[08:05, 4/24/2017] Infinitysanclar💯: WAEC ECONOMICS
THEORY
4a)
subsistence farming can be defined as the type of
agriculture which is concerned with the
production if food for the farmer and family only
4b)
crop farming can be defined as an agriculture
which deal with crop cash production e. G cocoa,
cashew, cowoea.
WHILE livestock farming can be defined as the
rearing of domestic animals e. G pig, fish etc
4c)
i)Credit facilities
ii)Extension of workers
iii)Construction of good road
iv)provision of social ameninites
6a)
Inflation is the rate at which the general level of
prices for goods and services is rising and,
consequently, the purchasing power of currency is
falling.
6bi)
i)growing economy
ii)expectation of inflation
iii)discretionary fiscal
6bii)
i)monopoly
ii)wage inflation
iii)exchange rates
3a)
Land is any natural resource used to
produce goods and services. This includes
not just land, but anything that comes from the
land
3b)
i)Land is a Primary Factor of Production
ii)Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3c)
i)Land is the original sources of all material
wealth: The economic
prosperity of a country is closely linked with the
richness of her natural resources.
ii)The quality and quantity of agricultural wealth
a country depends on nature of soil, climate,
rainfall. The agricultural products are the form
the basis of trade and industry.
iii)Industry also depends upon availability raw
materials and sources of power e.g coal-mines or
waterfall for electricity product which are gotten
from soil.
iv)Land provides employment : land help people
of a citizen to get jobs such as farming, fishing,
lumbering among others and this help to develop
a nation
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ANSWER LOADING.......................
[08:22, 4/24/2017] Infinitysanclar💯: *2017 COMPLETE AND VERIFIED WASSCE ECONOMICS ANSWERS*💯✔
*VERIFIED Econ-Obj*
1-10BABBCBABBB
11-20CCBBAABABA
21-30DCCDABADBC
31-40DDBBAADBAD
41-50BCCACCBBBC
"""""" *Section A* """""""
*Questions 1*
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand= (800-600)*100
----------
800
=200/800*100%
=25%
%change in price=500-450*100%
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450
=50/450*100%
=11.11%
% elasiticy of demand =%change in demand /% change in price
=25%/11.11%
=2.25%
""""" *SECTION B CHOOSE ANY 3 ANSWERS BELOW* """"
3a) Land:
It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface
3 b )
i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3c)-Fishery purposes: Land is used for fishery in rivers, seas and oceans. Fish ponds are also developed
- Wildlife purpose: Land is used for wildlife conservation, e.g game reserves and national parks.
-Livestock purpose: Land is also used for livestock production (I.e rearing of animals), e.g cattle, sheep, goat, poultry, e.t.c
-Farming purpose: Land is used for the cultivation of both food and cash crops, e.g maize, yam, cocoa, etc.
________________________________
4a) subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only
4b) crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowoea.
WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc
4c
-Credit facilities
-Extension of workers
-Construction of good road
-provision of social ameninites
_________________________________
6a)Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
6bi)
-growing economy
-expectation of inflation
-discretionary fiscal
6bii)
-monopoly
-wage inflation
-exchange rates
______________________________
7a) Economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community
7b) -dependency on agricultural sector
-illiteracy
-production for self-consumption
7c)
-Currency Strength
The value of the U.S. dollar compared to other foreign currencies such as the yuan, yen and the pound is important even for companies that do not import or export goods. Consumers have a choice to purchase goods or services originating in the United States or in other countries. If the U.S. dollar strengthens, companies in the industry that purchase inputs from other countries are able to be more competitive in pricing. In industries that are heavily reliant on foreign raw materials and processing, such as the clothing industry, the entire sector can be lifted or depressed with a strengthening or weakening of the dollar.
-Government Intervention
Many industries are regulated by the government in one form or another. Government agencies such as the --Environmental Protection Agency, the Food & Drug Administration or the U.S. Department of Agriculture maintain standards that all operators in an industry must follow for the safety of consumers, employees, or natural resources. Some industries are more heavily regulated than others and new laws and rules can shake up an entire industry and depress growth. For example, new child toy safety laws implemented under the Consumer Product Safety Improvement Act in 2009 threatened to wipe out many small toy producers as the requirements to test and certify the toys were cost-prohibitive to all but large toy manufacturers. Proposed changes to the Act may help alleviate the burden on small manufacturers and resellers.
-Environmental Impact
Economic growth in an industry can be impacted not only by the environmental effect the products or services have but also by consumers' perceptions of that impact. For example, the market for fur apparel declined drastically over the course of a few years in the 1990s when consumers perceived that raising and killing small animals for their fur was both inhumane and a poor use of land. Although the industry is once again picking up with international demand, the number of fur farmers in the country has substantially declined. If the public views an industry's products or services as being harmful or unsafe, most companies within the sector can experience a marked decline in sales quickly.
-Overall Economic Health
The economic state of the country
confidence can also spur growth and development or harm it. In recessionary times, consumers begin limiting their purchases to the essentials, foregoing luxury or big-ticket items. Companies also scale back production, hiring and the development of new products and services to ensure that their finances can weather the storm. In periods of overall economic growth, these companies once again expand.
8ai)- Increased exports.
-Make use of surplus raw materials.
8aii) -Restrictions on immigration
- cross-border investment are abolished.
8b) A common market, or single market, have advantages including consumers have more choice and lower prices.
Disadvantages of the common market include that monopolies may be formed.
