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2017 NABTEB Economics OBJ & Essay/Theory Questions And Answers

NABTEB ECONOMIC OBJ.

ECONOMICS-OBJ
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THEORY PART
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*ECONOMIC – Theory – Answers*

7a )
Tabulate
– Monetary policy –
i ) Monetary policy involves changing the interest rate and influencing the money supply .
ii) Monetary policy is usually carried out by the Central Bank / Monetary authorities and involves .
– Fiscal policy –
i ) Fiscal policy involves the government changing tax rates and levels of government spending to influence aggregate demand in the economy .
ii) Fiscal policy is carried out by the government and involves changing .
– Summary –
They are both used to pursue policies of higher economic growth or controlling inflation .
7bi )
Open market operations – are used for steering interest rates in the economy . Open market operations are mostly executed in the form of repo operations ( based on a general agreement on trading on the financial market ) .
7bii)
Minimum reserves
– In general, the minimum reserves are generally one of the main monetary policy instruments through which the central bank can influence the amount of liquidity ( free funds) in the banking system .
7biii )
FX interventions are purchases or sales of foreign currencies against the Czech koruna on the foreign exchange market by the CNB . They are aimed at dampening foreign exchange market volatility and / or easing / tightening monetary policy .
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8ai )
Location of industry – the geographical spread of economic activity within an economy . A multitude of factors influence the location decisions of firms and industries, including proximity to raw material supplies , availability of labour , good communications and nearness to markets .
8aii )
Localization of Industries – Some industries are carried on and developed in certain areas because of their natural or acquired advantages . For example in Pakistan, sugar industry is localized in NWFP and Punjab, paper match box industry in NWFP , cotton industry in Punjab and Sindh, simply on the basis of nearness to source of raw material .
8aiii )
Import substitution industrialization – is a tradeand economic policywhich advocates replacing foreign importswith domestic production . Import – substitution strategy is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.
8aiv )
Export Promotion strategy – promotes only the industries that have potential for developing and competing with foreign rivals . Since the goal is to trade abroad , there becomes competition, which in turn remedies the returns to scale . The main goal of the export promotion is to prepare the “ potential ” industries for competition with the foreign rivals .
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3ai )
primary production – is carried out by ‘ extractive ’ industries like agriculture , forestry , fishing, mining and oil extraction . These industries are engaged in such activities as extracting the gifts of Nature from the earth ’ s surface , from beneath the earth ’ s surface and from the oceans .
3aii )
Secondary Production – This includes production in manufacturing industry, viz . , turning out semi – finished and finished goods from raw materials and intermediate goods , conversion of flour into bread or iron ore into finished steel. They are generally described as manufacturing and construction industries, such as the manufacture of cars , furnishing , clothing and chemicals , as also engineering and building .
3aiii )
Tertiary Production – Industries in the tertiary sector produce all those services which enable the finished goods to be put in the hands of consumers. In fact, these services are supplied to the firms in all types of industry and directly to consumers. Examples cover distributive traders , banking , insurance , transport and communications. Government services , such as law, administration , education , health and defence , are also included .
3b)
“ The law of variable proportion states that if the inputs of one resource is increased by equal increment per unit of time while the inputs of other resources are held constant , total output will increase , but beyond some point the resulting output increases will become smaller and smaller. ”
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1a )
Employed = 800/ 2000 * 100 = 40% .
Full house wives= 600/ 2000 * 100 = 30% .
Students = 300 / 2000 * 100 = 15 % .
Unemployed = 200 / 2000 * 100 = 10 % .
Others = 100 / 2000 * 100 = 5 % .
1b)
Employed = 800 / 2000 * 360 degrees = 144 degrees .
Full house wives= 600 / 2000 * 360 degrees = 108 degrees .
Students= 300 / 2000 * 360 degrees = 54 degrees .
Unemployed = 200 / 2000 * 360 degrees = 36 degrees .
Others = 100 / 2000 * 360 degrees = 18 degrees .
1c )
Draw And Label the pie -chart

