2024 NABTEB GCE ECONOMICS: 2024 NABTEB GCE ECONOMICS ANSWERS (1416)

(4a)

An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.

(4b)

A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

(4c)

-Merits:

(i) Increased efficiency and productivity due to market-based incentives.

(ii) Minimal welfare protections for the poorest parts of the population.

-Demerits:

(i) Does not avoid the market-distorting effects of government intervention.

(ii) May succumb to regulatory capture as business interests campaign for favorable regulations.

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(5a)

Public enterprises are autonomous or semi-autonomous corporations and companies established, owned and controlled by the state and engaged in industrial and commercial activities.”

(5b)

(i) To provide essential services: The government prefers to handle the provision of essential services in order to reduce costs. The services are water, electricity, etc.

(ii) To prevent monopoly: Government participates in business to prevent the exploitation of the people.

(iii) Capital involvement: Some enterprises require huge capital which private individuals cannot provide.

(iv) To prevent foreign control of the economy: The management of some corporations must be handled by the government to avoid them falling into the hands of foreigners.

(v) Strategic reasons: Some corporations e.g. airport, seaports, etc are strategically important to the economy, hence private hands cannot be allowed

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(6a)

A development plan is a document which details the overall strategy of the council for the proper planning and sustainable development of an area and generally consists of a written statement and accompanying maps.

(6b)

(i)Poor project planning and inadequate management skills.

(ii)Lack of accountability and lack of stakeholder involvement Unrealistic plans

(iii)No measure to evaluate quality Poor, inconsistent project management discipline (iv)Duplication of efforts Poor risk management strategies Unmotivated project staff.

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(8)

(i)Lack of Modernization/Mechanization: At this day and age, farmers in Nigeria still rely on crude tools for farming and storage and this can inadvertently affect productivity. For instance, lack of proper irrigation tools makes it difficult to farm during the dry season.

(ii)Lack of Information:Lack of information is one of the major problems that exist in Nigeria’s agriculture sector.To begin with, there is more to farming than just digging the soil and planting crops.

(iii)Poor Infrastructure:The absence of fundamental facilities and inadequate systems have been a major stumbling block in the agriculture business in Nigeria. Poor infrastructure discourages potential local and foreign investment and leads to wastage of the farm products.

(iv)Poor research and record keeping; Farm records are kept carelessly if kept at all. Farmers do not have accurate tracking of farm activities and farm information. Information about the Nigerian farm market is not easily accessible and adequate information such as market prices are pertinent.

(v)lack of finance; 88% of Nigerian farmers are considered small family farmers. Some of this stems from the lack of funds to expand to large scale farming. Despite their importance for the domestic economy and due to the sector’s productivity limitations, more than 72 percent of Nigeria’s smallholders live below the poverty line 'copied from e x a m p l a z a . c o m free' of USD 1.9 (691) a day.