2017 Waec Economics Theory And Obj Answers – May/June Expo

2017 ECONOMICS ANSWERS 


Use these Obj. Ignore the first one

Economics OBJ:
1-10: BCDBBBCCBA
11-20: CCCCCDCCBD
21-30: BBCADCABAB
31-40: CAABBCDBDD
41-50: BDCABBBACA

SECTION A {Answer only one question from this SECTION}
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2a)
Qd = 30 – P
Qs = 15 + 2 P
Demand and Supply schedule for the market :
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qd = 30 – P when P = 2
Qd = 30 – 2 = 28
Qd = 30 – P when P = 4
Qd = 30 – 4 = 26
Qd = 30 – P when P = 7
Qd = 30 – 7 = 23
tabulate again
supply schedule
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qs = 15 + 2 P when P = 2
Qs = 15 + 2 ( 2 )
= 15 + 4 = 19
Qs = 15 + 2 P when P = 4
Qs = 15 + 2 ( 4 )
= 15 + 8 = 23
Qs = 15 + 2 P when P = 7
Qs = 15 + 2 ( 7 )
= 15 + 14 = 29

2bi)
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25

2bii)
At P =$ 3
Qd =30 – p
Qd =30 – 3
Qs =15 + 2 p
= 15 + 2 ( 3 )
= 15 + 6
= 21 apples
excess demand = 27 -21
= 6 apples

2ci)
Tabulate
Qd =40 – p
Price ( $ ) : 2 ,4 ,7
Qd : 38 ,36 ,33
2 cii )
i ) it represent an increase in demand
2 ciii)
i ) the two schedules show that there is a corresponding increase in demand for apples for ten ( 10 ) at each price

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SECTION B {Answer only three questions from this SECTION}
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3 a)
Land is any natural resource used to
produce goods and services . This includes
not just land , but anything that comes from the land
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

3 c)
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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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
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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

Or

6bi)

i) CONSUMPTION –
If there is a quick increase in consumption and investment along with an extremely confident businesses, then there will be a rise in Aggregate Demand.

ii) EXCHANGE RATE –
A depreciation of the exchange rate increases the price of imports and reduces the price of a country’s exports. Consumers will buy fewer imports, while exports grow. There will be a rise in Aggregate Demand.

iii) GOVERNMENT SPENDING –
An vast increase in government spending will drive up Aggregate Demand.

iv) EXPECTATIONS –
The expectation that inflation will rise often leads to a rise in inflation. Workers and firms will increase their prices to ‘catch up’ to inflation.

v) MONETARY GROWTH –
There is excessive monetary growth – when they is too much money in the system chasing too few goods. The ‘price’ of a good will thus increase.

6bii)


i) SUPPLY SHOCK –
When there is a big increase in prices of critical commodities like oil. This results in higher transport costs and all firms would see a rise in costs.

ii) HIGHER WAGES –
Wages form a large percentage of costs for firms. Strong labor unions can influence inflation as they push for higher wages, which will leads to an increase in costs of production for the firm and hence higher priced goods.

iii) IMPORTED INFLATION –
A devaluation of the currency would result in higher prices of imported goods.

iv) HIGHER TAXES –
An increase in indirect taxation. Higher VAT and Excise duties will increase the prices of goods.

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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
-illetracy 
-production for self-consumption
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