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Pregunta 1 Informe
Which of the following is used to measure inflation?
Detalles de la respuesta
Price index is used to measure inflation. It is a statistical measure that tracks the changes in the prices of a basket of goods and services over time. The basket of goods and services typically represents the items that an average household consumes. The price index can help to determine the rate of inflation, which is the rate at which the general level of prices for goods and services is rising over a given period of time. Commonly used price indices include the Consumer Price Index (CPI) and the Producer Price Index (PPI).
Pregunta 2 Informe
The introduction of division of labour in a firm will lead to?
Detalles de la respuesta
The introduction of division of labour in a firm can lead to an increase in output. Division of labour refers to the specialization of tasks among workers whereby each worker performs a specific task in the production process repeatedly. By performing the same task repeatedly, workers become more skilled and efficient, leading to an increase in productivity and output. Additionally, division of labour can also lead to time-saving, reduction in waste and errors, and a better utilization of resources, all of which can contribute to an increase in output. Therefore, it can be concluded that the introduction of division of labour in a firm is likely to result in an increase in output.
Pregunta 3 Informe
The expenditure of a firm on goods and services for the expansion of its productive capacity is known as
Detalles de la respuesta
The expenditure of a firm on goods and services for the expansion of its productive capacity is known as investment. Investment can include the purchase of capital goods, such as machinery, equipment, and buildings, as well as research and development activities. This expenditure is made with the expectation that it will generate future returns and contribute to the growth and profitability of the firm. Investment is important for economic growth because it leads to increased productivity and job creation, which in turn can lead to higher incomes and improved standards of living.
Pregunta 4 Informe
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
Detalles de la respuesta
To find the price at which a trader will be ready to sell 6 oranges, we can substitute q = 6 in the equilibrium equation p = 1/2q + 2. p = 1/2(6) + 2 p = 3 + 2 p = 5 Therefore, the trader will be ready to sell 6 oranges at a price of N5.00.
Pregunta 5 Informe
one way of solving the problem of scarcity that faces the individuals is for
Detalles de la respuesta
Scarcity means that there are limited resources to meet unlimited wants. One way of solving this problem is for individuals to choose between alternative wants since they cannot meet all their wants. This means that individuals need to prioritize their wants and choose the most important ones that they can afford with their available resources. By doing this, they can maximize their satisfaction and make the most efficient use of their limited resources.
Pregunta 6 Informe
To the economist, efficiency of resource use means
Detalles de la respuesta
Efficiency of resource use means maximizing output from a given amount of resource. It involves using the resources available in the best possible way to achieve the desired objectives. This can be done by producing the maximum amount of goods and services with the minimum amount of resources, minimizing wastage, and using the right resources for the right purposes. The efficient use of resources leads to the reduction of costs and the maximization of profits, which is important in any economic activity.
Pregunta 7 Informe
Which of the following countries is a major trading partner of Nigeria?
Detalles de la respuesta
Pregunta 8 Informe
A major setback in any mixed economy is
Detalles de la respuesta
A major setback in any mixed economy is the absence of profit motive in the public sector, which may reduce incentives for hard work. A mixed economy combines both capitalist and socialist systems, allowing the freedom of choice in the production and consumption of goods and services. However, government intervention is necessary to secure full utilization of resources. In a mixed economy, economic decisions are determined by both market forces and government policies. The public sector is run by the government, and profit motive may not be as strong as in the private sector. This may lead to a lack of incentives for workers in the public sector, which can affect productivity and the overall performance of the economy.
Pregunta 9 Informe
Malthus' contention is that
Detalles de la respuesta
Malthus' contention is that population increases at a faster rate than food production. He argued that while population grows at a geometric progression, food production only increases at an arithmetic progression. As a result, there will come a time when the population will outstrip the food supply, leading to famine, disease, and other forms of suffering. He also believed that population growth should be controlled to prevent these negative consequences.
Pregunta 10 Informe
which of the following is not a type of industry?
Detalles de la respuesta
Export is not a type of industry. Export refers to the act of sending goods or services to another country for sale. It is a trade activity that involves the exchange of goods and services between countries. In contrast, construction, mining, manufacturing, and transport are all types of industries that involve the production or movement of goods or services.
