₦airaland Forum

Odunhana: Lol! Guy, u funny die... I av not said value added arises when computing income method... I av just used dat as part of my explanation....

Everyone knows that we have three method been Income method, Output method and expenditure method.... And dat Value added is used when computing output method... If what is supposed to be counted are counted based on how it is supposed to be added.... That issue of value added will not even come as a method at all as i used Income method cuz it is only relevant when it is used in solving problems of double counting....

Get ur answers very well b4 coming to explain

Odunhana: It is not correct when it is used as trap like this...

When is value added relevant in the first place?

Remember when explaining measurement using Income method, we say items that will be added are workers earning such as wages and salaries, rents on land, interest from capital...However, in other to avoid the problem of double counting payments like payment to beggars, old people... Are not recorded and the reason is dat they are already counted as part of household income.

Odunhana: CORRECTIONS

Pls, any answer upto contest should be quoted while i explain why it is so...

D
A
C
A
B
B
D
B
D
C

Odunhana: My Cheapest Questions So Far... Everybody Should Score 10/10

1) Which one of the following falls as plant size increase?

a) MC
b) TC
c) TFC
d) AC

2) Which of the following is always equal at ouput Zero?

a) TFC and TC
b) TFC and TVC
c) MC and AC
d) MC and TFC

3) A decrease in supply with demand unchanged will cause?

a) Equilibrium price and quantity remain unchanged
b) Both equibrium price and quantity to decrease.
c) An increase equilibrium in price while equilibrium quantity decrease
d) A decrease in equilibrium price while equilibrium quantity increase.

4) To protect farmers during bumper harvest, government will introduce.

a) Minimum price legislation
b) Maximum price legislation
c) Price system
d) Price control board

5) In Computing national income using output method which of the following is correct?

a) using value added method
b) final output
c) final spending
d) consumers income

6) The shape of the Longrun average cost can be best explained in?

a) Law of returns to scale
b) Law of diminishing returns.
c) Law of variables proportion
d) Economies of scale

7) An increase in longrun average cost results in?

a) increasing returns to scale
b) decreasing returns to scale
c) economies of scale
d) diminishing returns

which one of these is identical to the supply curve of a perfect competitive firm?

a) Average cost curve
b) Marginal cost curve
c) Fixed cost curve
d) Average variable cost curve

9) Which one of the following is wrong of a monopolistic competitive firm?

a) MC=MR
b) MR<P
c) AR=DD
d) None of the above

10) If TC and TFC is the same regardless of ouput. Then?

a) MC is decreasing
b) MC is falling
c) AFC is decreasing
d) AFC is falling

Adex097: GOOD MORNING GUYS!

1)Which of the following equations is the correct one about Net National Product(NNP)?
A)NNP=Gross National product(GNP) - depreciation
B)NNP= Gross National Product(GNP) + Net income from abroad
C)NNP=Gross Domestic Product (GDP) - Depreciation
D)NNP= Gross Domestic Product (GDP) - Net income from abroad

2)A production possibility curve shows
A)how much of the resources of the society are used to produce a particular commodity
B)the rate of inflation
C)the rate of unemployment in the society
D)the various combination of two commodities that can be produced

3)The maximisation of profit tends to be the driving force in the economic decision of
A)entrepreneur
B)workers
C)consumers
D)legislators

4)At any point on an indifference curve, the
A) total utility is constant
B)level of utility is constant
C)level of utility is increasing
D)consumer is satisfied

5)Given the fixed cost is #500.00, variable cost is #1,500.00 and output is 40 units, what will be the average cost of producing one unit?
A)#12.50
B)#37.50
C)#50.00
D)#500.00

Adex097: 1) Increased output will cause farmers revenue to decrease when market demand is.
A. Elastic
B. Perfectly elastic
C. Unitary elastic
D. Inelastic

2)The concept of privatisation presupposses
A. Indigenisation
B. Market price
C. Efficiency
D. Foreign trade

