2024 NECO GCE ECONOMICS: 2024 Neco Gce. Economics answers (6180)

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(2a)

Given that Qs = 20+40

Qa = 60-2P

Equilibrium price

At Ep, Qd = Qs

= 20+4p = 60 - 2p

= 4p+2p = 60 - 20

6p = 40

P = 40/6

= N6.666

ED = N7

Equilibrium Qty

Substitute Ep in either equation

= Qd = 60 - 2D

But Q = 7

= 60 - 2 ×7

= 60 - 14

EQ = 46units

(2b)

Draw in your graph

(2c)

(i) Changes in taste of the consumer

(ii) Changes in price of the commodity

(iii) Changes in income of the consumer

(iv) Changes in supply

(v) Introduction of new goods

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(4a)

Efficiency of labour is the working capacity of the labour is called his efficiency being given the same time limit and given the same type of work.

(4b)

(i) Poor Supply Of Electricity: For the average Nigerian youth that wants to venture into entrepreneurship, constant source of power supply is essential for most businesses.

(ii) Poor Standard Of Education: Gone are the days where Nigerian graduates could effectively compete with their counterparts from other parts of the world. Every year half-baked graduates are released into the labour market. Due to the poor standard of education, many end up unemployed.

(iii)Tribalism And Nepotism: Tribalism is a cankerworm that has eaten deep into the fabric of the Nigerian society. People are being employed based on where they come from or who they are, this is commonly known as having a ‘connection or long leg’ in Nigeria. In the long run, the more qualified people are not employed.

(iv) Lack Of Employable Skills: One of the major causes of unemployment in Nigeria is the low standard of education, many graduates do not think it essential to empower themselves with skills that would further enhance their chances of getting a job.

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(5a) Peasant Farming is a type of agricultural system which is concerned with the production of food for the farmer and his family

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