It is elastic because the coefficient is greater than 1
Limited liability is a legal status where a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment in a corporation, company or partnership.
Demand schedule is the table that shows the relationship between quantity demanded and price of goods.
It can be defined as the list showing the number of quantities of a commodity demanded at various prices.
i. Effective demand: this is the type of demand which is supported with the ability and willingness to pay.
(ii). Composite Demand: Demand is composite when a commodity can be used for more than one purpose
(iii). Derived Demand: It occurs when a commodity is wanted not for the satisfaction it yields but for the reason that they are useful in producing another commodity.
(i) Specific tax: is a fixed amount of tax placed on a particular good. It is also referred to as a per-unit tax, and the tax will depend on the quantity sold (not price).
(ii) Value-added tax (VAT) : is a flat tax levied on an item. It is similar to a sales tax in some respects, except that with a sales tax, the full amount owed to the government is paid by the consumer at the point of sale. With a VAT, portions of the tax amount are paid by different parties to a transaction.
(i) A mortgage bank is a financial institution that specializes in granting loans to individual and corporate bodies for building purposes. Such loans are repaid by installments and can be spread over several years. On the other hand.
Merchant bank is a financial institution that provides specialized services like acceptance of bills of exchange, corporate finance; portfolio management, equipment leasing and acceptance of deposits
A commercial banks are financial institutions that per-form the services of holding people’s money and ac-counts and using such money to make loans and other financial services available to customers. The loans are usually for short and medium terms.
Development bank is a financial institution set up to pro-vide long term loans to groups of individuals and governments for development projects. They provide financial assistance in high risk, low profit and long gestation period investments which are unattractive to commercial banks.
[PICK ANY FOUR]
(i) Acceptance of deposit:
Customers money can be kept in any of the three different types of commercial bank accounts-savings, current or demand deposit and time or fixed deposit accounts.
(ii) Lending of money:
Commercial banks make avail-able loans, overdraft and discount bills of exchange for their customers.
(iii) Commercial banks provide:
facilities for domestic and foreign remittances. Such transfers can be done telegraphically or by cable, or by ordinary sail or through traveller’s cheques.
(iv) Commercial banks provide:
facilities for the safe keeping of valuables
(v) Trust services for individuals and organizations:
Trust services include the management of trust funds.
(vi) Agency services:
The banks act as agents for their customers in the purchase and sale of securities.
(vii) Money creating function:
Deposits received can be given out as credit to customers which in turn create further deposits.
(viii) Commercial banks offer advisory services to customers.
Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.
(i)Political Instability in member states; This results in different approach to ECOWAS issues by leaders of member states.
(ii)Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation
(iii)Colonial linkage to erstwhile master; is another factor affecting ECOWAS. Francophone
nations that are members of ECOWAS may not lend their
weight to matters of the organisation that will negatively
(i)Road construction between big cities. The highways Lagos-Abidjan, Nouakchott-Lagos have made commuting much easier that it was before. The road network Elubo – Alflao – Lagos is one of the achievements.
(iii)The relations between the Anglophone and Francophone have been stabilized. It has been done thanks to the ECOWAS passport. It has significantly eased the movement of people within those areas.
(iii)Telephone network for the member states. Nowadays, interconnection is available for all countries of the African Union.
2022 WAEC Economics questions and answers is different from the general term definition, which is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
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