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2017 WAEC GCE Free Question & Answer

Economics objectives & essay questions and answers loading….

*Economics Solution*

*ECONOMIC OBJ:*

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Used dis one 👆

Section A….
You Are To Answer 1 Question from this section…

2(a) (i) Fixed cost = 100
*Reason*:
Total fixed cost = Total cost – Total variable cost
*At output level 4,*
Total fixed cost = 340 – (60×4)
Total fixed cost = 340 – 240 = *100*

(aii) *At output level 2,*
Total cost = Total fixed cost + Total variable cost
P = 100 + (2 × 60)
P = 100 + 120
P = 220
*At output level 5,*
Total cost = Total fixed cost + Total variable cost
Q = 100 + (5 × 70)
Q = 100 + 350
Q = 450
*At output level 1,*
Total variable cost = Total cost – Total fixed Cost
(R × 1) = 190 – 100
R = 90
*At output level 3,*
Total variable cost = Total cost – Total fixed Cost
(S × 3) = 250 – 100
3S = 150
S = 150/3
S = 50
*Marginal cost(level 2) = Total cost(level 2) – Total cost(level 1)*
T = P – 190
T = 220 – 190
T = 30

b (i) Decreasing: Levels 1, 2 and 3
Increasing: Levels 4 and 5

(c) The relationship between the average variable cost plotted on the vertical axis and the marginal cost on the horizontal axis is a curve which slopes downwards and then gradually rises upward

Section B..
You are to Answer Any 3 Question From This Section..

3a)

joint venture is a commercial enterprise undertaken jointly by two or more parties which otherwise retain their distinct identities.

3b)

A public company is a minimum of two shareholders and shareholders own the company and receive profits.

WHILE

in a public corporation, there is government ownership and government receives any profit.

3c)

– Internally generated revenue: This is known as the profit made from the already existing businesses, they get finance from revenue generated internally

– Grant from foreign countries : Countries like United State of America can help in granting loans or financial aids to set up public corporation

– Grant from international financial institution : Public corporation can also get their finance from some international financial institutions like international Monetary Fund ( I. M. F)

– Loan and Overdraft : Public corporation can also obtain loans and Overdrafts from commercial or development banks

====================

 

5a)
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of depts in a particular country or socio-economic context.

5b)
-portability
-divisibility
-limited supply

5c)
– Transaction demand: The amount of money needed to cover the needs of an individual, firm, or nation. That is, transaction demand for money is a measure of how much of a certaincurrency people need in order to buy the goods andservices they use.

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– Precautionary demand is the demandfor financial assets, such as securities, money or foreign currency; it is money people hold in case of emergency.

– Speculative demand: is the demand for financial assets, such as securities, money, or foreign currency, that is not dictated by real transactions such as trade or financing.

 

==================

 

6a)

Central Bank can be defined as a national bank that provides financial and banking services for its country’s government and commercial banking system, as well as implementing the government’s monetary policy and issuing currency.

6b)

– Open-Market Operations:  is by far the most important. By buying or selling government securities (usually bonds), the Fed—or a central bank—affects the money supply and interest rates.

 

– The Discount Rate:  is the interest rate at which the Fed (or a central bank) lends to commercial banks. An increase in the discount rate reduces the amount of lending made by banks.

– Reserve Requirements: Commercial banks by law hold a specific percentage of their deposits and required reserves with the Fed (or a central bank). These are held either in the form of non-interest-bearing reserves or as cash.

6c)

– Provide safety and security: Insurance provide financial support and reduce uncertainties in business and human life. It provides safety and security against particular event.

– Generates financial resources: Insurance generate funds by collecting premium. These funds are invested in government securities and stock.

– Life insurance encourages savings: Insurance does not only protect against risks and uncertainties, but also provides an investment channel too. Life insurance enables systematic savings due to payment of regular premium. Life insurance provides a mode of investment.

 

7a)
Recurrent expenditure means the cost of incurred expenses in the accounting year. In other words, it`s the matching of costs and revenues of the accounting year
7b)
i)Improve Public Services Higher government spending can lead to improved public services like health,education and transport.
ii) Increase Productive Capacity of Economy. Some types of government spending, can help to overcome market failure. For example, education can help increase labour productivity and reduce structural unemployment
iii)Reduce Inequality. A significant % of government spending is spent on social security. This includes benefits, such as; unemployment benefit, income support, child benefit and housing benefit.
7c)
i)Individual Income Tax:The individual income tax has been the largest single source of federal revenue since 1950, amounting to 47.3 percent of the total and 8.4 percent of gross domestic product (GDP) in 2016.
ii)Payroll Taxes:The payroll taxes on wages and earnings that fund Social Security and the hospital insurance portion of Medicare make up the largest portion of social insurance receipts.
iii)Corporate Income Tax:The tax on corporate profits yielded 9.2 percent of government revenue in 2016, and it a revenue source that has been trending downward.
================================

===============

Question 8
(a) International trade is the exchange of goods and services among countries or exchange that
takes place across the borders(national boundaries)

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(b) (i) An embargo is a restriction in form of a total ban on import and export of certain goods by
the government of a nation. It is a form of barrier to free trade.

(ii) Quota is the fixing of the specific number(quantity) of goods to be imported or exported
per period by the government of a nation. For example the import of motor cars may be
limited to 100 pieces a year

(iii) Tariff is a tax or levy imposed on imported goods and exported goods. They are therefore
referred to as Import and Export Duties. A country may decide to impose import duties on
certain goods if she wishes to discourage their purchase. Also she can restrict exports
by increasing export duties

(c) ¶ To protect infant industries
¶ To prevent import of unsuitable and dangerous goods
¶ To encourage patronage of locally made goods.

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