Pregunta 11 Informe
The stability of Nigerian economy depends mainly on the export price of
Detalles de la respuesta
The export price of mineral oil, also known as crude oil, is the main factor that determines the stability of the Nigerian economy. Nigeria is one of the largest exporters of crude oil in the world and the revenue generated from the sale of crude oil accounts for a significant portion of the country's GDP. Therefore, fluctuations in the international price of crude oil can have a significant impact on the Nigerian economy. If the price of crude oil is high, Nigeria can earn more revenue, which can be used to finance developmental projects and boost economic growth. However, if the price of crude oil is low, it can lead to a decline in revenue, which can result in economic instability and a decrease in the standard of living of the Nigerian people.
Pregunta 12 Informe
An imperfect competitor is in equilibrium when
Detalles de la respuesta
An imperfect competitor is in equilibrium when the marginal cost (MC) is equal to marginal revenue (MR). This is because a firm will produce at a level where the additional cost of producing one more unit of output (MC) is equal to the additional revenue gained by selling that additional unit (MR). At this point, the firm is maximizing its profits and there is no incentive to produce more or less output. Therefore, the firm will continue to produce at this level of output until there is a change in either cost or revenue.
Pregunta 13 Informe
An appropriate industrialization strategy in an under-populated country is
Detalles de la respuesta
Pregunta 14 Informe
development plans in Nigeria have deviated from their targets due to
Detalles de la respuesta
Development plans in Nigeria have deviated from their targets due to political instability. Political instability has been a major factor affecting the success of development plans in Nigeria. The frequent changes in government policies, coups, and the lack of consistency in economic policies have affected the effective implementation of development plans. Political instability leads to uncertainties which make it difficult for investors to make long-term investments in the country. This has led to the stunted growth of various sectors of the economy, which in turn has resulted in the deviation from the targets set in development plans.
Pregunta 15 Informe
Banks create money by
Detalles de la respuesta
Banks create money by lending out deposits to borrowers. When someone deposits money into a bank account, the bank is required to hold only a fraction of that deposit as reserves, which means they can lend out the rest. This money lent out to borrowers is new money created by the bank, which then becomes deposits in the accounts of the borrowers. This process of lending and creating new money continues, resulting in an expansion of the money supply in the economy.
Pregunta 16 Informe
The level of economic development is low in Nigeria because
Detalles de la respuesta
The level of economic development is low in Nigeria because of ineffective plan implementation. This means that despite the existence of planning models, the implementation of these plans has been poor and ineffective. The lack of proper execution has led to a number of challenges such as poor infrastructure, insufficient investment, lack of diversification, and high unemployment rates. These challenges have hindered economic growth and development in the country. Additionally, the lack of practical relevance in planning, coupled with the absence of a unique planning model, has also contributed to the low level of economic development in Nigeria.
Pregunta 17 Informe
The shape of the average cost (AC) shows that as production increases
Detalles de la respuesta
The shape of the average cost (AC) shows that as production increases, the average cost decreases and then increases. The average cost (AC) is the cost per unit of production, calculated by dividing the total cost by the quantity produced. As production increases, the average cost initially decreases because the fixed cost is spread over a larger number of units. However, at some point, the marginal cost begins to increase, causing the average cost to increase as well. This happens because, beyond a certain level of production, the additional cost of producing each additional unit increases due to factors such as diminishing returns, increased specialization, and higher input costs. Therefore, the correct answer is that as production increases, the average cost decreases and then increases.
Pregunta 18 Informe
external economies refer to the
Detalles de la respuesta
External economies refer to the cost-saving advantage that a firm enjoys when being close to other firms in the same industry. This means that a firm can benefit from the shared infrastructure, technology, and skilled labor that are available in the area, leading to lower production costs and higher productivity. It can also result in the growth of the industry in the area, attracting more suppliers, customers, and investors.
Pregunta 19 Informe
The West African house was established to
Detalles de la respuesta
The West African house was established to enhance financial transaction among member countries. The West African House was the first regional bank in Africa, established in 1948 to promote trade and economic integration among member countries of the West African Monetary Union (WAMU). The bank provides a range of services including financing of development projects, trade financing, and technical assistance to member countries to promote economic development and stability in the region. The ultimate goal of the West African House is to enhance economic cooperation among member countries through financial integration and cooperation.