3)A persistent rise in the general level of prices implies
A. An increase in some prices
B. A one time rise in prices
C. That the higher the price level, the more the value of money
D. A steady fall in the purchasing power of money

4)An aspect of taxation that involves normative economics is the
A. Tax rate
B. Fairness of the tax
C. Effect of incentive to work
D. Tax burden

5)A country exporting mainly primary products and a high percentage of her labour force in agriculture is said to be
A. Developing
B. Developed
C. Underdeveloped
D. Poor

6)As a producer's association, the OPEC expects its members to maintain production where marginal cost is
A. Greater than price
B. Equal to average price
C. Equal to price
D. Less than price

larryh539: Viewers of this thrend might drop their questions here and it'll be duely entertained

Adex097: The parameter 'b' in a consumption function of the form; C=a+by; where Y is the National income is
A. Marginal benefit of consumption
B. Marginal propensity to save
C. Marginal propensity to consume
D. Marginal propensity to purchase

Adex097: 1) Ajanka, a medical student entitled to an annual allowance of #6000 , decided to leave the university to take up a job where he earns #7000 per annum. By this singlular act, the national income level will.
A. Increase by #1000
B. Decrease by #7000
C. Increase by #7000
D. Increase by #13,000

2) In a small scale business, the fixed cost is £5000, variable cost is £15000 and the output is 500 units.
What will be the unit cost of the goods?
A. £20
B. £40
C. £80
D. £400

3)If united state of america buys gold for $60 an ounce and Nigeria buys the same ounce for #500, what will be USA's exchange rate with Nigeria?
A. $0.12 = #1.00
B. $0.11 = #1.00
C. $0.06 = #1.00
D. $0.05 = #1.00

4) A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade.
A. 20%
B. 71%
C. 120%
D. 140%

5)If the arithmetic mean of 1,2,5,6,x,16 and 18 is 8.0, find the value of x.
A. 7.0
B. 6.0
C. 8.5
D. 8.0


*in serkodie's voice* you know say econs.
no be problem.


GOODLUCK!!!

Adex097: 1) If p2 and p9 represent the population of west africa in 1978 and 1979 respectively and given that in 1979. D=number of deaths B=number of births, I=number of immigrants E=number of emigrants.
Then the size of the population in 1973 is.
A. P9+D-B+I-E
B. P9=P2+B-D+I-E
C. P9=P2+B-D+E-I
D. P9=B-D+I-E
E. P9=P2+B+D+I+E

2) Given that the cash ratio is 10%, what is the maximum amount of money that the banking system can create from an initial deposit of #1,000.00
A. #100.00
B. #1000.00
C. #9000.00
D. #10,000.00

3)Find the total credit that the banking system can create if primary deposits is just #100.00 while the cash ratio is 20%
A. #700.00
B. #600.00
C. #500.00
D. #400.00

4) given a market demand curve Q=120-2p and a supply curve Q=4p, the equilibrium price and quantity are
A. 20 and 80
B. 30 and 120
C. 40 and 60
D. 60 and 240

Adex097: Happy sunday guys
1)ma A earns #300 and pays #15 in tax Mr B earns #100 and pays #6 in tax. This tax system can be described as
a. Proportional tax
b. Progressive tax
c. Competitive tax
d. Excise tax
e. Regressive tax


2)when we draw a market demand curve, we
a. Ignord tastes, incomes and all other price
b. Assume that taste, incomes and other prices do not matter
c. Assume that tastes, income and all other prices chnge in thd same direction as prices
d. Assume that tastes income and al other prices remain constant
e. Both (a) & (b)



3)which of the following taxes appear generally progressive in nature?
a. Sales taxes
b. The personal incme taxes
c. Property taxes
d. Corporate taxes
e. None of the above


4)in a limited liability company, the greatest risk is borne by
a. Shareholders debentures
b. Company executives
c. Ordinary shareholders
d.preference shareholders
e. Board of directors

Adex097: GOOD MORNING PALS!!!

