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2022 NABTEB ECONOMICS ANSWERS
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THEORY ANSWERS
INSTRUCTIONS:- ANSWER ALL QUESTIONS FROM SECTION A, ANY ONE QUESTION FROM SECTION B (PART I) AND OTHER THREE FROM (PART II)
(10)
(CHOOSE ANY TWO(2) YOU WISH)
(i) Bank credit
(ii) Securities in bank credit
(iii) Treasury and agency securities (iv) Other securities
(v) Loans and leases in bank credit
(vi) Commercial and industrial loans
(vii) Real estate loans
(viii) Residential real estate loans
(ix) Revolving home equity loans
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(9) An inflationary gap is the difference in what gross domestic product (GDP) would be under full employment and the actual reported GDP number.
Or
An inflationary gap exists when the demand for goods and services exceeds production due to factors such as higher levels of overall employment, increased trade activities, or elevated government expenditure.
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(8a) An event can be described as a public assembly for the purpose of celebration, education, marketing or reunion.
(8b)
(CHOOSE ANY TWO (2) YOU WISH)
(i) Trade shows and event expos
(ii) Networking event sessions
(iii) Conferences
(iv) A seminar or half day event
(v) Workshops and masterclasses
(vi) Event sponsorships
(vii) A guest speaker event.
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(7) Universal banking can be defined as a banking system that offers a wide range of banking and financial services (like insurance, development banking, investment banking, commercial banking, and other financial services) in comparison to traditional banking institutions.
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(6)
(CHOOSE ANY TWO (2) YOU WISH)
(i) The normal curve is bilateral: The 50% area of the curve lies to the left side of the maximum central ordinate and 50% lies to the right side. Hence the curve is bilateral.
(ii) The points of Influx occur at point ± 1 Standard Deviation (± 1 a): The normal curve changes its direction from convex to concave at a point recognized as point of influx.
(iii) The normal curve is unimodal: Since there is only one point in the curve which has maximum frequency, the normal probability curve is unimodal, i.e. it has only one mode.
(iv) The mean, median, and mode are equal
The middle point of a normal distribution is the point with the maximum frequency, which means that it possesses the most observations of the variable.
(v) The maximum ordinate occurs at the centre: The maximum height of the ordinate always occurs at the central point of the curve that is, at the mid-point.
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(5)
(i) Statistics in weather forecasting
You have noticed that several people are habitual of watching weather forecasts before any urgent event or going to the office and so on.
(ii) Education
The beneficial importance of statistics in education is that teachers can be considered supportive as researchers during their classrooms to recognize what education technique works on which student and know the reason.
(iii) Statistics in Trade
Trade without statistics is pretty tough and can be overwhelming for traders.
It helps the trades to make wise decisions in uncertain situations.
(iv) Statistics in Programming
You may not be aware that statistics is playing a crucial role in programming.
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(4) Residual unemployment can be defined the number of people in an economy that remain unemployed, even when there is full employment.
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(3)
(CHOOSE ANY FOUR (4) YOU WISH)
(i) It is not affected by extremely large or small values.
(ii) It can be located just by inspection in ungrouped data and discrete frequency distribution.
(iii) It can be useful for qualitative data.
(iv) It can be computed in an open-end frequency table.
(v) It can be located graphically.
(vi) Mode is simple to understand and easy to calculate.
(vii) It can be used for qualitative analysis.
(viii) The extremities in the values of the data do not affect the mode.
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(2a) Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants.
(2b) Human resources
(ii) Capital resources.
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(1) Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output.
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(PART II)
INSTRUCTIONS:- ANSWERS THREE QUESTIONS IN THIS SECTION
(18) Taxation refers to the practice of a government collecting money from its citizens to pay for public services.
Or
Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents.
(18b) (i) ADMINISTRATIVE CHALLENGE: Most of
the Tax authorities (especially the
States and Local Government) lack
the desired institutional capacity to
administer effectively.
(ii) COMPLIANCE CHALLENGES: For PIT,
Non-compliance of employers to
register their employees and remit
such taxes to relevant tax authorities.
For VAT, a lot of VAT collected are not
remitted while many evade the tax in
the cities and rural areas.
(iii) LACK OF EQUALITY: The bulk of PIT
today are paid by only the employees.
Politicians, the rich, professionals and
the privileged, few are not equitably
taxed.
(iv) CHALLENGE OF MULTIPLE TAXES: It is
still a major problem besetting our tax
collection and administration.
(v) POOR TAXATION DRIVE BY TIERS OF
GOVERNMENT: The political economy of
revenue allocation discourages a
proactive revenue drive, especially by
the states and LGs.
(vi) CHALLENGE OF BAD GOVERNANCE:
Taxpayer are not encouraged to pay
more taxes because there is no visible
evidence of good governance.
(vii) CHALLENGE OF CORRUPTION: The tax
collection and administration is often
prone to corruption.
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(17)
(i) Open market operation: OMO involves the buying and selling of securities by the central bank in order to control the volume of money in the economy.
(ii) Discount rate: This is also known as Bank Rate. It is the rate at which the central bank charges interest on commercial and other financial institutions for discounting bills of exchange or lending to commercial banks.
(iii) Special directives: These are special directives given to the commercial banks and other financial institutions by the central bank as to the areas of priority which their lending activities should follow.
(iv) Moral suasions: This is more or less an appeal to the commercial banks by the central bank to behave in certain ways.
(v) Special deposits: The commercial banks are compelled by law to keep certain percentages of their deposits with the central bank.
(vi) Cash ratio/Liquidity ratio: This is also known as cash reserve ratio or liquidity ratio.
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(14a) The term unemployment refers to a state in which an individual actively seeks employment but is unsuccessful.
(14b)
PICK ANY FOUR (4) YOU WISH)
(i) Fiscal Policy of Government.
(ii) Central Bank and Nigeria Monetary Policy.
(iii) Government Spending.
(iv) Agric Sector Reform.
(v) Government Intervention in Micro Lending.
(vi) Getting Professional Education.
(vii) Finishing School.
(viii) Changing University Curriculum.
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