A1 IS HIGHLY GUARANTEED
“`INSTRUCTION; ANSWER ONE(1) QUESTIONS ONLY“`
Population Growth Rate = ((Current Population – Previous Population) / Previous Population) * 100
Population Growth Rate in 2000 = ((85 – 105) / 105) * 100 ≈ (-0.1905) * 100 ≈ -19.05%
Population Growth Rate in 2001 = ((65 – 85) / 85) * 100 ≈ (-0.2353) * 100 ≈ -23.53%
Population Growth Rate in 2002 = ((70 – 65) / 65) * 100 ≈ (0.0769) * 100 ≈ 7.69%
Percentage of Working Population = (Working Population / Total Population) * 100
Percentage of Working Population in 1999 = (45 / 105) * 100 ≈ 42.86%
Percentage of Working Population in 2000 = (25 / 85) * 100 ≈ 29.41%
(i) Economic Productivity: The working population is a valuable asset for any country’s economy. When a significant portion of the population is employed and working efficiently, it contributes to increased economic productivity. This workforce generates goods and services, drives economic growth, and contributes to a higher standard of living for the entire population.
(ii) Social Security and Welfare: A higher proportion of the population that is actively employed often leads to increased revenue for the government through taxes. This revenue can be used to fund social security programs and various welfare initiatives. With a larger working population, there is more financial stability to support the elderly, disabled, and unemployed individuals, ensuring a more secure and balanced society. Additionally, a higher number of employed individuals generally results in a reduced burden on the welfare system.
Price (₦) | Quantity Demanded
200 | 100
80 | 150
Elasticity of demand = (Percentage change in quantity demanded) / (Percentage change in price)
Percentage change in quantity demanded = (New quantity demanded – Old quantity demanded) / Old quantity demanded * 100
= (150 – 100) / 100 * 100 = 50%
Percentage change in price = (New price – Old price) / Old price * 100
= (80 – 200) / 200 * 100 = -60%
Elasticity of demand = (50% / -60%) = -0.83
The nature of elasticity in (-0.83) is inelastic.
(i) The coefficient of price elasticity of demand is less than 1 indicating that the demand for milk is relatively unresponsive to price changes. This suggests that even though there was a significant decrease in price the increase in quantity demanded was relatively smaller.
(ii) Inelastic demand typically occurs for products that are necessities or essential goods. Milk is considered an essential food item so even when the price decreases consumers are still likely to purchase it due to its necessity.
(i) The price of the good or service
(ii) The income of consumers
(iii) The availability of substitute goods or services.
“`INSTRUCTION; ANSWER FOUR(4) QUESTIONS ONLY“`
An entrepreneur is an individual who starts and runs their own business venture taking on full financial and operational responsibility. They are generally seen as innovative risk-taking individuals who use their creativity and determination to drive the growth of their business.
(i) Innovation and creativity: Entrepreneurs bring fresh and innovative ideas to the market. They identify gaps or untapped opportunities and create new products or services to meet the needs of consumers. This constant innovation helps businesses grow by staying ahead of competitors and adapting to changing market demands.
(ii) Job creation: Entrepreneurs are significant drivers of employment. They create new ventures which in turn employ people. By starting their own businesses entrepreneurs not only create job opportunities for themselves but also generate employment for others ultimately contributing to economic growth.
(iii) Economic growth and development: Entrepreneurs play a crucial role in fostering economic growth and development. Their businesses contribute to overall economic output wealth creation and tax revenues for governments. They stimulate economic activity by investing in new projects improving productivity and expanding market opportunities.
(iv) Risk-taking and adaptability: Entrepreneurs are comfortable with taking risks and are willing to invest their time money and effort into their ventures. This risk-taking behavior drives business growth by pursuing new opportunities exploring new markets and expanding operations. Moreover entrepreneurs are adaptable and quick to respond to market changes allowing them to seize opportunities and overcome obstacles.
(v) Technological advancements: Entrepreneurs often introduce technological innovations that drive business growth and foster industry advancements. They develop new products or services that leverage technology improving efficiency and enhancing customer experience. Technological advancements brought by entrepreneurs can disrupt industries and create new markets contributing to overall business growth and development.
Specialization refers to the process of individuals, organizations, or economies focusing on specific tasks, roles, or areas of expertise. It involves concentrating efforts and resources on producing a narrow range of goods or services in which they have a comparative advantage or higher efficiency.
(i) Increased Efficiency and Productivity: Division of Labour allows workers to focus on specific tasks, becoming more skilled and efficient in those areas over time. As a result, the overall productivity of the workforce increases. When workers specialize in what they do best, they can produce more output in less time.
(ii) Time Savings: Specialization can reduce the time wasted on transitioning between different tasks. With each worker specializing in a specific task, there is no need for frequent adjustments or tool changes, leading to more continuous and streamlined production processes.
(iii) Economies of Scale: Specialization often leads to mass production of goods or services. Larger quantities of output can be produced at lower average costs due to economies of scale. This can result in lower prices for consumers and higher profits for producers.
(i) Monotony and Boredom: Specialization may lead to workers performing repetitive tasks, which can be monotonous and boring. This can result in reduced job satisfaction, leading to lower motivation and potential burnout among workers.
