NABTEB 2016 Economics (Obj and Essay)  Essay and Obj & Theory Answer Now Available -MAY/JUNE

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4a)

Firm is a business unit established for the purpose of carrying on some kind of economic activities like production and distribution of goods and services.It is a basic unit of decision making in an economy while industry can be defined as a group of firms producing similar products for the same market.The industry is made up of many firms

4b)

-Nearness to the source of raw materials:Industry should be created where there is uninterupted availability of raw materials.In a situation where raw materials are bulky or heavy in order to reduce cost of transport,It should be created near sources of raw materials

-Availability of capital:It is advantageous for a business organisation to locate where financial institution are many.This will ensure that they have access for expansion

-Nearness to the market:Industry should be located near well organised market.By so doing,Consumers are able to get goods on time.This will lead to high rate of turnover where goods produced are very bulky or perishable,it will be advantageous to site such industry near the market

-Availability of infrastructural facilities:Business organisation is best located where are there is abundant infrastructural facilities such as good roads,power and telecommunication

 

1a)

Mean deviation

mean=Efx/n

-5,7,8,10,12,14,16,24

=(-5+7+8+10+12+14+16+24)/8

=86/8

=10.75

=(-5-10.75)+(7-10.75)+(8-10.75)+(10-10.75)+(12-10.75)+(14-10.75)+(16-10.75)+(24-10.75)/8

Mean deviation=E(x-x^-)/N

MD=0

1b)

Standard deviation

TABULATE

x:-5,7,8,10,12,14,16,24

(x-x^-):-15.75,-3.75,-2.75,-0.75,1.25,3.25,5.25,13.25

(x-x^-)^2:248.0625,14.0625,7.5625,0.5625,1.5625,10.5625,27.5625,175.5625=485.5

Standard deviation

=SqrootE(x-x^-)^2/n

=Sqroot(485.5)/8

=Sqroot(60.6875)

=7.7902

 

8a)

Supply is the relation showing the various amount of a commodity that sellers are willing and able to make available for sale at given prices during a given period of time while elasticity of supply is the ratio of the proportional rise in the quantity supply to a proportional rise in its price.This is a degree of responsiveness of supply to a change in price

8b)

-Cost of production:An increase in the cost of factors input will influence output regularly when the cost of producing a particular commodity is high less will be produced

-Technology:The level of technology development will determine the quantity of yam to be produced when a producer adopt new techniques of production.It might increase efficiency

-Price:The higher the price the higher the quantiity supplied whereas the lower the price the lower the quantity supplied.A producer will supply more of a yam at higher price than at lower price

-Weather:It is an important determinant to supply.If there is a change in climatic condition,production will be affected

-Future price expectation:The expectation about future price movement by the seller will influence supply decision

 

7a)

TABULATE

Home trade:

-This is a trade with the boundary of a country

-Trading is not subject to restrictions

-There is free mobility of labour

-Distance involved is short

External trade:

-Trade with other contries

-There are restrictions

-There is restriction to mobility of labour

-Long distance is involved

7b)

-Excessive production:In foreign trade,each countries specializes in what she has comparative advantage.This will increase world output while cost per unit will reduce

-Collapse of infant industries:International trade canlead to the collapse of infant industries.These industries may not be able to withstand competitions fromm foreign companies which are bigger and more efficient

-Discourage self reliance:If importation is encourages people may be accustomed to foreign goods this will to dependence and ultimately discourage self reliance

-Lead to unemployment:Infant industries may not be able to withstand the competition from foreign companies.This may lead to their collapse and mass retrenchment of workers

 

5a)

-Legal entity:This is a lawful or legally standing association corpo

 

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