1)the savings deposit in a commercial bank is called.
a)capital
b)fund
c)near money
d)call money

2) the short-run in elasticity of supply of agricultural produce causes.
a)stability in prices
b)a steady rise in prices
c)a steady decline in prices
d)instability in prices


3)under perfect competition, the short run supply curve of a firm is determined by its.
a)total cost curve
b)marginal cost curve
c)average fixd cost curve
d)average cost curve


4)if the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the country?
a)48%
b)64%
c)40%
d)52%


1,C 2,d 3,b 4,c GOOD BLESS YOU ALL

Adex097: (1) A shift in the production possibility frontier could result from
A. Unemployment
B. Changes in the combination of goods
Produced
C. Inflation
D. Changes in production techniques

(2) If the cost of production of a firm continues to increase as its output rises, the firm is said to be experiencing.
A. Large-scale production
B. Profit maximization
C. Economies of scale
D. Diseconomies of scale

(3) The marginal theory of distribution makes assertion that the price of any factor depends upon its marginal
A. Utility
B. Productivity
C. Rate of substitution
D. Revenue


(4) In order to increase its profit margin , the monopolist can manipulate...
A. Both price and output
B. Either price or output
C. Only its price
D. Only its output

GOOD LUCK!!!

Adex097: Today's quest

1) Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the
A. Interest rate
B. Returns on capital
C. Alternative capital forgone
D. Shadow price of foreign exchange

2) A company is said to be highly geared if the
A. Value of fixed interest loans is high compared
With share
B. Value of share capital is high compared with
Fixed interest loans
C. Constant returns to scale
D. Significant economy of scale


GOD BLESS YOU!!!

Adex097: 1) In the history of Economic thought, the concept of division of labour is usually associated with
A david rocardo
B j.m kaynes
C adam smith
D karl marx

2) When a variable is associated with time period, it is
A a flow
B a stock
C a circular
D a static

Adex097: LATE NIGHT SNACKS!!!
1)Given that Y=C + i, where C = 50 + 0.75 and
I = #45m, what is the equilibrium level of income?
a) #380m
b) #20m
c) #180m
d) #200m

2)If the marginal utility of the last unit of commodity X at #2 is 16 and that of commodity Y at #4 is 24, the consumer will be at equilibrium when
a)the price-quantity ratios are equal
b)equal amounts of X and Y are consumed
c)less of Y and more of X are consumed
d)less of X and more of Y are consumed

3)When the marginal utility of a commodity is
Zero the total utility is
a) at its minimum
b) upward sloping
c) downward sloping
d) at its maximum

4) If the government invests the sum of #1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income?
a)#1,000,000.00
b)#4,000,000.00
c)#6,000,000.00
d)#14,000,000.00

Adex097: the first questn ain't #4.0m.
REASON-
MPS=0.4
changes in consumption expenditure=#10.0m
changes in income= ?

*let "/\" rep "change in"*let Y rep income and C consumption*

1/mps = /\Y / /\C
1/0.4 = /\Y / 10
*CROSS MULTIPLY*
0.4/\Y = 10
/\Y = 10/0.4
/\Y = 25.0 m.

emekakelvin: sir from what am seeing his no 2 is correct but am quite sure with is number 1

t.boy007:
......WE ARE SORRY,WE JUST HAVE TO CLOSE THIS THREAD!!!

Sir mikky: Ajengb, I c u oo....hw far now..?

GodzBELOVED: It is out. I saw it when I went to the admissions office on tuesday.

Olagbenga95: Vc list is out ooooh

gloatkenf: [b]Morny in Jesus' name jae, all rice, let's go there... Now, you've started again, ah ah, how on earth would your past not affect your present and even your so called envisaged rosy morrow/tomorrow when God Himself gangan said in my Kjv bible that, the sins of the past ages are going to hunt and haunt down the 3 generations incoming for since their sins were so pultrid.

