Exam Answers

Ijmb 2022 Business Management Answers

Even though cows have intrinsic value, some people may not accept cattle as money. In contrast, people are more than willing to accept 20-dollar bills. In fact, the U.S. government protects your right to use U.S. currency to pay your bills.

*FUNCTION OF MONEY*

1) *Money is a store of value.*

If I work today and earn 25 dollars, I can hold on to the money before I spend it because it will hold its value until tomorrow, next week, or even next year. In fact, holding money is a more effective way of storing value than holding other items of value such as corn, which might rot. Although it is an efficient store of value, money is not a perfect store of value. Inflation slowly erodes the purchasing power of money over time.

2.) *Money is a unit of account.*

You can think of money as a yardstick-the device we use to measure value in economic transactions. If you are shopping for a new computer, the price could be quoted in terms of t-shirts, bicycles, or corn. So, for instance, your new computer might cost you 100 to 150 bushels of corn at today’s prices, but you would find it most helpful if the price were set in terms of money because it is a common measure of value across the economy.

3.) *Money is a medium of exchange.*

This means that money is widely accepted as a method of payment. When I go to the grocery store, I am confident that the cashier will accept my payment of money. In fact, U.S. paper money carries this statement: “This note is legal tender for all debts, public and private.” This means that the U.S. government protects my right to pay with U.S. dollars.

4.) The goods a person can exchange may be perishable, which means their owner should exchange them or use them before they lose their value. It means that services and many types of goods wouldn’t allow the value associated with them to be stored.

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[6/21, 1:50PM] EXAM EMPIRES: IJMB

*NUMBER 7 SOLUTION*

In addition to the psychological definition of *DECISION* is defined as the process of identifying alternatives courses and choosing an appropriate alternative when faced with decisions. Likewise, the goal of every decision is to obtain a form of reward.

Or

*OBSTACLES TO AN EFFECTIVE DECISION*

1. *CONFLICT*

effective decision-making can be difficult because of conflict. Most individuals dislike conflict and will avoid it when possible. However, the best decision might be one that is going to involve some conflict. Consider a manager who has a subordinate who is often late to work, causing others to have to step away from their responsibilities in order to cover for the late employee. The manager needs to have a conversation with that employee to correct the behavior, but the employee is not going to like the conversation and may react in a negative way. Both of them are going to be uncomfortable. The situation is likely to involve conflict, which most people find stressful. Yet, the correct decision is still to have the conversation even if (or especially if) the employee otherwise is an asset to the department.

2. *Personal Biases*

decision-making is also limited by our own biases. We tend to be more comfortable with ideas, concepts, things, and people that are familiar to us or similar to us. We tend to be less comfortable with that which is unfamiliar, new, and different. One of the most common biases that we have, as humans, is the tendency to like other people who we think are similar to us (because we like ourselves).

on demographic characteristics such as race, gender, and age), they can also be a result of shared experiences (such as attending the same university) or shared interests (such as being in a book club together). This “similar to me” bias and preference for the familiar can lead to a variety of problems for managers: hiring less-qualified applicants because they are similar to the manager in some way, paying more attention to some employees’ opinions and ignoring or discounting others, choosing a familiar technology over a new one that is superior, sticking with

With small businesses, there is the ability for cooperation with other local businesses. Many products can be made because of the goods and services of other local outfits, allowing the profits to return to the local economy. Technology can also help small businesses thrive, especially regarding online shopping. Providing multiple shipping options can enable community members to be flexible with their shopping, viewing all of the different and innovative products available in a local setting.

5.) *Local Decision-Making and Involvement*

Incorporating small businesses into local government decisions can help ensure the small town culture within the community. By actively producing wealth in the economy, small business owners should be invited to participate in governing meetings and decision-making processes.

*DISADVANTAGES OF SMALL BUSINESS TO ECONOMY*

1.) *Small Businesses Have Less Brand Recognition*

A large business enjoys brand recognition wherever it goes. Think of giants like Coca-Cola and Apple, which are known nearly everywhere in the world. A small company won’t have the brand recognition it requires to easily gain more customers. Larger businesses enjoy this recognition, and can even increase it by promoting their products more widely and opening branches in more locations.

2.) *Small Businesses Experience Higher Costs*

Small businesses have lower bargaining power than their larger counterparts, and this hampers their ability to lower the unit costs of their products. A large company does not face this problem. It can negotiate large discounts on volume purchases by virtue of the large volumes it purchases. It also enjoys economies of scale, which allow it to produce goods in bulk and reduce the cost of overheads. A small business, on the other hand, simply doesn’t have the same production capacity or buying power, therefore forcing it to bear greater unit costs.

3.) *Small Businesses Have Smaller Budgets*

Small-scale businesses are typically faced by budget hurdles. They can’t afford the levels of research and development, marketing, and technology that large businesses enjoy.

*

*NUMBER 4 SOLUTION*

*BARTER* is the process of trading services or goods between two parties without using money in the transaction. When people barter, everyone benefits because they receive items or services they need or want. Bartering also has an advantage because even people without money can get something they need.

*CHARACTERISTICS OF MONEY*

1.) *Durability*

A cow is fairly durable, but a long trip to market runs the risk of sickness or death for the cow and can severely reduce its value. Twenty-dollar bills are fairly durable and can be easily replaced if they become worn. Even better, a long trip to market does not threaten the health or value of the bill.

2.) *Portability*

. While the cow is difficult to transport to the store, the currency can be easily put in my pocket.

3.) *Divisibility*

A 20-dollar bill can be exchanged for other denominations, say a 10, a 5, four 1s, and 4 quarters. A cow, on the other hand, is not very divisible.

