Verified WAEC Economics Essay/Theory and OBJ Questions and Answer Solution – May/June 2017 Real, Confirmed and Correct Expo Runs
Weekly sales:- 800, 600
% change in demand= (800-600)*100
%change in price=500-450*100%
% elasiticy of demand =%change in demand /% change in price
Qd =30 – P
Qs =15 +2P
Demand and Supply schedule for the market :
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
Qs : 19,23,29
Qs = 15 + 2P when P=2
Qs = 15 + 2(2)
= 15 + 4 = 19
Qs = 15 + 2P when P=4
Qs = 15 + 2(4)
= 15 + 8 = 23
Qs = 15 + 2P when P=7
Qs = 15 + 2(7)
= 15 + 14 =29
Qd = 30 – P
Qd = 30 – 5
Qd = 25
excess demand =27-21
i)it represent an increase in demand
i)the two schedules show that there is a corresponding increase in demand for apples for ten (10) at each price
“”””” *SECTION B CHOOSE ANY 3 ANSWERS BELOW* “”””
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
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
-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.
-expectation of inflation
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
-production for self-consumption
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.
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.
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.