Pregunta 20 Informe
The problem of small markets in West Africa can be solved through
Detalles de la respuesta
Pregunta 21 Informe
An increase in marginal propensity to save will lead to
Detalles de la respuesta
Pregunta 23 Informe
In a joint-stock company the shareholders are the
Detalles de la respuesta
In a joint-stock company, the shareholders are the owners. A joint-stock company is a type of business entity in which the ownership is divided into shares or stocks, and each shareholder owns a proportionate share of the company. Shareholders have the right to vote on important company decisions, receive dividends, and participate in the distribution of profits. However, they are not involved in the day-to-day management or decision making of the company. That responsibility lies with the management or board of directors, who are appointed by the shareholders to oversee the company's operations.
Pregunta 24 Informe
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
Detalles de la respuesta
The economic system in which private firms make decisions on what to produce, how to produce, and for whom to produce is called capitalism. In a capitalist system, the means of production and distribution are owned and controlled by private individuals or companies, rather than the state or government. The basic principle of capitalism is that individuals are free to pursue their own economic self-interest, and the market, through the forces of supply and demand, determines the prices and quantities of goods and services produced.
Pregunta 25 Informe
Total cost is the addition of
Detalles de la respuesta
Total cost is the sum of all costs incurred in the production of a good or service. It includes both fixed costs and variable costs. Fixed costs are costs that do not change with changes in the level of output, while variable costs change with changes in the level of output. Examples of fixed costs are rent, insurance, and salaries of permanent staff. Examples of variable costs are raw materials, fuel, and hourly wages of workers. Therefore, the correct option is "fixed cost and variable cost".
Pregunta 26 Informe
the study of Economics enables the individuals to
Detalles de la respuesta
The study of economics enables individuals to derive maximum satisfaction from the money they spend. Economics is a social science that studies the production, consumption, and distribution of goods and services. It helps individuals to understand the principles of how people make choices and allocate their resources, including money. By studying economics, individuals can learn how to make rational decisions about how to spend their money to maximize their satisfaction or utility. They can also understand how markets work and how to make informed decisions about purchasing goods and services. Therefore, the study of economics enables individuals to make better choices about how to spend their money to achieve their goals and maximize their satisfaction.
Pregunta 28 Informe
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
Detalles de la respuesta
If the equilibrium price of mangoes is N1.00, it means that at that price, the quantity of mangoes demanded by consumers is equal to the quantity of mangoes supplied by producers. If the price falls to 50k, it means that the price of mangoes has decreased below the equilibrium price. This will result in an increase in the quantity of mangoes demanded by consumers as mangoes become more affordable, while producers will reduce the quantity of mangoes supplied because the price is now too low for them to make a profit. As a result, there will be excess demand for mangoes, which means that consumers want to buy more mangoes than producers are willing to supply at the lower price. This excess demand could lead to a shortage of mangoes in the market, as consumers compete to buy the available supply. Therefore, the answer is "an excess demand."
Pregunta 29 Informe
Total cost is the addition of
Detalles de la respuesta
Total cost is the sum of all costs incurred by a business in producing a given level of output. It includes both fixed costs (such as rent and salaries) and variable costs (such as raw materials and production costs). Therefore, the correct answer is "fixed cost and variable cost".
Pregunta 30 Informe
which of the following is a factor affecting the size of national income?
Detalles de la respuesta
The factor affecting the size of national income is the size of the active population. The active population refers to the number of people who are employed and actively contributing to the production of goods and services in an economy. The larger the size of the active population, the greater the potential for the production of goods and services, which in turn can increase the size of the national income. As more people are employed, there is a greater output of goods and services, leading to increased economic growth and a higher national income. Therefore, the size of the active population is an important factor in determining the size of a nation's income. The other options listed, such as taste of consumers, number of registered trade unions, credit-worthiness of neighbouring countries, and regularity of payment of national debt, do not directly impact the size of national income.
Pregunta 31 Informe
one of the advantages of localization of industry is that firms
Detalles de la respuesta
The advantage of localization of industry is that firms can have a large pool of skilled labor. Localization of industry refers to the concentration of industries in a particular region or area. This leads to the development of a cluster of related industries, which attracts a skilled labor force to the area. Firms benefit from this concentration of skilled labor because they have a large pool of qualified workers from which to choose. This can increase the efficiency and productivity of firms, leading to greater profits and growth. Additionally, firms in a localized industry can benefit from the sharing of resources and knowledge within the cluster, leading to further innovation and development.
