then suffer. One effective method of checking and controlling monopoly is that the Government should help in the formation of consumers associations.
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(8a)
Location of industry is the siting of a firm of an industry in a particular place while localization of industry is the concentration of firms producing similar products in an area.

(8b)
(i)Variety of Materials;
Concentration of similar type of industries enables increase in variety of materials that can be offered by the suppliers.

(ii)Improvement of Labour Market; Localization of industry helps to improve the labour market for both the employer and employees.

(iii)Banking Facilities; In the modern world, the entire business community requires the services of banks. This enables the banks to gather full information about the industrial establishments located in its area.

(iv)Repair Facilities; Concentration of industries in a particular area attracts the establishment of the necessary repair plants say foundries, tool makers, machine shops, mill stores suppliers etc. In addition, other supply houses will also set up their establishments nearer to the industrial area

(v)Prestige to the Firms; A group of similar industrial establishments located in a particular region serves to perfect the local market reputation of each establishment supplement to that of others. Thereby, a firm enjoys prestige from the mere fact of its location in the specified place.
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