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Under: 2024 ONDO STATE JOINT EXAM ECONOMICS ANSWERS BY CODEDFANS.COM.NG
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(3a)
*Food Crops:*
(i)Grown primarily for human consumption or livestock feed
(ii)Examples: maize, rice, wheat, millet, potatoes, vegetables, fruits
(iii)Usually consumed locally or regionally
(iv)Focus on sustenance and food security
(v)Often subsistence farming
*Cash Crops:*
(i)Grown primarily for sale and profit
(ii)Examples: coffee, cocoa, tobacco, sugarcane, cotton, rubber, oil palm
(iii)Often exported to other countries
(iv)Focus on generating income and foreign exchange
(v)Usually commercial farming
b.
(i) Agriculture provides food and therefore reduces importation.
(ii) Agricultural exports provide foreign exchange for development.
(iii) Increased food production helps to keep down the rate of inflation.
(iv) Agriculture provides raw materials for industrial development.
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4a.
A trade union is a group of employees who join together to maintain and improve their conditions of employment.
b.
1. Militant Functions: To achieve higher wages and better working conditions
2. Fraternal Functions: To take up welfare measures for improving the morale of workers
3. Social Functions: To Educate members in all aspects of their working life including improving their civic life, awareness in the environment around them
4. Political functions: These functions include affiliating the union with a political party, helping the political party in enrolling members, collecting donations
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6a.
Capitalism is an economic and political system where trade and industry are controlled by private owners for profit.
b.
1. Good Health: Every man, woman and child has the opportunity to eat fresh, wholesome foods every day.
2. Social Contribution: There are many companies that operate under capitalism that make significant social contributions.
3. Professional Services Choice: Capitalism provides for a choice in professional services. Every person can pick and choose whoever they want to work for them.
4. Personal Freedom: Capitalism ensures the personal freedom to pursue your own dreams and goals.
5. Ownership and Opportunity: With capitalism, you have the option of owning something, such as land and turning that property into an opportunity such as a farm, a rental property or even an oil field if the conditions are ripe.
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8a.
A public corporation is a corporation, owned and operated by a government, established for the administration of certain public programs
b.
1. Autonomy: Public corporation is an autonomous set up therefore it enjoys considerable independence and flexibility in its operations.
2. Protection of public interest: Public corporations can formulate and implement policies which promote public welfare.
3. Economic Scale: Since they operate on a large scale, public corporation can reap the benefits of economies of scale
4. Erase of raising funds: Since public corporation are government owned statutory bodies, they can raise the required funds by issuing bonds.
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