NABTEB - ECONOMIC- ANSWERS

NABTEB-ECONOMICS-ANSWERS OBJ AND THEORY COMPLETED OBJ 1-10:BDBABBDDAB 11-20:DBBAADBBAB 21-30:DCBBADACBA 31-40:CDCCDCAABC 41-50:BBCDBCDBAA ================================ (1a) Price index = current year /base year × 100 For Commodity A = 25/20 × 100 = 128% For Commodity B = 10/5 × 100 = 200% For Commodity C = 30/15 × 100 = 200% For Commodity D = 50/40 × 100 = 125% For Commodity E = 450/200 × 100 = 225% (1b) Total prices in 1971 = 25+10+30+50+450 = N565 Total Prices in 1970 = 20+5+15+40+20 = N280 :. Overall price index P.I = 565/280 × 100 = 201.8% (1c) Total prices in 1971 = 25+10+30+50+450 = N565 Total Prices in 1970 = 20+5+15+40+20 = N280 Total prices level between 1970 and 1971 = 565+280 = N845 Total prices level change between 1970 and 1971 = 565-280 = N285 :. General percentage change between 1970 and 1971 price level = 285/845 × 100 = 33.73% (1d) - Inflation : As a result of general increased change in price of commodities, the value of money starts reducing since consumers will need more money to buy the same goods - Change in demand : The increased change in price level will cause the general shift in demand of goods previously patronized to a new lesser quality and quantity ================================ (3a) Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. (3b) (i)Climate : The conditions of climate also influence the volume of production. If there exists a favorable climate and adequate rainfall, then production will increase and vice-versa. (ii)Efficiency the people : The volume also depends on the efficiency of the people. If efficiency of the people is higher, production will be high and vice-versa. (iii)Transport facilities: Transport facilities also determine the volume of production. Better transpor

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