ECONOMICS OBJ
[6/20, 8:40 AM] Prof David: ECONOMICS OBJ
1-10:BEEBECEBAE
11-20:EACAACACDD
21-30:EDCEBCBEAE
31-40:AECDBDABBC
41-50:DBEDBEEABD
51-60:DCEADABCEB
[6/20, 8:40 AM] Prof David: 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)
Graph
2c) As output rises, the AFC decreases and the curve the represents it would slope downward from left to right
[6/20, 8:41 AM] Prof David: NOTE:
SECTION A
CHOOSE EITHER NO1 OR NO2
SECTION B
ANSWERS 4 QUESTIONS
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°
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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) )
Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
6a)
Money is anything that is generally accepted as a medium of exchange for making payments, settlement of debt or other business obligation prior to the introduction of money, trade by barter was in vogue
6b)
Functions of money are:
i)A medium of exchange:With money, the difficulties posed by trade by barter is eradicated
ii)A store of Value:Money is now used in storing wealth unless there is inflation, money stored or saved retain its value for money years
iii) A standard of deferred payment
As a result of its durability, one can buy a commodities now and buy with the money in future.
iv) Money encourages division of labour :With the existence of money people tend to concentrate on certain occupations and respect it production leaving other espects to other people with means of buying the commodities with money they will earn
8b4a)
A trade union is an association of workers formed primarily to protect the interest of their workers and collectively bargain with their employer for higher remuneration, improved conditions of service, greater job, security etc
4b)
Functions of Trade union are as follow:
i) Collective bargain with employer:it continuously negotiate with employers for raising economic welfare of the workers
ii)To protect workers interest
iii)To enter favourable contract with management on behalf of its members thereby making workers always and promptly receiving their entitlement.
iv) To unite workers in a manner that ushers in harmony which enable them to work diligently with their employers for the overall peace and progress of the organisation as well as the nation
4c)
Weapons used for Collective bargaining are:
i)Strike
ii) Demonstration using placards.
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. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply 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. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials.
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. Producers do not always increase the quantity supplied of a commodity to a rise in price.
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. This gives rise to expansion of marginal cost of production.) . 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
3b)
*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. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations.
*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. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to 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.
