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Title: AS Level Economics Paper 2 suggested answers
Description: This PDF provides a complete solution to all the questions of summer 2020 P21 of CAIE AS Level Economics.
Description: This PDF provides a complete solution to all the questions of summer 2020 P21 of CAIE AS Level Economics.
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other three factors of production – land, labor, and capital
...
Secondly, enterprise involves the
undertaking of production risks, particularly in a free enterprise economy
...
With a concentrated presence of Nigerian entrepreneurs, the
city has become a hub for economic activity, fostering collaboration and innovation
...
Lagos's economic
transformation is marked by a recognition of the importance of innovation, with
entrepreneurs leading the development of new goods, services, and markets
...
1(d)(i) Explain why ‘free trade zones’ (FTZ) can be considered a supply-side
policy
...
For example, a free trade zone on the edge of Lagos gave rise to numerous start-up
enterprises as they didn’t have to pay taxes
...
1(d)(ii) Explain how measures to reduce protection through policies such as ‘free
trade zones’ encourage specialisation and the development of comparative
advantage in Nigeria
...
For instance, free trade zones in Nigeria, particularly exemplified by the one near
Lagos, encourage specialization through several mechanisms
...
This environment incentivizes businesses to
focus on their core competencies, leading to specialization
...
Likewise, the creation of free trade zones contributes to the development of
comparative advantage in Nigeria
...
As
entrepreneurs in Lagos respond to the encouragement of start-up initiatives and
recognition of the need for innovation, various industries, including music, fashion, film,
and technology, flourish
...
For example, the growth of technology industries within the zone may
position Lagos as a hub for tech innovation in the region, establishing a comparative
advantage in this sector
...
[6]
Government intervention plays a crucial role in shaping the success of private sector
firms in a mixed economy like Nigeria
...
Policies
encouraging start-up initiatives and creating favorable conditions, such as tax
exemptions in free trade zones, demonstrate proactive efforts by the government to
support private enterprises
Title: AS Level Economics Paper 2 suggested answers
Description: This PDF provides a complete solution to all the questions of summer 2020 P21 of CAIE AS Level Economics.
Description: This PDF provides a complete solution to all the questions of summer 2020 P21 of CAIE AS Level Economics.