NABTEB 2023 ECONOMICS ESSAY AND OBJ ANSWERS

NABTEB 2023 ECONOMICS ESSAY AND OBJ ANSWERS – EXAMKING.NET
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ECONOMICS-OBJ
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ECONOMICS-ESSAY ANSWERS
PART I: ANSWER ONE QUESTION ONLY

PART II: ANSWER FOUR QUESTIONS ONLY
(2)
To calculate the quantity demanded and supplied at each price, we’ll substitute the given prices into the demand and supply equations.

(i) Quantity Demanded:
Qd = 400 – (1/3)P

At P = ₦150:
Qd = 400 – (1/3)(150)
Qd = 400 – 50
Qd = 350

At P = ₦300:
Qd = 400 – (1/3)(300)
Qd = 400 – 100
Qd = 300

At P = ₦450:
Qd = 400 – (1/3)(450)
Qd = 400 – 150
Qd = 250

At P = ₦750:
Qd = 400 – (1/3)(750)
Qd = 400 – 250
Qd = 150

At P = ₦900:
Qd = 400 – (1/3)(900)
Qd = 400 – 300
Qd = 100

(ii) Quantity Supplied:
Qs = 200 – (1/5)P

At P = ₦150:
Qs = 200 – (1/5)(150)
Qs = 200 – 30
Qs = 170

At P = ₦300:
Qs = 200 – (1/5)(300)
Qs = 200 – 60
Qs = 140

At P = ₦450:
Qs = 200 – (1/5)(450)
Qs = 200 – 90
Qs = 110

At P = ₦750:
Qs = 200 – (1/5)(750)
Qs = 200 – 150
Qs = 50

At P = ₦900:
Qs = 200 – (1/5)(900)
Qs = 200 – 180
Qs = 20

(iii) Equilibrium Price:
The equilibrium price occurs when the quantity demanded is equal to the quantity supplied. To find the equilibrium price, we’ll set Qd equal to Qs and solve for P.

400 – (1/3)P = 200 – (1/5)P

Multiplying both sides by 15 (to eliminate fractions):

6,000 – 5P = 3,000 – 3P

6,000 – 3,000 = 5P – 3P

3,000 = 2P

P = 1,500

Therefore, the equilibrium price is ₦1,500.

(2iv)

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(3a)
A market is a mechanism or system that brings together buyers and sellers of goods, services, or resources to facilitate the exchange or trade of those items. It can be a physical location, such as a marketplace or shopping mall, or a virtual platform, such as an online marketplace or e-commerce website.

(3b)
(i) Large number of buyers and sellers: In a perfectly competitive market, there are numerous buyers and sellers, none of whom have a significant market share. No individual buyer or seller has the power to influence the market price.

(ii) Homogeneous or identical products: The products or services offered by sellers in a perfectly competitive market are standardized and indistinguishable from one another. Buyers perceive them as perfect substitutes, meaning there is no differentiation based on brand, quality, or other characteristics.

(iii) Perfect information: Buyers and sellers have complete and accurate information about the market, including prices, product quality, availability, and production techniques. There are no information asymmetries or barriers to acquiring knowledge.

(iv) Free entry and exit: New firms can enter the market and existing firms can exit without any restrictions or barriers. There are no significant entry or exit costs, allowing firms to enter or leave the market based on their profitability.

(v) Price takers: Both buyers and sellers in a perfectly competitive market are price takers. They accept the market price as given and have no influence over it. Individual buyers cannot negotiate prices, and individual sellers must accept the prevailing market price.

(vi) Perfect mobility of resources: Resources, such as labor and capital, can freely move between different uses and industries without any hindrances or costs. This mobility ensures that resources are allocated efficiently to their most productive uses.

(vii) Perfectly elastic demand and supply: In a perfectly competitive market, both demand and supply are infinitely elastic, meaning that buyers can purchase as much as they want at the prevailing market price, and sellers can supply as much as they are willing to at that price.

(viii) Profit maximization: Firms in a perfectly competitive market aim to maximize their profits. They will produce at a level where marginal cost equals marginal revenue, ensuring that they are operating at the most efficient level of output.
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(4)
(a)Subsistence farming: Subsistence farming is a traditional agricultural practice in Nigeria where farmers produce crops and raise livestock primarily to meet the needs of their own families or local communities. The main goal of subsistence farming is to ensure food security and self-sufficiency rather than generating surplus for commercial purposes. Farmers typically use simple tools and techniques, such as hand tools and traditional farming methods, and rely on family labor for cultivation, planting, harvesting, and processing of crops.

(b) Plantation agriculture: Plantation agriculture refers to large-scale commercial farming in Nigeria, typically organized as large plantations specializing in the cultivation of cash crops for export or industrial purposes. Plantation agriculture often involves the cultivation of a single crop or a small number of crops that are well-suited to the local climate and soil conditions.