Pregunta 32 Informe
If a government which owned a company N10,000 in 19196 paid the debt fully in 1985 when the value of money has depreciated by 20 Percent , such a government had
Detalles de la respuesta
If a government owed a company N10,000 in 1966, and paid off the debt fully in 1985, when the value of money had depreciated by 20 percent, it means that the government had gained. This is because the value of money in 1985 was 20 percent less than the value of money in 1966. Therefore, the government was able to pay off the debt with money that was worth less than the money it borrowed, effectively paying less than N10,000 in today's value. This is a common occurrence during periods of inflation, where the value of money decreases over time.
Pregunta 33 Informe
which of the following will shift the demand curve for Milo to the right?
Detalles de la respuesta
Pregunta 34 Informe
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
Detalles de la respuesta
If the last Naira spent on each commodity by a consumer gave him equal satisfaction, it means the consumer has been able to maximize his utility. Utility refers to the satisfaction or happiness that a consumer derives from consuming a particular good or service. In this scenario, since the last Naira spent on each commodity provides equal satisfaction, the consumer has achieved the highest possible level of satisfaction from his spending, which is referred to as utility maximization.
Pregunta 35 Informe
progressive system of taxation implies that the
Detalles de la respuesta
The progressive system of taxation implies that the tax rate increases as the tax base (income or wealth) increases. This means that individuals who earn higher incomes or have greater wealth are required to pay a larger percentage of their income or wealth in taxes compared to those with lower incomes or less wealth. The idea behind this system is to make the tax burden more equitable, with the ability to pay being taken into account. In other words, the wealthy are expected to contribute more to the government's revenue than the poor. This system is often used to redistribute wealth and reduce income inequality.
Pregunta 36 Informe
The instrument used in many countries to restrict imports includes
Detalles de la respuesta
The instrument used in many countries to restrict imports is high tariffs. A tariff is a tax imposed on imported goods and services, making them more expensive and less competitive in the domestic market. This is done to protect local industries from foreign competition and stimulate domestic production. High tariffs make imports less attractive and promote local production and consumption. Therefore, many countries use tariffs as a means of restricting imports and promoting domestic industries.
Pregunta 37 Informe
The distribution of goods by the price system is distorted when
Detalles de la respuesta
Pregunta 38 Informe
Describe any five functions of the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) is the apex financial institution that regulates the money supply, the banking system and the general financial stability of the economy. Its functions flow from this supervisory and monetary role.
Five functions of the CBN:
Other acceptable points include managing the country's external reserves and foreign exchange, and maintaining the external value of the naira.
Detalles de la respuesta
The Central Bank of Nigeria (CBN) is the apex financial institution that regulates the money supply, the banking system and the general financial stability of the economy. Its functions flow from this supervisory and monetary role.
Five functions of the CBN:
Other acceptable points include managing the country's external reserves and foreign exchange, and maintaining the external value of the naira.
Pregunta 39 Informe
Why does a country restrict her international trade?
A country restricts international trade by using barriers such as tariffs, import quotas, embargoes and exchange controls. It does so to protect and manage its domestic economy rather than allow completely free trade. The main reasons are:
Examination reminder: give the reason and a short justification for each; a bare list without explanation earns fewer marks.
Detalles de la respuesta
A country restricts international trade by using barriers such as tariffs, import quotas, embargoes and exchange controls. It does so to protect and manage its domestic economy rather than allow completely free trade. The main reasons are:
Examination reminder: give the reason and a short justification for each; a bare list without explanation earns fewer marks.
Pregunta 40 Informe
Give any five reasons why public corporations are established in Nigeria.
Public corporations (state-owned enterprises) are established by government for economic, social and strategic reasons. Five reasons include:
The underlying reasoning is that some goods and services are too important, too costly or too easily abused to be left entirely to private profit-seeking firms, so the state provides them through public corporations.
Detalles de la respuesta
Public corporations (state-owned enterprises) are established by government for economic, social and strategic reasons. Five reasons include:
The underlying reasoning is that some goods and services are too important, too costly or too easily abused to be left entirely to private profit-seeking firms, so the state provides them through public corporations.
Pregunta 41 Informe
Outline the role of industrialization in the economic development of Nigeria.
Industrialization is the process of building and expanding manufacturing and processing industries in an economy. For a developing country like Nigeria, it is central to structural change and economic development. Its roles include:
Examination reminder: tie each point to development (higher incomes, diversification, technology), not merely to production.
