ECONOMICS 2017/2018 Neck Question and Answer


[6/20, 06:56] ‪+234 8065538205‬: ECONOMICS OBJ

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[6/20, 07:00] ‪+234 8065538205 8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price

8b) 

i )Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato.
ii )Infrastructural facilities:
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials.
iii )Producers response:
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price.
iv )Marginal Cost:
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to expansion of marginal cost of production.

[6/20, 07:00] ‪+234 8065538205: ECONOMICS OBJ
41D

42B

43E

44D

45B

46E

47E

48A

49B

50D

51D

52C

53E

54A

55D

56A

57B

58C

59E

60B

[6/20, 07:02] ‪+234 8065538205‬: 4a)

Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests

4b)
i )Trade Unions working for the Progress of the Employees:
The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers.

ii) Safeguarding the Interests of the Workers:
Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations.

iii) Increasing Co-operation and Well-being among Workers:
It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers.
Iv )Establishing Contacts between the Workers and the Employers:

The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.
4c) 

i)picket lines 

ii ) strike

8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price

8b) 

i )Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato.
ii )Infrastructural facilities:
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials.
iii )Producers response:
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price.
iv )Marginal Cost:
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to expansion of marginal cost of production.

7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
7b) 

i )Infant Industries
ii ) National Defense
iii ) Domestic Employment

Iv ) Aggressive Trade Practices
V ) Environmental Concerns

[6/20, 08:09] ‪+234 8065538205: 3a)

Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests

3b)
i )Trade Unions working for the Progress of the Employees:
The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers.

ii) Safeguarding the Interests of the Workers:
Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations.

iii) Increasing Co-operation and Well-being among Workers:
It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers.
Iv )Establishing Contacts between the Workers and the Employers:

The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.
3c) 

i)picket lines 

ii ) strike
8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price

8b) 

i )Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato.
ii )Infrastructural facilities:
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials.
iii )Producers response:
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price.
iv )Marginal Cost:
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to expansion of marginal cost of production.
7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
7b) 

i )Infant Industries
ii ) National Defense
iii ) Domestic Employment

Iv ) Aggressive Trade Practices
V ) Environmental Concerns

[6/20, 08:27] ‪+234 8065538205 ECONOMICS OBJ

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