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Economics Objectives
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5a
Supply may be defined as the quantity of a given commodity or service which a producer is willing,able and ready to offer for sale over a period of time at particular market price


5b
i)diagram will be sent separately

ii) diagram will be sent separately


6a
Tax may be defined as a compulsory contribution imposed by a government authority on goods,individuals,corporate bodies, etc, irrespective of the exact amount of service rendered to the tax payer in return, and not imposed as a penalty for any legal offence.


6b
i)
Insincerity of the Collectors-Majority of them are after their personal purse and are ready to receive bribe from tax-payers no matter how small in place of the actual amount they are supposed to
pay.


ii
False Declaration of Income-Many workers especially those in private firms do not declare their real incomes.


iii)Improper Book of Account-Majority of the traders keep improper or no book of account at all.



Iv
Tax Evasion-Many people do not fulfil their civic responsibilities by paying tax as and when due.



v
Mismanagement of Government fund-
Embezzlement and misappropriation of government fund by those at the corridors of power,may kill people's enthusiasm to fulfil their civic obligation
of paying tax.
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1a)Qd=40-2p ; Qs=10+4p
Qd=40-2p
When P=1
Qd=40-2(1)
Qd=40-2
Qd=38

Qd=40-2p
When P=3
Qd=40-2(3)
Qd=40-6
Qd=34

Qd=40-2p
When P=5
Qd=40-2(5)
Qd=40-10
Qd=30

Qd=40-2p
When P=7
Qd=40-2(7)
Qd=40-14
Qd=26

Qd=40-2p
When P=9
Qd=40-2(9)
Qd=40-18
Qd=22
===============
Qs=10+4p
When P=1
Qs=10+4(1)
Qs=10+4
Qs=14

Qs=10+4p
When P=3
Qs=10+4(3)
Qs=10+12
Qs=22

Qs=10+4p
When P=5
Qs=10+4(5)
Qs=10+20
Qs=30

Qs=10+4p
When P=7
Qs=10+4(7)
Qs=10+28
Qs=38

Qs=10+4p
When P=9
Qs=10+4(9)
Qs=10+36
Qs=46
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 4i)Marginal product is the additional output that a firm brought about as a result of the employment of an additional unit of variable factor.

4ii)Thd law of diminishing returns states that as sucessive units of a variable factor (e.g. labour or capital) is applied to a given fixed factor(e.g. land), output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output.


4iii)
-Proper combination of factors of production

-The law of diminishing returns helps the entrepreneur to combine properly the factors of production to prevent watage

- Changes in Scale of production: The law of diminishing returns helps entrepreneurs to change the scale of production throught the variation of the quantities of all input.

- It ensures efficiency- As more and more variable factors are added to a fixed factor, it eventually comes to a profitable level and productivity and efficiency are maintained.
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8)
-Maintainance of external reserves: The central bank is also responsible for the maintainance of external reserves of the country.

-Management of national debt: The central bank is responsible for the management of national debt of the country. It also acts as clearing house for other banks.

-Foreign exchange transaction:The central bank holds the foreign reserve of a country, and this helps in enforcing foreign exchange control, which is set up to purchase and sell foreign currencies.

-External business: The central bank acts as an agent of the country by relating with other countries and international financial institutions like IMF, World Bank,etc.

-Banker to the government: Central bank is an agent and banker to the government. It controls public account, receives revenue on behalf of the government and makes payment from this account.Central bank also obtains loan on behalf of the government.

7a)
dependency ratio: this is the ratio of dependants to working population,it can be expressed as dependent population

7b)
declining population: it an increasing percentage of old people while the relative percentage of children and workers are decreasing

7c)
population density: it is described as the number of persons per square kilometre of land,it can either be high or low depending on the number of people in a specified area or country

7d)
effiency of labour: it is the ablity of labour to increase output without increasing the quantity of labour if labour is effiency the quantity of goods and services produced will be high