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a) 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
b) 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 the
Gross national product (GNP)
c) Cost of living is the aggregate
amount of
money which a person spends to
provide
himself the needs usually over a
period of one
year.
d) Per Capita Income is obtained by
dividing the
total national income by the total
population.
e) 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.
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 services such 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
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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 elasticity
iv)Market forces: this determines whether supply will increase or not
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1)
a) Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 = 420
b) Recurrent expenditure = 150+200+220+180+70
= 820
c) Total revenue = 860
Indirect tax = 460
% indirect tax = 460/860 x 100 = 53.49%
d) Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180
Budget deflicit because expenditure is higher than the revenue collected
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6)
BUILDING SOCIETY
These institutions are now major competitors of banks in the U.K. and
are the equivalent of U.S. savings and loan institutions. Building
societies can also be found in other countries, such as Australia,
Ireland and Jamaica.
ii)CENTRAL BANK
A 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
overseeing monetary policy to implementing specific goals such as
currency stability, low inflation and full employment.
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