Detalles de la respuesta
Industrialization is the process of building and expanding manufacturing and processing industries in an economy. For a developing country like Nigeria, it is central to structural change and economic development. Its roles include:
Examination reminder: tie each point to development (higher incomes, diversification, technology), not merely to production.
Pregunta 42 Informe
State any five reasons why the use of money has replaced the barter system in modern economic transaction.
The barter system requires the double coincidence of wants, meaning that two people must each possess exactly what the other needs and want to exchange at the same time. Money removes this and other rigidities of barter, which is why it has largely replaced barter in modern transactions.
Five reasons why money replaced barter:
Examination reminder: the strongest single reason is the removal of the double coincidence of wants; state it first and then link the remaining reasons to the four functions of money.
Detalles de la respuesta
The barter system requires the double coincidence of wants, meaning that two people must each possess exactly what the other needs and want to exchange at the same time. Money removes this and other rigidities of barter, which is why it has largely replaced barter in modern transactions.
Five reasons why money replaced barter:
Examination reminder: the strongest single reason is the removal of the double coincidence of wants; state it first and then link the remaining reasons to the four functions of money.
Pregunta 43 Informe
Account for the decline in the contribution of agriculture to the Gross Domestic Product (GDP) of Nigeria.
Agriculture once dominated Nigeria's Gross Domestic Product and exports, but its share declined sharply, especially after the oil boom. The main reasons are:
In relative terms, agriculture's share fell largely because the oil sector grew so fast, while at the same time agriculture itself remained low-yielding and neglected.
Detalles de la respuesta
Agriculture once dominated Nigeria's Gross Domestic Product and exports, but its share declined sharply, especially after the oil boom. The main reasons are:
In relative terms, agriculture's share fell largely because the oil sector grew so fast, while at the same time agriculture itself remained low-yielding and neglected.
Pregunta 44 Informe
(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.
(a) Production is any human activity, aided by the factors of production, that creates or adds to the value of goods and services in order to satisfy human wants. It covers not only making goods but also the services that move goods to consumers and provide direct satisfaction. Production is complete only when the good or service reaches the final consumer.
(b) Types of production:
The three stages are linked: primary supplies raw materials to secondary, and tertiary provides the services that distribute the goods and support the whole process.
Detalles de la respuesta
(a) Production is any human activity, aided by the factors of production, that creates or adds to the value of goods and services in order to satisfy human wants. It covers not only making goods but also the services that move goods to consumers and provide direct satisfaction. Production is complete only when the good or service reaches the final consumer.
(b) Types of production:
The three stages are linked: primary supplies raw materials to secondary, and tertiary provides the services that distribute the goods and support the whole process.
Pregunta 45 Informe
The table here shows the sectoral allocation of a country's budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.
| Sector | Amount (N million) |
| Health | 30 |
| Education | 25 |
| Housing | 15 |
| Manufacturing | 10 |
| Agriculture | 20 |
Each sector angle is \(\dfrac{\text{sector amount}}{\text{total}}\times360^\circ\). The total allocation is \(30+25+15+10+20=100\) million naira.
| Sector | Amount (N m) | Angle | Percentage |
|---|---|---|---|
| Health | 30 | \(\frac{30}{100}\times360=108^\circ\) | 30% |
| Education | 25 | \(\frac{25}{100}\times360=90^\circ\) | 25% |
| Housing | 15 | \(\frac{15}{100}\times360=54^\circ\) | 15% |
| Manufacturing | 10 | \(\frac{10}{100}\times360=36^\circ\) | 10% |
| Agriculture | 20 | \(\frac{20}{100}\times360=72^\circ\) | 20% |
The angles sum to \(108+90+54+36+72=360^\circ\), so the pie chart is drawn with these five sectors.
Detalles de la respuesta
Each sector angle is \(\dfrac{\text{sector amount}}{\text{total}}\times360^\circ\). The total allocation is \(30+25+15+10+20=100\) million naira.
| Sector | Amount (N m) | Angle | Percentage |
|---|---|---|---|
| Health | 30 | \(\frac{30}{100}\times360=108^\circ\) | 30% |
| Education | 25 | \(\frac{25}{100}\times360=90^\circ\) | 25% |
| Housing | 15 | \(\frac{15}{100}\times360=54^\circ\) | 15% |
| Manufacturing | 10 | \(\frac{10}{100}\times360=36^\circ\) | 10% |
| Agriculture | 20 | \(\frac{20}{100}\times360=72^\circ\) | 20% |
The angles sum to \(108+90+54+36+72=360^\circ\), so the pie chart is drawn with these five sectors.
