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Que 1
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand= (800-600)*100
———-
800
=200/800*100%
=25%
%change in price=500-450*100%
——————
450
=50/450*100%
=11.11%
% elasiticy of demand =%change in
demand /% change in price
=25%/11.11%
=2.25%
8ai)- Increased exports.
-Make use of surplus raw materials.
8aii) -Restrictions on immigration
– cross-border investment are abolished.
8b) A common market, or single market,
have advantages including consumers
have more choice and lower prices.
Disadvantages of the common market
include that monopolies may be formed.

7c)
-Currency Strength
The value of the U.S. dollar compared to
other foreign currencies such as the yuan,
yen and the pound is important even for
companies that do not import or export
goods. Consumers have a choice to
purchase goods or services originating in
the United States or in other countries. If
the U.S. dollar strengthens, companies in
the industry that purchase inputs from
other countries are able to be more
competitive in pricing. In industries that
are heavily reliant on foreign raw
materials and processing, such as the
clothing industry, the entire sector can be
lifted or depressed with a strengthening
or weakening of the dollar.
-Government Intervention
Many industries are regulated by the
government in one form or another.
Government agencies such as the —
Environmental Protection Agency, the
Food & Drug Administration or the
U.S. Department of Agriculture maintain
standards that all operators in an industry
must follow for the safety of consumers,
employees, or natural resources. Some
industries are more heavily regulated than
others and new laws and rules can shake
up an entire industry and depress
growth. For example, new child toy safety
laws implemented under the Consumer
Product Safety Improvement Act in 2009
threatened to wipe out many small toy
producers as the requirements to test and
certify the toys were cost-prohibitive to all
but large toy manufacturers. Proposed
changes to the Act may help alleviate the
burden on small manufacturers and
resellers.
-Environmental Impact
Economic growth in an industry can be
impacted not only by the environmental
effect the products or services have but
also by consumers’ perceptions of that
impact. For example, the market for fur
apparel declined drastically over the
course of a few years in the 1990s when
consumers perceived that raising and
killing small animals for their fur was both
inhumane and a poor use of land.
Although the industry is once again
picking up with international demand, the
number of fur farmers in the country has
substantially declined. If the public views
an industry’s products or services as
being harmful or unsafe, most companies
within the sector can experience a
marked decline in sales quickly.
-Overall Economic Health
The economic state of the country
confidence can also spur growth and
development or harm it. In recessionary
times, consumers begin limiting their
purchases to the essentials, foregoing
luxury or big-ticket items. Companies also
scale back production, hiring and the
development of new products and
services to ensure that their finances can
weather the storm. In periods of overall
economic growth, these companies once
again expand.

ECONOMICS OBJ
1BABBCBABBB
11CCBBAABABA
21DCCDABADBC
31DDBBAADBAD
41BCCACCBBBC

Theory
1cThere is a fall in total weekly revenue due to an increase in price
(1di) close substitute of a
ii the extent of the necessity of the commodity

4a) subsistence
farming can be defined as the type of agriculture which is concerned with the production of food for the farmer and family only

4b) crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowpea.
WHILE livestock farming can be defined as the rearing of domestic animals e. G pig,
fish etc

4c
*Credit facilities
*Extension of workers
*Construction of good road
*provision of social ameninites

3a) Land
It refers to all natural resources
which are free gifts of nature. Land,
therefore, includes all gifts of nature
available to mankind—both on the surface
and under the surface
3 b )
i ) Land is a Primary Factor of
Production
ii) Land is a Passive Factor of
Production
iii)Land has some Original
Indestructible
Powers

6a)Inflation is the rate at which the general level of prices for goods and services is rising and,
consequently, the purchasing
power of currency is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy
running smoothly.

6bi)
-growing economy
-expectation of inflation
-discretionary fiscal
6bii)
-monopoly
-wage inflation
-exchange rates

7a) economic development can be
defined as efforts that seek to
improve the economic well-being
and quality of life for a community
7b) -dependency on agricultural
sector
-illetracy
-production for self-consumption

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Posted by on April 16, 2017.

Categories: Universities

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