(ii) Dependency and Risk: Overreliance on specialized workers or industries can create vulnerabilities in the economy. If a specialized industry faces a downturn or if a skilled worker leaves the workforce, it can lead to significant disruptions and challenges in finding suitable replacements.
Economic integration refers to the process of bringing together different economies or markets into a unified or interconnected system. This integration is achieved through various agreements, policies, and mechanisms that promote the flow of goods, services, capital, and labor across borders.
(i) Increased Trade and Market Access: Economic integration facilitates the removal of trade barriers such as tariffs and quotas between participating nations. This leads to increased trade opportunities and market access for businesses in member countries. As a result, companies can access larger consumer bases and benefit from economies of scale, leading to higher production and potentially lower prices for consumers.
(ii) Enhanced Economic Efficiency: Integration allows countries to specialize in the production of goods and services where they have a comparative advantage. This specialization leads to increased efficiency in resource allocation, as countries can focus on industries where they are most productive. The overall economic efficiency and productivity of the integrated region tend to improve as a result.
(iii) Foreign Direct Investment (FDI) Inflows: Economic integration can attract higher levels of foreign direct investment (FDI) into the integrated region. Investors are drawn to larger and more open markets, reduced trade barriers, and improved economic stability within the integrated area. This influx of FDI can boost economic growth, create jobs, and transfer technology and know-how to member countries.
(iv) Shared Infrastructure and Resources: Integration often involves joint investments in infrastructure projects and the sharing of resources, which can lead to improved transportation, communication, and energy networks. This shared infrastructure benefits all participating countries, promoting further economic development and regional connectivity.
(v) Cultural and Social Exchange: Economic integration fosters increased cultural and social exchange among member countries. People from different nations interact more frequently, leading to better understanding, tolerance, and appreciation of each other’s cultures. This cultural exchange can strengthen diplomatic ties and cooperation among nations and contribute to a more harmonious global community.
Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period WHILE Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves.
(i) Low Income Levels: Developing economies typically have lower per capita income levels compared to advanced economies. A significant proportion of the population may live below the poverty line, with limited access to basic necessities.
(ii) High Population Growth: Developing economies tend to experience higher population growth rates due to factors such as high birth rates and improved healthcare leading to increased life expectancy.
(iii) Structural Transformation: These economies often undergo a structural transformation, shifting from primarily agrarian-based societies to more industrialized and service-oriented economies. This transition involves the movement of labor from agriculture to manufacturing and services sectors.
(iv) Urbanization: Developing economies experience significant urbanization, with a substantial proportion of the population moving from rural areas to cities in search of better economic opportunities and living conditions.
(v) Limited Industrialization and Technology: While some developing economies have made strides in industrialization and technological advancements, many are still characterized by a reliance on traditional and labor-intensive industries. They may face challenges in adopting and implementing advanced technologies.
(a) Consumer surplus: Consumer surplus refers to the difference between the price that a consumer is willing to pay for a good or service and the actual price that they pay. It represents the value that consumers receive from a purchase over and above what they actually paid for it.
(b) Balance of payment deficit: A balance of payment deficit occurs when a country’s imports of goods, services, and capital exceed its exports. This means that the country is spending more money on foreign goods and services than it is earning from its own exports.
(c) Terms of trade: Terms of trade refers to the ratio between the prices of a country’s exports and the prices of its imports. It is a measure of the relative value of a country’s exports and imports, and can have a significant impact on a country’s overall economic performance.
(d) Elasticity of demand: Elasticity of demand refers to the responsiveness of demand for a good or service to changes in its price. When demand is elastic, a small change in price can lead to a large change in the quantity demanded. When demand is inelastic, a change in price has little effect on the quantity demanded.
(e) Budget surplus: A budget surplus occurs when a government’s revenue exceeds its spending in a given period. This means that the government has more money than it needs to cover its expenses, and can use the surplus to pay down debt or invest in new projects.
Money is a universally accepted medium of exchange that can be used to buy goods and services. It serves as a common measure of value that allows people to conveniently trade one good or service for another. Money acts as an intermediary in transactions removing the need for the direct exchange of goods or services. It provides a standardized medium of exchange that is widely accepted and valued by society.
On the other hand,In a barter system goods and services are directly exchanged for other goods and services. For example if a person has extra wheat they can exchange it with another person for apples. The barter system relies on coincidence of wants whereby both parties must have something the other person wants. This can be a challenge as it requires finding someone who wants what you have and also having something they want in return.
(i) Double Coincidence of Wants
(ii) Lack of Standard of Value
(iv) Limited Specialization
(v) Lack of Deferred Payments
(i) Double Coincidence of Wants: For a barter exchange to occur, both parties must have what the other party desires. This requirement often results in delays and inefficiencies as finding a suitable trade partner with mutually desirable goods or services can be challenging.
(ii) Lack of Standard of Value: In a barter system, there is no fixed measure of value, making it difficult to determine the fair exchange rate between different goods and services. This lack of standardization can lead to disputes and disagreements during negotiations.