Pregunta 46 Informe
(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
| Commodity | changes in price | commodity | Changes in Quantity Demanded | ||
| Original Price (N) | New price (N) | Original Quantity (kg) | New Quantity (kg) | ||
| Bread | 15 | 20 | Yam | 150 | 200 |
| Beef | 25 | 40 | Fish | 1,000 | 3,000 |
| Butter | 100 | 50 | Margarine | 250 | 400 |
(a) Cross elasticity of demand measures the responsiveness of the quantity demanded of one commodity to a change in the price of another commodity. It is given by \[E_c=\dfrac{\%\ \text{change in quantity demanded of good B}}{\%\ \text{change in price of good A}}.\] A positive value indicates substitutes, a negative value indicates complements, and a value near zero indicates unrelated goods.
(b) Reading the price change of the first commodity against the quantity change of its paired commodity:
Bread (price) and Yam (quantity): \(\%\Delta P=\dfrac{20-15}{15}\times100=33.3\%\); \(\%\Delta Q=\dfrac{200-150}{150}\times100=33.3\%\); \[E_c=\dfrac{33.3}{33.3}=+1.\] The positive sign shows the two are substitutes.
Beef (price) and Fish (quantity): \(\%\Delta P=\dfrac{40-25}{25}\times100=60\%\); \(\%\Delta Q=\dfrac{3{,}000-1{,}000}{1{,}000}\times100=200\%\); \[E_c=\dfrac{200}{60}=+3.33.\] The positive value shows the two are substitutes.
Butter (price) and Margarine (quantity): \(\%\Delta P=\dfrac{50-100}{100}\times100=-50\%\); \(\%\Delta Q=\dfrac{400-250}{250}\times100=60\%\); \[E_c=\dfrac{60}{-50}=-1.2.\] The negative sign shows the two behave as complements in this data.
Detalles de la respuesta
(a) Cross elasticity of demand measures the responsiveness of the quantity demanded of one commodity to a change in the price of another commodity. It is given by \[E_c=\dfrac{\%\ \text{change in quantity demanded of good B}}{\%\ \text{change in price of good A}}.\] A positive value indicates substitutes, a negative value indicates complements, and a value near zero indicates unrelated goods.
(b) Reading the price change of the first commodity against the quantity change of its paired commodity:
Bread (price) and Yam (quantity): \(\%\Delta P=\dfrac{20-15}{15}\times100=33.3\%\); \(\%\Delta Q=\dfrac{200-150}{150}\times100=33.3\%\); \[E_c=\dfrac{33.3}{33.3}=+1.\] The positive sign shows the two are substitutes.
Beef (price) and Fish (quantity): \(\%\Delta P=\dfrac{40-25}{25}\times100=60\%\); \(\%\Delta Q=\dfrac{3{,}000-1{,}000}{1{,}000}\times100=200\%\); \[E_c=\dfrac{200}{60}=+3.33.\] The positive value shows the two are substitutes.
Butter (price) and Margarine (quantity): \(\%\Delta P=\dfrac{50-100}{100}\times100=-50\%\); \(\%\Delta Q=\dfrac{400-250}{250}\times100=60\%\); \[E_c=\dfrac{60}{-50}=-1.2.\] The negative sign shows the two behave as complements in this data.
Pregunta 47 Informe
(a) What is Labour Force?
(b) Explain four factors affecting the size of the labour force.
(a) The labour force is the total number of people who are of working age (for example 15 to 64 years) and are able and willing to work, whether they are actually employed or unemployed but seeking work. It excludes children, the aged, students, housewives not seeking work, and those unable or unwilling to work.
(b) Four factors affecting the size of the labour force:
In short, the labour force depends on how many people fall within the working age and how many of them are willing and available to work.
Detalles de la respuesta
(a) The labour force is the total number of people who are of working age (for example 15 to 64 years) and are able and willing to work, whether they are actually employed or unemployed but seeking work. It excludes children, the aged, students, housewives not seeking work, and those unable or unwilling to work.
(b) Four factors affecting the size of the labour force:
In short, the labour force depends on how many people fall within the working age and how many of them are willing and available to work.
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