ECONOMICS GCE ANSWERS ENTER HERE

>ECONOMICS Type B. 1DECDACDBDE 11ACBCBE-CEE 21ACABEEEDAC 31ECBDEBDDEE 41CBCDECDADE 51AADABEAEDDTHEORY THEORY (2) C=24+3q (ai)Total cost of producing 12 units C=24+3q 24+3(12) 24+36 =60 (2aii) 36 units C=24+3q 24+108 =132 (2b) Average cost when 48 is produced 24+3q 24+3(48) 24+144 168 Average cost=c/q 168/48=3.5 (2bii) 58 units were produced 24+3q 24+3(58) 24+174 198 Average cost=c/q 198/58 3.4 (2c) Marginal cost when 23 units were produced Total cost of 12 units C=24+3q 24+3(12) 24+36 60 Total cost of 23 units 24+3q 24+3(23) 24+69 =93 MC=93-60 =33 (ii)36 units were produced Total cost of 23 units=93 Total cost of 36 units=132 MC=132-93=39 (2d) Profit when 23 units are produced =TR-TC TR:pQ=5*23=115 TC=60 Profit=115-60=55 (ii) 48 units are produced TR=5*48=240 TC=168 Profit=240-168 =72 (4a) Industrialization is define as the process of transforming an economy based on extraction activities into one based on manufacturing ( wapbaze.com). (4b) (i)shortage of raw materials (ii)poor quality of industrial labour. (iii)competition with foreign goods. (iv)insufficient capital. (4c) (i) Import substitution: it involves deliberate attempt by government aimed at encouraging the growth of industries within the country which produces goods and services which would have been imported. (ii) Export promotion: it involves deliberate attempt by the government at encouraging the production of ( wapbaze.com) commodities for export. it is done through granting of tax concessions reducing export duties etc (7a) International trade refers to the exchange goods and services that place across international boundaries. (7bi) Embargo: this the total ban on the importation of goods into the country for example a government. Country can place embargo on the importation of rice .this means would not be imported to that country. (7bii) Quota: this is another term used in barrier to trade. wapbaze.com. It is the limitation on import . their is certain prescribed number or quantity of goods to be imported to the of the country. Dis prescribed quantities must not be exceeded. (8a) (i)free trade area: This is defined as the type of integration in which members countries agree to remove all barriers to trade among them. (ii)Custom unions: This is defined as an agreement among nations to remove trade barriers and set a common barrier to import from non member countries (iii)Common Market: This is described as an economic community in which there is a common internal and external tarrif policy (iv)Economic Union: This is a form of integration which takes the form of total integration. (8b) (i) Inadequate capital (ii) Political instability (iii) Inadequate infrastructural facility (iv) Differences in fiscal and monetary policy wapbaze.com. (6a) Central bank:this is the highest financial institution in a country (i.e the apex bank) which carries out the monetary policy of the government (6b) The major difference between the banking and the non-banking financial institution is that the liabilities of the banking institutions are counted as part of the total supply of money while those of the non-banking institution are exclude from money supply.... Also ,banking ,financial institution include,commercial,merchant,development banks while non-banking financial institution include, insurance companies,hire purchase companies,building,societies. (6c) (i)provision of loan and overdraft to their customer who which to engage in business. (ii)provision of documentary credit: this is one of the function of commercial banks which help to provide commercial credit facilities to exporters,which help them in payment of goods. (iii) provision of financial advice:commercial bank encourage and advise businessman on the type of project they should invest their money in. (iv)another contribution is that commercial bank help to facilities international trade by providing credit to exporter,and this facilitate payment in foreign trade

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