(iii) Indivisibility: Some goods may not be easily divisible, leading to difficulties in making equitable trades. For example, if one party wants to exchange a cow for smaller items like fruits or vegetables, the divisible portion of the cow may not match the value of the desired items, leading to complications.
(iv) Limited Specialization: Barter systems hinder specialization because individuals and businesses may need to focus on producing a wide range of goods to facilitate potential trades. Specialization allows for more efficient production and higher productivity, which is limited in a barter system.
(v) Lack of Deferred Payments: In a money system, credit and deferred payments are possible through loans or installment plans. In a barter system, this is challenging to implement, as the exchange must occur immediately or within a short period, restricting economic growth and investment opportunities.
Mechanized farming is the use of machines and technology in agricultural production. It involves the use of tractors, harvesters, and other equipment to increase efficiency and productivity in farming.
(i) Employment Generation: Agriculture is a major source of employment in Nigeria, providing livelihoods for a significant portion of the population. It engages farmers, farmworkers, and agribusiness entrepreneurs, thereby reducing unemployment and underemployment rates in rural areas.
(ii) GDP Contribution: Agriculture remains a crucial sector of Nigeria’s economy, contributing to the Gross Domestic Product (GDP). While the country has experienced diversification into other sectors, agriculture still contributes a substantial share to the overall GDP.
(iii) Export Earnings: Agricultural products are significant export commodities for Nigeria. Cash crops like cocoa, cashew nuts, sesame seeds, and rubber, as well as products such as crude palm oil and various fruits and vegetables, generate foreign exchange earnings for the country, helping to stabilize the economy and improve the balance of trade.
(iv) Food Security: Agriculture plays a vital role in ensuring food security for the nation. By producing food domestically, Nigeria can reduce its dependence on imports and mitigate the impact of fluctuations in global food prices. A stable and thriving agricultural sector ensures that the country can meet the food needs of its growing population.
(v) Industrial Development: Agriculture serves as a source of raw materials for various agro-based industries in Nigeria. The processing of agricultural products creates value-added products and contributes to the growth of industries such as food processing, textiles, beverages, and pharmaceuticals, fostering industrial development and economic diversification.
De facto population census refers to the actual population residing in a particular area during the time of the census regardless of their legal status or nationality. This includes both permanent and temporary residents including undocumented immigrants tourists and individuals who are temporarily staying in the area for various reasons.
On the other hand De jure population census refers to the population that is legally registered or officially recorded as residents in a particular area. This includes individuals who have permanent residency status citizens and individuals who are legally registered as residents but may or may not be physically present in the area at the time of the census.
(i) Undercounting and Overcounting: Census operations can face challenges in counting every individual accurately. Some groups might be missed (undercounting) due to factors like homelessness, migratory patterns, or lack of participation. On the other hand, some groups might be counted more than once or erroneously (overcounting), leading to inaccurate population data.
(ii) Inadequate Infrastructure and Resources: Conducting a census requires significant resources, including personnel, technology, and logistics. In some areas, especially remote or conflict-prone regions, the lack of proper infrastructure and resources can hinder the enumeration process.
(iii) Data Integrity and Privacy Concerns: Maintaining data integrity and ensuring respondent privacy are crucial in census operations. People might be hesitant to provide accurate information due to concerns about data misuse or privacy breaches, leading to unreliable data.
(iv) Ethical and Cultural Sensitivities: Census questions and methodologies should be culturally sensitive and inclusive. If certain communities feel marginalized or misrepresented, they may not participate fully or provide accurate information, affecting the overall quality of the data.
(v) Political Interference and Bias: In some cases, there can be political interference in the census process, leading to biased or manipulated data. Governments or other stakeholders may seek to influence the results for their benefit, undermining the census’s impartiality and objectivity.
A co-operative society is a type of organization that operates for the mutual benefit of its members. It is formed by a group of individuals who come together voluntarily to pool their resources, skills, and efforts to achieve common economic, social, and cultural goals.
(i) Equity Financing: Equity financing involves raising capital by selling ownership shares in the business to investors. These investors become shareholders and have a claim on the company’s assets and profits. Equity financing can come from founders, venture capitalists, angel investors, or through an initial public offering (IPO) if the company goes public.
(ii) Debt Financing: Debt financing involves borrowing money from lenders, and the company is obligated to repay the principal amount along with interest over a specified period. Common sources of debt financing include bank loans, bonds, and other forms of debt instruments.
(iii) Retained Earnings: Retained earnings are the accumulated profits that a company keeps after paying dividends to its shareholders. By reinvesting these earnings back into the business, companies can fund their expansion, research, and development without relying on external financing.
(iv) Trade Credit: Trade credit is a form of short-term financing provided by suppliers to their customers. It allows the business to buy goods or services on credit, typically with a specified period for repayment, thereby providing a temporary source of finance to meet immediate working capital needs.
(v) Crowdfunding: Crowdfunding is a relatively new source of financing, facilitated by online platforms, where individuals contribute small amounts of money to support a business idea or project. It can be in the form of rewards-based crowdfunding (backers receive non-financial rewards) or equity-based crowdfunding (backers receive shares in the company).
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