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4a )
Population Census is the process that provides the fullest and most reliable picture of the country ‘s population and its characteristics at the ” Census Day “( a particular point in time to which the census relates)
4bi )
Cost of Conducting Census – One of the biggest challenges associated with conducting census in poor countries is the enormous financial costs of conducting the exercise . It is no secret that it is extremely costly to conduct a census .
4bii)
High Illiteracy Rate – in a Nation has a Negative Impact on the Conducting of Census Countries with large proportions of their populations being illiterates face a great challenge during the conducting of censuses .
4biii )
Inadequate Infrastructural Facilities in Certain Areas – There are certain places in the world where it is very difficult undertaking efficient population census because of poor infrastructural facilities such as bad roads , inaccessible roads or insufficient roads that connect various towns and villages .
4biv )
Traditional and Religious Beliefs can Interfere with the Census Exercise
In many underdeveloped parts of the world ( especially in certain remote parts of Africa ) , where traditional beliefs are the order of the day , census officers face serious challenges when they reach these places and try counting the people.
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3ai)
primary production- is carried out by ‘extractive’ industries like agriculture, forestry, fishing, mining and oil extraction. These industries are engaged in such activities as extracting the gifts of Nature from the earth’s surface, from beneath the earth’s surface and from the oceans.

3aii)
Secondary Production- This includes production in manufacturing industry, viz., turning out semi-finished and finished goods from raw materials and intermediate goods, conversion of flour into bread or iron ore into finished steel. They are generally described as manufacturing and construction industries, such as the manufacture of cars, furnishing, clothing and chemicals, as also engineering and building.

3aiii)
Tertiary Production- Industries in the tertiary sector produce all those services which enable the finished goods to be put in the hands of consumers. In fact, these services are supplied to the firms in all types of industry and directly to consumers. Examples cover distributive traders, banking, insurance, transport and communications. Government services, such as law, administration, education, health and defence, are also included.

3b)
“The law of variable proportion states that if the inputs of one resource is increased by equal increment per unit of time while the inputs of other resources are held constant, total output will increase, but beyond some point the resulting output increases will become smaller and smaller.”
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1a)
Employed = 800/2000 * 100 =40%.
Full house wives=600/2000 *100 =30%.
Students =300/2000 *100 =15%.
Unemployed= 200/2000 *100=10%.
Others= 100/2000 *100 =5%.

1b)
Employed= 800/2000 *360 degrees=144 degrees.
Full house wives= 600/2000 *360 degrees=108 degrees.
Students= 300/2000 *360 degrees =54degrees.
Unemployed= 200/2000 *360 degrees =36 degrees. 
Others =100/2000 *360 degrees =18 degrees.

1c)
Draw And Label the pie-chart 
Do It Yourself
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4a)
Population Census is the process that provides the fullest and most reliable picture of the country’s population and its characteristics at the” Census Day”(a particular point in time to which the census relates)

4bi)
Cost of Conducting Census- One of the biggest challenges associated with conducting census in poor countries is the enormous financial costs of conducting the exercise. It is no secret that it is extremely costly to conduct a census.

4bii)
High Illiteracy Rate- in a Nation has a Negative Impact on the Conducting of Census Countries with large proportions of their populations being illiterates face a great challenge during the conducting of censuses.

4biii)
Inadequate Infrastructural Facilities in Certain Areas- There are certain places in the world where it is very difficult undertaking efficient population census because of poor infrastructural facilities such as bad roads, inaccessible roads or insufficient roads that connect various towns and villages.

4biv)
Traditional and Religious Beliefs can Interfere with the Census Exercise
In many underdeveloped parts of the world (especially in certain remote parts of Africa), where traditional beliefs are the order of the day, census officers face serious challenges when they reach these places and try counting the people. 

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