4.) *Uniformity*

Cows come in many sizes and shapes and each has a different value; cows are not a very uniform form of money. Twenty-dollar bills are all the same size and shape and value; they are very uniform.

5.) *Limited supply*

In order to maintain its value, money must have a limited supply. While the supply of cows is fairly limited, if they were used as money, you can bet ranchers would do their best to increase the supply of cows, which would decrease their value. The supply, and therefore the value, of 20-dollar bills—and money in general—are regulated by the Federal Reserve so that the money retains its value over time.

6.) *Acceptability*

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[6/21, 2:34 PM] EXAM EMPIRES: (4a)

[TABULATE]

(i) =CROP=

ONION

=BOTANICAL NAME=

Allium cepa

=CLASSIFICATION BASED ON USE=

Spice Crop

=METHOD OF PROPAGATION=

Vegetative propagation

(ii) =CROP=

GINGER

=BOTANICAL NAME=

Zingiber Officinale

=CLASSIFICATION BASED ON USE=

Spice Crop

=METHOD OF PROPAGATION=

Cutting

(iii) =CROP=

JUTE

=BOTANICAL NAME=

Corchorus Olitorius

=CLASSIFICATION BASED ON USE=

Latex Crop

=METHOD OF PROPAGATION=

Seed

(4b)

Total area = 36×10

= 360m³

Space = 0.36m³

Number of broiler = Total area/Space

= 360/0.36

= 1000

(4c)

(i) It increases the nutrient level of the soil

(ii) It ensures balsnced ration for livestocks while grazing

(iii) It reduces cost of feeding livestocks

(v) It reduces the attack of pests

[6/21, 3:22 PM] EXAM EMPIRES: (4c)

(i) It increases the nutrient level of the soil

(ii) It ensures balsnced ration for livestocks while grazing

(iii) It reduces cost of feeding livestocks

(v) It reduces the attack of pests

[6/21, 1:39 PM] EXAM EMPIRES: (2a)

(i) Monocropping is defined as the practice of cultivating a single crop species each growing season and harvesting it before another crop is planted.

(ii) Mixed Cropping: This system involves the growing of two or more crops on the same piece of land at the same time, during the same growing season.

(iii) Mixed Farming: This system involves the cultivation of crops and the rearing of animals simultaneously on the same piece of land or farm.

(iv) Crop Rotation: Crop Rotation is defined as the planting of different types of crops on the same piece of land in a definite sequence.

OR

Is the system that involves the growing of different crops on the same piece of land year after year, with each crop following the other in a definite sequence.

**WAEC AGRIC ANSWERS*

(5ai)

Balanced Diet: is a diet containing all the six food classes/types of food in the right proportion to meet the body’s requirement for growth, repair and maintenance.

(5aii)

Maintenance ration is given to farm animals just sufficient/enough to maintain/sustain the basic/basal metabolic functions of the body.

(5aiii)

Production ration is given to farm animals to enable them produce either egg, meat, milk, offspring, hair/fur/wool/work.

(5iv)

Malnutrition is a condition which results when an animal is fed on a diet which is deficient in quantity and quality of the essential nutrients in the right proportion.

(5b)

[PICK ANY SIX]

(i) Slow or retarded growth

(ii) Loss of weight/emaciation.

(iii) Low production/ reduced egg laying in birds/decrease in milk production in cow, etc.

(iv) High mortality rate in young animals.

(v) High susceptibility to disease attack.

(vi) Physical deformities such as rickets, osteomalacia, etc.

(vii) Retarded growth

(5c)

(i) Nursery is done on ground, beds or seed boxes and trays with top soil mixed and sterilise

(ii) Seeds are sown in drills 5cm apart and 2.5cm deep.

(iii) Shading, weeding, watering and mulching are done regularly.

(iv) Transplanting is done when seedlings are 3 weeks old on Nursery

(1a)

(i) To safeguard farmers against unreasonable eviction

(ii) To ensure that agricultural land is not unnecessarily diverted to non-agricultural purposes

(iii) To make large tracts of land available for government-sponsored development of large scale farms 

(iv) To carry out large scale improvement such as irrigation, drainage and soil water conservation

(1bi)

Mechanical power

(1bii)

(i) It can handle more areas per unit of time

(ii) It works faster and more efficient

(iii) It can perform a wide range of operation

(iv) It reduces cost of labor and total cost of production

(1c)

(i) Seed tube: They conduct seeds from feed cups to the furrow lines

(ii) Furrow opener: It creates a well-defined groove in the soil where the seed can be placed at the proper depth

(iii) Hopper: holds particulate matter or flow-able material of any sort

(iv) Seed metering device: to collect seed in a singular or group fashion

(v) Furrow wheel: To stabilize the plough and take side thrust

(1d)

(i) Plough

(ii) Cultivator

(iii) Harrow

*: (2a)

(i) Monocropping: The practice of growing a single crop year after year on the same land.

(ii) Mixed cropping: It involves the growing of two or more species or cultivars of the same species simultaneously in the same field.

(iii) Mixed farming: It is a type of farming which involves both the growing of crops and the raising of livestock.

(iv) Crop rotation: the practice of growing a series of different types of crops in the same area across a sequence of growing seasons.

(2bi)

Phosphorus deficiency

(2bii)

(i) Anhydrous ammonia

(ii) Ammonium sulfate

(iii) Superphosphate

(iv) Urea-ammonium nitrate

(2c)

(i) Wax

(ii) Propolis

(iii) Old brood comb

(iv) Pheromones

(v) Essential oil

(v) Lemongrass oil 

Conclusion:- Please be careful while reading this , this answers are not only for Ijmb it consist waec agriculture also and that agric is the one last while the Ijmb is fist at the top anytime you visit this blog make sure you goto the root of the matter in other to get what we posted thanks.

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