(c) Cooperative farming: Cooperative farming is a practice where farmers voluntarily come together to pool their resources, land, labor, and capital to collectively engage in agricultural production and marketing activities. In Nigeria, cooperative farming is often organized through agricultural cooperatives, which are associations formed by farmers to improve their bargaining power, access resources, and share risks and benefits. Cooperative farming allows small-scale farmers to overcome individual limitations and achieve economies of scale.

(d) Mechanized farming: Mechanized farming, also known as commercial or modern farming, involves the use of advanced machinery, equipment, and technology to increase agricultural productivity and efficiency. Mechanized farming in Nigeria utilizes modern agricultural practices, such as tractors, combine harvesters, irrigation systems, and agrochemicals, to optimize production processes. Large-scale commercial farms or agribusiness enterprises often adopt mechanized farming techniques to achieve higher yields, reduce labor requirements, and improve overall farm management.

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(5)
(i) Economic Pressure: A high dependency ratio places a strain on the working population as they have to bear the financial burden of supporting a larger number of dependents. This can lead to decreased savings and investment, as a significant portion of income is directed towards meeting the basic needs of dependents.

(ii) Reduced Workforce Productivity: With a larger proportion of the population being dependent, the available workforce is diminished. This can lead to a shortage of skilled labor and a decrease in overall productivity. It becomes challenging to meet the demands of an expanding economy and promote sustainable economic growth.

(iii) Increased Healthcare and Social Welfare Costs: A high dependency ratio places increased demands on healthcare systems and social welfare programs. As the population ages and the elderly make up a significant portion of dependents, there is a greater need for healthcare services and support systems. This puts pressure on public finances and infrastructure.

(iv) Strain on Education System: With a higher number of children in the population, there is a greater demand for educational resources such as schools, teachers, and infrastructure. This can put a strain on the education system, making it challenging to provide quality education to all children and adequately prepare the future workforce.

(v) Challenges in Pension and Retirement Systems: A high dependency ratio can strain pension and retirement systems. With a smaller working-age population contributing to these systems and a larger number of retirees, there may be difficulties in ensuring sustainable and adequate pension funds.
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(6a)
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various price levels during a specific period. It represents the desire and purchasing power of consumers for a particular product or service.

(6b)
(i) Population Growth: The population size directly affects the demand for maize as it is a staple food in Nigeria. With a growing population, the demand for maize increases, as more people require it for consumption and as an ingredient in various food products.

(ii) Income Levels: The income levels of consumers play a crucial role in determining the demand for maize. As disposable income increases, consumers have more purchasing power, leading to higher demand for maize and maize-based products.

(iii) Price of Substitutes: The availability and prices of alternative grains or food products can impact the demand for maize. If the prices of substitutes such as rice or wheat increase, consumers may switch to maize as a more affordable option, thereby increasing its demand.

(iv) Government Policies: Government policies and interventions, such as import restrictions or subsidies, can influence the demand for maize. For instance, if the government implements policies that promote domestic production of maize or provide subsidies to maize farmers, it can increase the demand for locally produced maize.

(v) Industrial Uses: Maize has various industrial applications, including animal feed, ethanol production, and the manufacturing of food products. Demand for maize can be influenced by changes in these industries. For example, if there is a growing demand for ethanol or livestock feed, it can lead to an increased demand for maize.

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(8a) A cooperative society is a voluntary association of individuals who come together to meet their common economic, social, and cultural needs and aspirations. It is a form of organization where people pool their resources and efforts to achieve mutual benefits. The primary objective of a cooperative society is to promote the welfare and interests of its members rather than earning profits for external shareholders.

(8b)
(i) Voluntary membership: Membership in a cooperative society is open to individuals who voluntarily choose to join and participate. People become members based on their common interests and needs, and they have the freedom to join or leave the cooperative based on their own will.

(ii) Democratic control: Cooperative societies operate on the principle of democratic decision-making. Each member typically has one vote, regardless of the number of shares they hold. Decisions regarding the management and operation of the cooperative are made collectively through general meetings, where members have the right to participate, discuss, and vote on important matters.

(iii) Limited return on capital: Cooperative societies aim to provide equitable benefits to their members. Therefore, the return on capital invested by members is limited. The surplus generated by the cooperative’s activities is utilized for the common good of the members, which may include providing better services, improving facilities, or distributing dividends based on the members’ participation or patronage.

(iv) Service orientation: The primary purpose of a cooperative society is to provide services, products, or facilities to its members. These services can range from agricultural processing, marketing, credit facilities, housing, healthcare, insurance, retail, and more. The cooperative focuses on meeting the needs of its members rather than maximizing profits for external shareholders.

(v) Open and voluntary participation: Cooperatives encourage active member participation, knowledge sharing, and cooperative education. Members have the opportunity to learn about the cooperative’s operations, governance, and democratic principles. The cooperative promotes a culture of mutual help, self-help, and self-responsibility, where members actively contribute to the success and sustainability of the cooperative.

(vi) Social objective: Besides economic benefits, cooperative societies have a social objective of improving the overall well-being of their members and the community. They often engage in activities that promote social welfare, community development, and sustainable practices. Cooperatives strive to create a positive impact on society by promoting fairness, equality, and cooperation among their members.
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