2017 NABTEB GCE RUNZ: 100% CORRECT ECONOMICS (ESsay),ANSWERS – FOR ESSAY, THEORY AND OBJ

Economics OBJ:
1-10: BBAACACCAB
11-20: BBBDDCCAAD
21-30: DADAAACDBD
31-40: CACDACABDC
41-50: ABACBCDBCA
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(1a)
equilibrium price
qd=qs
20-2p=8+4p
20-8=4p+2p
12=6p
p=12/6
p=2
equilibrium quantity:
qs=8+4(2)
=8+8
=16 units
qd=20-2(2)
=20-4
=16 units

(1b)
quantity demand:
at N=1
Qd=20-2(1)
=20-2
=N18
at N2
qd=20-2(2)
=20-4
=N16
at N3
qd=20-2(3)
20-6
=N14
at N4
qd=20-2(4)
20-8
=N12
supplied at prices:
at N=1
Qs=8+4(1)
=8+4
=N12
at N=2
Qs=8+4(2)
=8+8
=N16
at N=3
Qs=8+4(3)
8+12
=20
at N=4
qs=8+4(4)
=8+16
=N24

(1c)
diagram

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(3a)
production can be defined as the conversion of raw materials into finished goods and their distribution to the final consumers in order to satisfy their wants.

(3b)
(i)quality and quantity of factors of production: the quantity of factors of production: the resources required for production such as land, labour, capital and entrepreneur must be sufficient and of high quality. this is because ;low quality resources lead to low production
(ii)efficiency of management: the volume of production will be determined by the efficiency of management. If the management is made up of people who are competent and capable, it will have a positive impact on production.
(iii)level of technology :improvement in techniques of production and technological advancement will give rise to increase in the volume of production.
(iv)size of market: by the size of market, we are referring to the level of demand, the amount of goods to be produced will depend on the demand.

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(6)
(i)utility can be defined as the total amount of satisfaction a consumer derives from the consumption of a particular product at any particular point in time.
(ii)total utility:it simply means the total satisfaction a consumer derives consuming a particular product.
(iii)average utility: this is the amount of satisfaction derived by a consumer per unit is arrived at by dividing the total utility by the number of units consumed of a commodity.
Formula= total utility/quantity consumed
(iv)marginal utility: this is the addition utility derived from the consumption of extra unit of a product. it can alaso be referred to as the extra amount of satisfaction a consumer will derive when he consumes an additional unit of a commodity.

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(9a)
public debt is the total debt of a country borrowed by the government from individuals,institution and foreign governments during a given period of time.

(9b)
(i)a large external debt can make a country to be susceptible to the whims and caprices of external creditors.
(ii)the servicing of an external debt will involve an outflow of resources which can otherwise be used for economic development.
(iii)reduced availability of foreign exchange.
(iv)a large domestic debt will influence the distribution of income in the country.

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(12a)
inflation is the continuous and persistent rise in the general price level of goods and services. it should be noted that inflation is a reduction in the purchasing power of money.

(12b)
(i)increase in tax(fiscal):the government may increase tax to reduce the amount in circulation. by so doing, the propensity to consume will be reduced. this will help to cut personal consumption expenditure.
(ii)reduction in expenditure: unnecessary expenditure of the government should be reduced dramatically. Expenditure that are incurred on non-developmental projects should be stopped so as to reduce the money in circulation.
(iii)stabilizing of exchange rate: monetary policy measures to stabilise the exchange rate of the currency should be put into consideration.
(iv)introduction of monetary policies: to control inflationary pressure in an economy, the central bank of a country can adopt qualitative method of credit control. thus can be done through open market operation.

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LITERATURE II ANSWERS

(7)
the play is described as a comedy of absurd because
the amusement arises mostly from the portrayal of
current foible or minor social abuses or recognized
social “types”. The good example of portrayal of
current foible is the relationship between jack and
givendolene that is very artificial. they do not behave
like real lovers. the marriage proposal and courtship
is mockeries of the conventional for of courtship
between men and women of their class at the time
the play was written.
Also, the action of lady bracknell is explored by wiled
to criticize and mock the society. lady bracknell
represent the upper class mothers who are hell bent
in acquiring husband of right class for their
daughters. Lady Bracknell’s questions and comment
are extreme, foolish and comic. In fact, no sensible
person would pass obnoxious and funny comments
of lady Bracknell.
The play is seen as a comedy of the absurd.

(1)
THE SIGNIFICANT OF THE MEETING BETWEEN
ANLUGBA AND THE TWO WOMAN IN “WOMAN OF
OWU”
The episode/encounter is used by the playwrightly
writer to set – induct his readers into a knowledge of
what has just happened/ occurred to the city of Owu.
Through the interaction / discussion / talk between
Orisa Anlugba” and the women, we gradually get too
hnow bthe relationship between him and the people
of Owu / the community as well as their/ the people’s
condition in the last / previous seven years.
The playwright/ writer has chosen women as the true
“heroes” of war. Their children, particularly the
males, are killed off while they are in turn reserved
like a delicious male for the victorious generals. This
way they are double losers in any war, even when
they may not have participated in the actual shooting
war.
The meeting also exposes the ruins / destruction that
has happened / occurred to the people of Owu. The
women tell the genesis// beginning of how the
problem starts. for seven years the people withstood
the enemy forces who camped on the city gates
wanting to penetrate the city. They claimed to have
come to free the people from the yoke of oba
Akinjobi, who has continued to encourage the sales
ofslaves in their famous market, the Apomu market.
The meeting also becomes more significant because
Anlugba is able to make himself known/identify
himself to the people. He says the people forsake the
instruction/ order he gave to them that they should
pull the iron chain he left for them. The meeting also
shows the cruelty of thr allied forces as well as the
desecration/ destruction of the shrines of the gods.

{5}
THE USE OF LANGUAGE AND STYLE IN “ARMSAND
THE MAN:
The playwright employs/ uses detailed stage
instructions and descriptions in this play. Instead of
the usual / common practice of using brief stage
directions, shaw usual / employs lengthy and detailed
instructions and description on stage setting and
characterization in arms and the man. Another
unique / special aspect of this play is its use of a
woman as the central character.
He / the playwright also employ// uses general
contrasts in the play. Raainna’s dreamy romantic
nature contrasts her mother’s energetic manner.
Bluntschlps shabby state is marked by a contrast to
the smart appearance of sergius in the photograph.
Bluntschlpps reaction / response when he sees the
photograp is also noteworthy / worth of note. Raina
shows him the photograph expecting some
admiration but in contrast Bluntschli laugh at the
pgotograph.
Dramatic irony is also used in the play. Bluntschli
describes the Calvary charge where sergius who is
Raina’’slovers to Don Quote without knowing his
identify.
Comedy is also used / employed in the play. The
gimmicks of the lost coat and the incrimination on
the hidden photograph are typical of comedies. It
serves as thecatalyst to spark / assuage the
humorous confusion and work as object around
which the plot turns. in shaw / the playwrights hand,
however comedy is serious business disguised//
masked by farce. Shaw the playwright’s also
introduces moral instructio

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