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NABTEB GCE ECONOMICS
ECONOMICS-OBJ
01-10: CBCCDBACBC
11-20: BCBADBDACB
21-30: ABCADACBDD
31-40: CBBBBCABAB
41-50: DDDCAABCCC
Completed!!!
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ECONOMICS (ESSAY)-ANSWERS
PART I; ANSWER ONE(1) QUESTION FROM THIS PART
Number One 👇
(2a)
[TABULATE]
Length (x): 4, 6, 8, 10, 12, 14, 16
Frequency (f): 4, 2, 6, 2, 2, 2, 2
fx: 16, 12, 48, 20, 24, 28, 32
Σx = 70
Σf = 20
Σfx = 180
(2b)
To calculate the mean:
x̄ = Σfx/Σf
x̄ = 180/20
x̄ = 9
(2c)
To calculate the median:
Arranging the lengths in ascending order:
4, 4, 4, 4, 6, 6, 8, 8, 8, 8, 8, 8, 10, 10, 12, 12, 14, 14, 16, 16
The median is the average of the 10th and 11th values.
Median = (8+8)/2
Median = 16/2
Median = 8
(2d)
The mode is 8.
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PART II; ANSWER FOUR(4) QUESTIONS FROM THIS PART
(3a)
Production refers to the process of creating goods or providing services for consumption or sale.
(3b)
(i) Cost efficiency: Large-scale production allows for economies of scale, reducing the cost per unit produced. This can lead to lower prices for consumers.
(ii) Increased productivity: With larger production facilities and specialized machinery, large-scale production can achieve higher levels of productivity and output.
(iii) Improved quality control: Large-scale production often involves standardized processes and quality control measures, resulting in more consistent and reliable products.
(iv) Innovation and technological advancements: Large-scale production facilities have the resources to invest in research and development, leading to innovation and technological advancements in production processes.
(v) Market dominance: Large-scale production can help companies establish a strong market presence and competitive advantage, allowing them to capture a larger market share and potentially drive out smaller competitors.
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(4)
(i) Infrastructure: Insufficient transportation infrastructure, including poor road networks and inadequate storage facilities, can hinder the efficient distribution of goods across the country.
(ii) Logistics: Inadequate logistics and supply chain management systems can lead to delays, inefficiencies, and higher costs in the distribution process.
(iii) Market fragmentation: Nigeria has a diverse market with various regions and cultural differences. This can make it challenging for businesses to effectively reach and understand their target customers, resulting in fragmented marketing efforts.
(iv) Counterfeit products: The prevalence of counterfeit goods in Nigeria poses a significant challenge for both producers and consumers. It can undermine the reputation of genuine products and create trust issues in the market.
(v) Limited access to finance: Many businesses in Nigeria face difficulties accessing affordable financing options, which can limit their ability to invest in marketing strategies and expand their distribution networks.
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(5a)
Human capital development refers to the process of enhancing and investing in the knowledge, skills, abilities, and overall capabilities of individuals.
(5b)
(i) Education and Training: The quality and relevance of education and training programs play a crucial role in developing the skills and knowledge of individuals. Access to quality education, vocational training, and continuous learning opportunities can significantly impact the efficiency of human capital.
(ii) Health and Well-being: The physical and mental well-being of individuals can have a direct impact on their productivity and efficiency. Factors such as access to healthcare, a safe working environment, and work-life balance can influence the overall efficiency of human capital.
(iii) Technology and Innovation: The adoption and effective use of technology and innovation can enhance the efficiency of human capital. Access to modern tools, digital skills, and the ability to adapt to technological advancements can significantly improve productivity.
(iv) Socioeconomic Factors: Socioeconomic factors, such as income inequality, social mobility, and gender equality, can affect the efficiency of human capital. Ensuring equal opportunities, reducing barriers, and promoting inclusivity can contribute to a more efficient and productive workforce.
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(6ai)
Privatisation is the process of transferring ownership and control of government-owned businesses, industries, or services to private entities. It involves the sale of shares or assets of a state-owned enterprise to private investors or companies.
(6aii)
(i) Increased Efficiency: Privatisation often leads to increased efficiency and productivity in formerly state-owned enterprises. Private companies are driven by profit motives and are incentivized to streamline operations, cut costs, and improve performance.
(ii) Enhanced Competition: Privatisation introduces competition in previously monopolistic sectors, leading to better quality goods and services at competitive prices. Competition encourages innovation, efficiency, and customer-focused approaches.
(iii) Access to Capital: Privatisation can help raise much-needed capital for the government by selling shares or assets. This capital can be used for various purposes such as infrastructure development, social programs, or reducing public debt.
(6bi)
Deregulation refers to the removal or reduction of government regulations and restrictions on industries, sectors, or markets. It aims to increase competition, promote market efficiency, and reduce government intervention in the economy.
(6bii)
(i) Increased Competition: Deregulation fosters competition by removing entry barriers and reducing regulations that stifle market competition. This leads to more choices for consumers, lower prices, and improved quality of goods and services.
(ii) Innovation and Efficiency: Deregulation encourages innovation and efficiency by allowing market forces to drive decision-making. It creates an environment where businesses can respond quickly to market demands, adopt new technologies, and develop more efficient ways of operating.
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(7)
(i) Limited Infrastructure: Inadequate transportation, energy, and communication infrastructure can hinder industrial growth and trade in the region.
(ii) Lack of Access to Finance: Limited access to affordable credit and financing options can make it difficult for businesses to invest in new technologies, equipment, and expansion.
(iii) Weak Institutional Framework: Insufficient legal and regulatory frameworks, corruption, and bureaucratic inefficiencies can create barriers to business growth and investment.
(iv) Skills Gap: The shortage of skilled labor and a mismatch between the skills demanded by industries and the skills possessed by the workforce can impede industrial development.
(v) Dependence on Primary Industries: Many West African economies heavily rely on primary industries like agriculture and mining, which can be vulnerable to external shocks and price fluctuations.
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(8a)
A population census is a systematic process of collecting, compiling, analyzing, and interpreting demographic data about the population of a country or region.
(8b)
(i) Inadequate Funding: Insufficient financial resources allocated to census activities can lead to limited coverage, inadequate training of enumerators, and poor data quality.
(ii) Insecurity: In regions affected by conflicts, insurgency, or social unrest, it can be challenging to conduct an accurate census due to population displacement, fear, and limited access to certain areas.
(iii) Political Interference: Political factors, such as manipulation of census figures for electoral purposes or to secure more resources, can compromise the accuracy and integrity of the census.
(iv) Low Public Participation: Lack of awareness, apathy, or mistrust among the population can result in low participation rates, leading to undercounting or inaccurate representation of certain groups.
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COMPLETE SOLUTION
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