Economics essay

Dr bojan

8a)Gross domestic product measures the value of total production attributable to all factors of production that are located in the territory of a given country

8b)Gross National product -- When necessary adjustment for the surplus of a nation on its current account with the rest of the world has been made, the resulting figure is called theGross national product (GNP)

8c)Cost of living is the aggregate amount ofmoney which a person spends to provide himself the needs usually over a period of one year.

8d)Per Capita Income is obtained by dividing the total national income by the total population

8e)Standard of living --- When Per Capita Income is calculated, what u get determines whether the standard of living is high or low. The higher the quotient, the higher the standard of living, all things being equal.================================

5a)Elasticity of supply is the degree of responsiveness of the supply to little change in the price of commodity.

5b)i)In Joint supply two or more commodities are produced and supplied from one or more sources, while in competitive supply two or more commodities are supplied to serve as substitute
.ii)In joint supply and increase in the production and supply of one commodities will bring about an increase in the production and supply of the commodity, whereas in competitive supply a commodity is supplied for d satisfaction of a particular want

5c)i)Cost of production: the cost of production normally leads to elasticity
ii)Nature of commodity: perishable goods are elastic in supply due to their nature
iii)Cost of storage: producers will supply all their commodities to the market if the cost of storage is high thereby leading to elasticityiv)Market forces: this determines whether supply will increase or not================================

1)a) Direct taxes = 100 + 120 = 220Indirect taxes = 80+100+150+90 = 420
b) Recurrent expenditure = 150+200+220+180+70 = 820
c) Total revenue = 860Indirect tax = 460% indirect tax = 460/860 x 100 = 53.49%
d) Total revenue = 860Total expenditure = 1040Budget deflecit = 180Budget deflicit because expenditure is higher than the revenue collected================================

6)BUILDING SOCIETYThese institutions are now major competitors of banks in the U.K. andare the equivalent of U.S. savings and loan institutions. Building societies can also be found in other countries, suchas Australia, Ireland and Jamaica.
ii)CENTRAL BANKA central bank is an entity responsible for overseeing the monetary system for a nation (or group of nations). Central banks have a wide range of responsibilities, from overseeingmonetary policy to implementing specificgoals such as currency stability, low inflation and full employment.================================

4a)i)Peasant Farming is the cultivation of crops and rearing of animals on a small scale.ii)Cooperative farming :- it is defined as a system in which individual farmers pool their resources (excluding land) to buy commodities such as seeds and fertilizers, and servicessuch as marketing.
4b)- Provision of avail credit-Provision of some sort of mechanisition- Provision of agricultural knowledge through extension etc-provision of good roads for transportation- provision of fertilizers to enhance productivity================================Good Luck!!!