[08:24, 4/24/2017] Infinitysanclar💯: OBJ
1ABBCABDCBA
11BABABDCBAB
21ACCBCBCDAC
31BBACDDCBDA
41ACADBACBBD
1a)
total population = 900+550+350+250
total population = 2050
1bi)
population under 18=900
population over 60 = 250
the ratio = 900/250 = 18/5 = 18:5
1bii)
dependence ratio = 900+250/2050 = 1150/2050
dependency ratio = 115: 205
1c)
% of labour force= 550+300/2050 * 100%
= 850/2050 * 100% = 8500/2050 %
% of labour force= 41.46%
1d) the population is growning because of high rate of age group of 0-17.
1e)
per capital income = Amount/population
= 4,000,000/2050
= 1951.22
==============
6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
6b)
(i) Money market – central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
6c)
(i) Provision of loan: Commercial Bank make both short term and medium – term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller’s cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
==========
7a)
i)transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system.
ii)intermediate product is a product that might require further processing before it is saleable to the ultimate consumer.
iii)Subsistence production is self-sufficiency production in which the producers focus on Producing enough goods most especially food to feed
themselves and their families.
iv)Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.)
7b)
i)Per capita income does not reflect the standard of living of the people.
ii)If per capita income is the measurement,the population problem may be cancealed.
iii)An increase in per capita income may not raise the real standard of living of people.
iv)Although an increase in output
per head is in itself a significant
achievement.
===========
5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency
5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
===========
8a)
i)supply of money is the total amount of monetary assets available in an economy at a specific time.
ii)demand for money is the desired holding of financial assets in the form of money.
8b)
i)Transaction Motive
ii)Speculative Motive
8c)
i)Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it’s currency value.
ii)Current State of the Economy: If a country’s economy is not doing well,this can decrease the demand for that country’s currency.
iii)Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable
products produced in that country, this can hurt the economy of that country.
iv)Political Conditions of a Country: To what degree does political corruption exist within a country.
[08:30, 4/24/2017] Infinitysanclar💯: Economics 2 (Essay) 9.30am-11.30am
Economics 1 (Objective) 11.30 am - 12.30pm
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(1a)
(s)TC=AC*Q
=6*3=18
(T) TC=AC*Q
=6*5=30
(U) AC=TC/Q
=14/2 =7
(v) AC=20/4
=5
(w) AC=48/6
=8
(x) AC=14-6
=6
(y)20-18=2
(z)30-20=10
(1b)
(i) Profit=revenue-cost
$10-$1
=$9
(ii)P=R-C
=$10-$4
=$6
(1c)
-It is output 1
-It is where TC=AC
==================================
(3ai)
-A firm is the basic unit within which factors of
production are organised for the purpose of
producing wealth. it is an entity which specialises
in
the production and distribution of goods under one
administration. e.g Texaco Nig Ltd, Leventis PLC
-An industry on the other hand is a group of firms
producing similar products and under separate
administration.
(3aii)
-Location of industry is defined simply as the
siting
or establishment of a firm or industry in a
particular
place.
-Localisation on the other hand refers to the
concentration of firms or industries producing
similar products in an area.
(3b)
(i)
Proximity of source of raw materials:
-cement producing industries should be located
close to sources of raw materials to reduce
transportation.
-perishable goods like fruits, palm oil industries
etc
should also be located near their raw materials.
(ii)
Availability of capital:
-there should be enough capital to purchase
industrial input before and after setting up
industries
-entrepreneurs should have access to loans
(iii)
Nearness to source of power:
-there should be ready dependable source of
power
-source of power could be electricity, coal, thermal
etc
(iv)
nearness to market:
-there should be ready market for the products
==================================================
(5a) Inflation may be defined as a persistent rise in
the general price level of goods and services.
Inflation occurs when the volume of purchases is
permanently running ahead of production and too
much money in circulation chasing too few goods
(5bi) Demand-pull inflation occurs when
consumers
have high purchasing power leading to increases
in
aggregate demand without a corresponding
increase in supply.
(5bii) Cost-push inflation occurs when increases in
cost of production are passed on to consumers in
the form of high prices for the goods and services
on sale. The prices of goods and services are
pushed up by rising costs.
(5c)
-High cost of production: when there is high cost
of
production,manufacturers build in this high cost
into cost per unit and pass it to consumers leading
to cost pull inflation
-Increase in salaries and wages: when salaries and
wages are increase without corresponding increase
in supply of goods and services,it can lead to
excess
money in circulation chasing few goods
-Excessive bank lending: This can lead to
excessive
money in circulation chasing few goods and
services
-Money laundering: Mass transfer and injection of
money into circulation can also cause inflation
==============================================
(8a) Economic growth maybe defined as the
process
by which the productive capacity of an economy
increases over a given period,leading to a rise in
the
level of the national income.
(8b)
(i) Population explosion: Underdeveloped countries
do witness high birth rate leading to population
explosion.
(ii) Low standard of living: The standard of living in
these countries is generally low
(iii) High dependency on foreign nations: Most of
these developing nations depend greatly on foreign
countries for their survival.
(iv) Low savings and investment: Labour receives
low income and this reduces or leads to low
savings
and investments.
(8c)
(i) Encouragement of savings: People and firms
should be encouraged to save provided there is an
improvement in their income. Good savings leads
to
investments. Expenditure in consumption should
be
reduced.
(ii) Provision of capital: Banks should be
encouraged
to provide capital or fund for individuals and firms
to enable them embark on productive ventures.
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