01/08/2023
: *NECO ECONOMICS ANSWER*
*(1A)*
2000: (85-105)/105) * 100 = -19.05% 2001: (65-85)/85) * 100
= -23.53% 2002: (70-65)/65) * 100 = 7.69%
(b)
1999: (45/105) * 100 = 42.86%
2000: (25/85) * 100 = 29.41%
(c)
CHOOSE ANY TWO(2)
(I) Economic growth: A larger working population means more people contributing to the economy through consumption and production, which can lead to economic growth.
(ii) Tax revenue: The working population contributes to the government's income through taxation. Higher employment rates usually lead to higher tax revenue.
(iii) Social stability: Employment is associated with financial stability and social structure, which can contribute to societal stability.
(iv) Innovation and development: A larger working population also means more minds to innovate and contribute to the overall development of the society.
(3a)
*(3b)*
1. Price: A change in the price of a product or service often leads to a change in demand. When prices rise, demand tends to decrease, while lower prices generally lead to increased demand.
2. Income: Changes in consumer income can greatly influence demand. For normal goods, an increase in income typically leads to increased demand, while for inferior goods, higher income may result in decreased demand.
3. Consumer Preferences: Changes in consumer tastes, preferences, and fashions can significantly impact demand. For instance, if a particular product becomes popular or fashionable, demand may rise, while a decline in popularity can cause demand to decrease.
4. Advertising and Marketing: Effective advertising and marketing campaigns can influence consumer demand. By creating awareness, highlighting product benefits, and appealing to consumer emotions, businesses can stimulate demand for their products or services.
5. Expectations: Consumer expectations about future price changes, income levels, or economic conditions can impact current demand. For example, if consumers anticipate a price increase in the near f
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