100% Nabteb GCE Economics OBJ & Essay Answers Available Here VERIFIED ECONOMICS OBJ 1-10. ACCADBDBAC 11-20. CCBADDBDAD 21-30. ACDABCCACD 31-40. BABCDCBDAC 41-50. ACCDCACBAA SECTION B. (1) Tabulate Income Earners- Unom, Awange, Ihember, Dajo. Income base (N): 15,000, 25,000, 32,000, 60,000. Tax payments- 2004 (N)- 1,500, 2,500, 3,200, 6,000 2005 (N)- 1,500, 2,500, 2,240, 3,000 (i) Unom 2004- 1500/15000 x 100/1 = 150000/15000 = 10% (ii) Dajo 2004- 6000/60000 x 100/1 = 600000/60000 = 10% Dajo 2005- 3000/60000 x 100/1 = 300000/60000 = 5% (iii) Awangean 2005- 2500/25000 x 100/1 = 250000/25000 = 10% (iv) Ihember 2005- 2240/32000 x 100/1 = 224000/32000 = 7% (1b) (i) The taxation system in 2004 and 2005 are proportional tax system as the tax paid increase with increase in income with proportion. (ii) Ihember has least burden as income base is N32,000 and tax paid is N2,240 less to 2004 at thesame amount earned and also does not follow the progressive rate at column at payment. (1c) 15% increasement - Unom 15% = 15000x15/100 = 2250 then at 15% flat rate = N2250 - Awange = 25000x15/100 = 3750 then at 15% flat rate = N3750 - Ihemba = 32000x15/100 = 4800 then at 15% flat rate = N4800 - Dajo = 60000x15/100 = 9000 then at 15% flat rate = N9000 Government income = Total- N19,800 3. Difference btw land and capital. Tabulate. Under Land, write- a. This is a factor of production that is Free in nature and fixed b. Reward is rent c. Not man made factor of production d. Has no variable or types. It remains thesame everywhere. Under capital, write- a. Factor of production which is wealth reserved or set aside for production of further wealth. B. Reward is interest. C. Man made factor of production. D. There are various types of it such as fixed capital, circulating capital, social capital, etc. 3b. FACTORS THAT DETERMINE PRODUCTION VOLUME ARE- A. Size of Market. B. Availability of raw material. C. Division of labour D. Government policy. **kindly write short notes on them** 6.i. Government participates in d location of industries in Nigeria in order to make sure that industries are scattered all over d country. Ii. Political consideration: politicians may set aside all relevant factors and site an industry in an area that voted for them as a compensation. Iii. To raise d standard of living of d people is another vital reason why government participates in d location of industries in Nigeria. Iv. In order to ensure even and rapid economic development, government participates in d location of industries. V. The huge amount of carital involved in d location and establishment of some industries may never be afforded by individuals. Hence, government participation. Vi. In order to provide employment opportunities to the citizes of d country. 9.a. Economic development refers to development that occurs when there are quantitative and qualitative improvement in all or almost all d sectors of an economy, and which can be sustained. 9.b. I. Political stability: this atmosphere attracts both foreign and local investors to a country. ii. File leadership: the type of leadership a country has to an extent determines very much the rate of her economic development. iii. Industralization: this is associated with development because almost all developed countries of d world are basically industralised actions. iv. Availability of Capital: this can be achieved through prudent raw resources and increases the national savings. V. Good development plans: these and their proper execution will aid economic development. 11a. I. Stabilization of oil in d world market in order to eliminate fluctuations. ii. Stabilization of oil income by its member-nations iii. To ensure steady supply of oil to consuming nationsg iv. It fixes and allocates production quotes to member-nation. 11.b. I. Political disagreement which sometimes leads to war between member-nation like iran and iraq was causes a serious problem to OPEC. ii. The organisation always imposes penalty on its membersthat side-track there agreed fixed production quota. iii. In order to solve d leadership rivalry between saudi Arabia and iran, the organisation rotates its key posts among its member-nations. iv. OPEC tries to maintain a reasonable price in order to avoid price fluctuation. THERE ARE MANY SITES BUT THE AUTHENTICITY OF OUR ANSWERS RETAINS OUR STATUS AS NUMBER ONE!
Posted on: Wed, 26 Nov 2014 08:51:29 +0000
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