You know what, it was cos you slapped Obama last night that made FBI or NYPD jailed you today or it was cos you met the cut off in Jamb that made you to wobble down to the source of all Yorubas', just to embrace the varsity's acrid or acid test or it was cos you made it in the jamb usual exam, post utme and then in the aggregate that made your name to reflect on the list pasted on that board on the campus or it was cos Jesus died that made Him to resurrect or it was cos satana/the old nick/the devil disobeyed God that made God to get irked and then rusticate him down here or it was cos God moulded heavens and earth within 7 days that made him to create our super-papa and supra-mama or Adam and Eve or it was cos I answered the question you asked me last night that made you to ask me another one this morn or it was cos I didn't answer satisfactorily, that compelled you to put on your ink again toward me to enquire me another one or it would be because I live a sinful life now which must be then when I pop the cog/die when the time's ripe that would make me 2go to the seol/hell in the long run or a faithful life and then end up upstairs or...
Bro, the main thing is, not branching or making the past as one's lord and saviour but making all that happened in the past more worth recollecting now and in the morrow by rectifying all the bent edges or spots we'd mistakenly or intently created for ourselves via God's intercede/intervention now and not in the future but mostly for the sole sake of the future, "for sane minds would always dream dreams of a better morrow," i.e okay, as a quintessence/a good examply; "you slapped your dad last night, God forbid, he went ballistic and disowned/renounced/denounced you in that selfsame night, this morny you picked up your bible, read the ten commandments, and you saw, "HONOUR YOUR FATHER AND YOUR MAMA, THAT YOUR DAYS..." as a result, afterwards, by that you felt meanly penitent, and then this morn, you sobriethly gathered up bravery and then penitently hobbled towards your dad, prostrated, with tear glands rolling down from your eye sockets uncomptrollably, ask for pardon of sin...which sin? Sin you committed, committed? Yeah, by slapping your pa 100 times last night, which our bible eschewed gravely and now/in the present, asking for forgiveness this morny for it was cos I was amateurish or devil's ploy manifesting that made you to that...

Bloke, "Your yestaday's actions would always have a reflection in this days reaction."

And about the present. You know what, that's the very reason I said yesterday that they (PAST, NOW AND FUTURE) are like three trees that can't do without each other... If the past could affect the present, then the present also could affect the past and the future, the future and now/present could rectify the past too or make it more uglier... You see, it's intertwined/interwovened for they are states that are indisputable, inexpendable but domitable...

Ehn nah, you know what, "YESTERDAY STARTED A SECOND AGO, NOW/THE PRESENT STARTS NOW BUT ENDS NOW WHILE THE FUTURE BEGINS IMMEDIATELY AFTER THE INCOMING OF THE NEXT SECOND." "EVERYTHING STARTS AND DIES WITHIN 3 SECONDS."

All rice, I failed oau post utme in the past years, it pained me in the past, but I punched away the pain it caused me, I succumbed, re-sat, re-read the more wela and went back to retake the same exam I faced and failed in the past and now, I faced it aced through...

Why? Cos, I learnt that I didn't prepare enough in the past or other classified reasons; having known that fact, I started reading the more today, I did the examination one day and the result was hauled out, I checked mine and jubilated, rejoiced and extoled all in the future...

Shalom, sincerely yours jo jare...[/b]

BINTI_LAYE101: Bro, it's quite hard to do that because dey r doing xam n d venues varies n 1 can't diff. btw inter rel., public admin n acct student dat r in d faculty. So i can't just approach anybody like dat naa, but i'm also working relentlessly on dat n i can only hope dat l would be able to get some1 who can help with most of d topics we r going 2 do in our first year.
I COULDN'T SEE AJAYI TOBI NAME IN SOCIAL SCI.

timog: On checking d list, i found dt u were admitd based on ur aggregate score of 226 & on d platform of educatnally disadvantaged state. Congrats. Im presently a part 3 student of d faculty. Im happy 4u. Congrats once again.

timog: Admission list (Merit and supplementary) of d Faculty of Law now available on d notice board of d faculty. D Vc list for d Faculty not included. Any candidate dt is not among d lucky ones now stil av d opportunity of finding his/her way to d VC list.

Abbey p: I didn't meet up