Tuesday, 17th April, 2018
Economics 2 (Essay) – 09:30 a.m. – 11:30am
Economics 1 (Objective) – 11:30am – 12:30 p.m.
State owned enterprises are public companies established by the act of parliament and control by the board of directors in order to produce essential services for the citizens. Some state owned enterprises are owned by the state government e.g OSBC while others are owned by the federal government e.g NPA, NRC etc.
(i) Huge capital outlay: Public corporations exist because of the huge capital involved.
(ii) Welfarism: Government set up state owned enterprises in order to enhance the well being of the citizens.
(iii) Equitable distribution of wealth public corporations are established in order to ensure even distribution of resources.
(i) Inefficient management: poor management affect the effectiveness of public corporation.
(ii) Corruption: political interference in the management of state owned enterprises promote corruption in the system.
(iii) Lack of willingness on the part of staff of public corporations affect the efficiency of the enterprises
The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.
The law of demand states that the higher the price the lower the quantity demanded and the low the price the higher the quantity demanded
(i) Competitive demand; Demand is said to be competitive when a commodity is wanted to satisfy a want in place of another similar commodity
(ii) Derived demand; This is a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity
(iii) Joint Demand; When two or more commodities are wanted to satisfy one want at the same time
(iv) Composite demand; Demand is said to be composite when a commodity is wanted to satisfy different wants for instance, palm oil may be demanded for cooking food,manufacturing of soap and pomade