WAEC Economics Answer (Obj and Essay) – 2020 Expo
Lawrence Victor
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ECONOMICS OBJ
01-10: CBBBABCCCB
11-20: BDADDBDCBB
21-30: ACCCADDACA
31-40: BABCCCBCDB
41-50: CDCCABBACA
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WAEC ECONOMICS THEORY
CLICK HERE FOR NUMBER 1 IMAGE
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CLICK HERE FOR 2B IMAGE
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CLICK HERE FOR 2C IMAGE
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CLICK HERE FOR 8A IMAGE
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(1a)
X -80=-9.8
X= 80-9.8
X=70.2
80-70=Y
Y=10
Z=50/2
Z=25
(1b)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)
(1c)
The law of diminishing returns states that F increasing quantities of
one factor are combined with fixed supply of other's in production,a
point is reached from which each extra variable factor added yields loss
and less addition to the total output
(1d)
(i)
Diagram
(ii)
- The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
- The MP is zero at the point where TP is maximum
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(4ai)
Capital expenditure is primarily expenditure on the creation of fixed
assets and on the acquisition of land, buildings and intangible assets.
While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.
(4aii)
Monetary policy refers to government activities that are directed toward
influencing the quantity of money and credit in an economy. While
Fiscal policy involves the use of government spending and revenue
raising (taxation) to impact a number of aspects of the economy
(4b)
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
such money.
(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.
(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.
(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.
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(8a)
(i)Commercial farming is mainly practised in developed countries whereas
subsistence farming in less developed or developing countries.
(ii) Commercial farming is cultivated for profits whereas subsistence
farming is for the consumption of the farmer and his/her family.
(iii) Commercial farms are very large while that of the subsistence farming are quite small.
(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.
(v) In commercial farming, there are proper irrigation facilities
whereas subsistence farming is generally dependent upon the monsoon.
(8b)
(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the
farming is done just to satisfy the requirement of the farmers family
and not for the purpose of selling it into the market.
(iii) The machineries which are used for the farming process usually primitive.
(iv) Primitive form of irrigation or little irrigation is done for this type of farming.
(8c)
-Positive effects-
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.
-Negative effects-
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards
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(3a)
Consumer goods are products bought for consumption by the average
consumer. Alternatively called final goods, consumer goods are the end
result of production and manufacturing and are what a consumer will see
stocked on the store shelf.
(3bi)
fixed capital is conventionally defined as the stock of tangible,
durable fixed assets owned or used by resident enterprises for more than
one year.
-Example-
(i)plant
(ii)machinery
(iii)vehicles and equipment
(3bii)
Social capital it basically comprises the value of social relationships
and networks that complement the economic capital for economic growth of
an organization
-Examples-
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans
(3biii)
Circulating capital is money being used for core operations of a company.
-Example-
(i)operating expenses
(ii)inventory in process
(iii)Raw material
(3c)
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.
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(6a)
Money is an economic unit that functions as a generally recognized
medium of exchange for transactional purposes in an economy. ... Money
can be: market-determined, officially issued legal tender or fiat
moneys, money substitutes and fiduciary media, and electronic
cryptocurrencies.
(6bi)
value of money, then, is the quantity of goods in general that will be
exchanged for one unit of money. The value of money is its purchasing
power, i.e., the quantity of goods and services it can purchase.
(6bii)
demand for money is the desired holding of financial assets in the form
of money. In othet words that is, cash or bank deposits rather than
investments.
(6c)
(i)The price of the good or service.
(ii)The income of buyers.
(iii)The prices of related goods or services—either complementary and
purchased along with a particular item, or substitutes and bought
instead of a product.
(iv)The tastes or preferences of consumers will drive demand.
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Completed
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Title :
WAEC Economics Answer (Obj and Essay) – 2020 Expo
Description : DONT EXPECT FREE ANSWER HERE EVERYTIME, BECAUSE WE WILL POST IT LATE. ALWAYS SUBSCRIBE TO GET ANSWER BEFORE EXAM AND AVOID DISAPPOINTME...
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