Question 6
- Explain briefly each of the following basic economic concepts:
(i) scarcity;
(ii) scale of preference. [4 marks]
- (b) Give four reasons why agricultural insurance is important. [4 marks]
- (c) State five fishery regulations in West Africa. [5 marks]
- (d) Give five reasons why beekeeping is important. [5 marks]
Observation
Most candidates gave satisfactory explanations and scored high.Candidates approach to agricultural insurance was with vague statements indicating non-mastery of the concept. Fishing regulations are common enough with wide areas to choose from, most examiners were impressed with candidates’ performance in this question.This question was not attempted by many candidates.
The expected answers include:
6(b). Reasons why agricultural insurance is important
- Guarantees farmer’s income against losses due to natural disaster
- Save guards against failure/collapse of farm business enterprises/Encourages farmers to plan for the future
- Attracts investors to agricultural business/encourages commercial farming/encourages agricultural development
- Improves farmer’s standard of living
- Facilitates access to farm credit
6(d).Reasons why beekeeping is important
- - Source of honey used as food/medicine
- Source of propollis/venom used as medicine
- Source of income
- Source of employment
- Bees are used for protection
- Source of raw materials for industries e.g. wax, royal jelly
- Bees are used in research/education
- Generates foreign exchange