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Objective Answer!
ECONOMICS-OBJ
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Section A
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Section B:-
(6a)
(PICK ANY ONE)
Location of industry may be defined simply as the sitting or establishment of a firm or industry in a particular place. An industry may be established either by individuals or government, either for economic or political reasons
OR
Location of industry refers to the geographical distribution or placement of industrial activities or businesses within a region or country. It focuses on understanding the factors that influence the decisions made by firms when choosing where to establish their production facilities.
(6bi)
Raw materials: Cement producing industries should be located close to sources of raw materials to reduce cost of transportation. Perishable goods like fruits, palm oil industries, etc should be located near their raw materials
(6bii)
Market: There should be ready market for the products of any industry to be sited in a place. Fragile goods like glass, bulky goods like cement and other perishable goods should be located near the market. Such industries located or directed towards the market are called market- oriented industries.
(6biii)
Government policy: Government can encourage the location of industries through certain policies like: Direct participation in setting up of industries. Creation of industrial zones in the country Provision of infrastructures like electricity, pipe-borne water, roads and tele- communications.
(6c)
(PICK ANY THREE)
(i)It encourages development: The growth of industries leads to an increase in production of goods and services.
(ii)Emergence of subsidiary firms: As major firms concentrate in one area, other subsidiary service firms that assist those major firms in the production of goods usually emerge.
(iii)Generation of employment: The concentration of many industries in an area leads to the creation of many job opportunities.
(iv)Emergence of organised market: Localisation of industries assists in the emergence of organised market for the products.
(v) Creation of competition: The existence of many industries leads to a healthy competition among them in order to excel or outsell one another.
(vi) Attraction of more people: A highly concentrated industries estates attracts different shades of people to such area for one reason or the other.
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(3ai)
Money cost refers to the actual monetary expenditure or price of a particular good, service, or resource, for example, if you purchase a smartphone for N50,000, the money cost is N50,000 WHILE Opportunity cost refers to the value of the next best alternative forgone when making a decision. For example, if you choose to buy the smartphone for N50,000, the opportunity cost could be the vacation you could have taken with that money or the other items you could have purchased.
(3aii)
Normal goods are goods for which demand increases as consumer income rises, and demand decreases as consumer income falls. Examples include luxury goods, such as high-end cars, designer clothing, or gourmet food WHILE Inferior goods are goods for which demand decreases as consumer income rises, and demand increases as consumer income falls. Examples of inferior goods include generic store-brand products, low-cost fast food, or public transportation.
(3bi)
INDIVIDUALS:
The scale of preference assist individuals in making efficient allocations of their resources by providing a framework for prioritization, resource allocation, considering opportunity costs, rational decision-making, and adaptability.
(3bii)
FIRMS:
The scale of preference assists firms in making efficient resource allocation decisions by providing a systematic framework to identify preferences, allocate scarce resources, analyze opportunity costs, optimize returns on investment, and adapt to changing circumstances.
(3biii)
GOVERNMENT:
The scale of preference assists governments in making efficient allocations of their resources by considering the priorities, preferences, and needs of the population.
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(8a)
(PICK ANY ONE)
An embargo refers to a government-imposed restriction or ban on the importation or exportation of certain goods or services to or from a particular country. It is a trade barrier that is typically implemented for political or economic reasons.
OR
An embargo can be defined as a governmental action that prohibits or restricts trade activities between countries which involves the deliberate limitation or complete prohibition of imports or exports of goods, services, or specific products to or from a targeted country.
(8b)
(PICK ANY THREE)
(i) Protecting Domestic Industries: Tariffs can be used to shield domestic industries from foreign competition by making imported goods more expensive. This protectionist measure aims to provide a competitive advantage to domestic producers, allowing them to grow and maintain employment levels.
(ii) Promoting National Security: Tariffs can be employed to safeguard industries that are considered vital for national security, such as defense or critical infrastructure. By discouraging reliance on foreign suppliers, tariffs can ensure a country’s self-sufficiency in essential goods and protect against potential disruptions in the global supply chain.
(iii) Correcting Trade Imbalances: Countries may impose tariffs to address trade imbalances, where the value of imports significantly exceeds that of exports. By making imported goods more costly, tariffs aim to reduce imports and encourage domestic production and export-oriented industries, thereby narrowing the trade deficit.
(iv) Revenue Generation: Tariffs can serve as a revenue source for governments. Import duties levied on imported goods generate income that can be used to fund public services, infrastructure projects, or reduce budget deficits.
(v) Encouraging Fair Trade Practices: Tariffs can be implemented as a response to unfair trade practices, such as dumping or subsidies provided to foreign producers. By imposing tariffs on goods that are sold below their fair market value or benefiting from government subsidies, countries can create a more level playing field for domestic industries.
(vi) Environmental Protection: Tariffs can be used to promote environmentally friendly practices by discouraging the importation of goods produced in countries with lax environmental regulations. This measure aims to prevent the outsourcing of pollution and encourage global adherence to environmental standards.
(vii) Infant Industry Protection: Tariffs can be employed to support the growth of emerging or “infant” industries in a country. By shielding them from foreign competition during their early stages, tariffs provide these industries with a chance to develop, gain competitiveness, and eventually contribute to the domestic economy.
(8c)
(PICK ANY THREE)
(i) Increased Consumer Prices: Tariffs lead to higher prices for imported goods, which can directly impact consumers. When tariffs are imposed, the cost of imported products rises, and domestic consumers may have to bear the burden of these increased prices. This can reduce consumers’ purchasing power and potentially lead to decreased overall welfare.
(ii) Retaliation and Trade Wars: Imposing tariffs can trigger retaliatory measures from other countries. When one country raises tariffs, other countries may respond by imposing their own tariffs on the original country’s exports. This can escalate into a trade war, where trade barriers increase on both sides, harming global economic growth and stability.
(iii) Reduced Efficiency and Productivity: Tariffs disrupt international supply chains and hinder the efficient allocation of resources. They can discourage the use of imported inputs, which may be more cost-effective or of higher quality than domestic alternatives. This can reduce overall productivity, increase production costs, and limit the competitiveness of domestic industries in the global market.
(iv) Negative Impact on Exporters: Tariffs can harm industries reliant on exporting their products. When a country imposes tariffs on imports, it can trigger retaliatory actions, reducing demand for the country’s exports. This can adversely affect export-oriented industries, leading to job losses, decreased revenues, and economic difficulties for those relying on international trade.
(v) Distortion of Comparative Advantage: Tariffs can distort comparative advantage, which is the principle that countries specialize in producing goods and services in which they have a relative advantage. By protecting domestic industries through tariffs, resources may be diverted from sectors where the country has a competitive edge to less efficient industries. This can hinder overall economic efficiency and limit potential gains from trade.
(vi) Consumer Choice and Innovation: Tariffs limit the variety and availability of imported goods, leading to reduced consumer choice. Domestic industries that are protected by tariffs may face less pressure to innovate and improve their products since they face less competition. This can hinder technological progress, limit market dynamism, and slow down overall economic development.
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