WAEC 2018 ECONOMICS ESSAY AND OBJECTIVE ANSWERS – MAY/JUNE – wakagist.com

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ECONOMICS OBJ:
1-10: CBCACDADDC
11-20: DACADBACCD
21-30: BDCBCAABCD
31-40: CCACDDACBD
41-50: ADBADDCACA

Number 2 ( image )

(2a)
Pls put in a tabular form:

Under Output(kg):
0, 15, 35, 60, 85

Under variable cost($):
0, 30, 55, 75, 90

Under Total cost ($):
15, 45, 70, 90, 105

Under Total revenue($):
0, 30, 70, 120, 170

(2ai)
at output 0; marginal revenue (M. R)
= $0.00

at output 15; M.R = TR2-TR1
=30 – 0 = $30.0

at output 35; M.R = TR3 – TR2
70 – 30 = $40.0

at output 60; M.R = TR4 – TR3
=120 – 70 = $50.0

at output 85; M.R = TR5 – TR4
= 170 – 120 = $50.0

(2aii)
at output 0, marginal cost (mc) = $0.00

at output 15, mc = TC2 – TC1
= 45 – 15 = $30.00

at output 35, mc = TC3 – TC2 = 70 – 45 = $25.0

at output 60, mc = TC4 – TC3
= 90 – 70 = $20.0

at output 85, mc = TC5 – TC4
= 85 – 60 = $25.0

(2b)
(i) The firm broke even at output 60kg.
(ii) The firm made the highest profit at output level 85kg.
(iii) The firm attained equilibrium at output 35kg.

(2c)
The firm operates on a project market structure.

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(3a)

Optimum population may be defined as that population which is neither too small nor too large, but when combined with the available resources and given the level of existing technology secure a maximum return per head

(3b)

– It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population

– Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases

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– It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,

3c) – Family planning; Family planning which involves giving birth to controllable number of children, adopted in a country will help to check of control both growth and over population

– Sex education; Through this, people are taught the implications of involving in any type of sex and how to do it without having unwanted pregnancy

– Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control

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5a)
Unemployment is the economic situation where an individual who is jobless, qualified for a job and has been actively looking for employment is unable to find a job. While-
underemployment is an economic situation
where a job that an individual is committed to does not utilize all the skills and education the employee possesses.

5bi)
Seasonal: This type of unemployment occurs due to the seasonal nature of some industries. For example,
ice-cream factories.

5bii)
Structural unemployment: This type of unemployment occurs due to a change in the structure of the economy. For example, the setting up of large mechanized manufacturing units in India led to the decline of handicrafts and led to unemployment of artisans.

5biii)
Frictional unemployment: This type of un­ employment occurs due to the normal
working of the economy. For example people changing jobs from time to time and may perhaps be unemployed for some weeks as they wait to take up the next job.

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5biv)
Cyclical unemployment is an overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle. For example When business cycles are at a low peak, cyclical unemployment will occur because total economic output is being minimized.

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(6a)

Commodity money is money whose value comes from a commodity of which it is made. Commodity moneyconsists of objects that have value in themselves (intrinsic value) as well as value in their use as money

6b)
i) determining the exchange rate among goods;
ii) barter economy also faced the problem of indivisibility i.e. where one party to the exchange has an indivisible item such as sheep;
iii) some goods to be exchanged were not easily portable;

6c)
i)as a medium of exchange it breaks transactions into
sale and purchase thus there is no need for double coincidence of wants;
ii) as a unit of account it allows rate of exchange to be easily determined;
iii) modern money has several units and facilities exchange in small and large units.

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(7a)
The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.

7b) The law of demand states that the higher the price the lower the quantity demanded and the low the price the higher the quantity demanded

7c)
(I) Competitive demand; Demand is said to be competitive when a commodity is wanted to satisfy a want in place of another similar commodity

(Ii) Derived demand; This is a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity

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(Iii) Joint Demand; When two or more commodities are wanted to satisfy one want at the same time

(Iv) Composite demand; Demand is said to be composite when a commodity is wanted to satisfy different wants for instance, palm oil may be demanded for cooking food,manufacturing of soap and pomade

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(8a)
Tax is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.

8b
– A progressive tax is a tax in which the tax rate increase as the taxable amount increase
– A proportion tax is a tax imposed so that the tax rate is fixed with no change as the taxable base amount increase or decrease
– A Regressive tax is a tax imposed in such a manner that the tax rate decrease as the amount subject to taxation increase

(8ci)
Equality every person should pay to the Government according to his ability to pay, that is in proportion of the income or revenue he et jove onder the protection of the State.
(8cii)
Convenience
Is the sum, time and/manner of payment of a tax should not only be certain but the time and manner of its payment should also be convenient to the contributor.
(8ciii)
Economy: The Government has to spend money on collecting taxes levied by it- Since collection costs of taxes add nothing to the national product, they should be minimized as far as possible

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