WAEC 2018 Economic Obj And Essay Answer – May/June Expo

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ECONOMICS OBJ

1-10: CBCACDADDC

11-20: DACADBACCD

21-30: BDCBCAABCD

31-40: CCACDDACBD

41-50: ADBADDCACA

WAEC 2018 ECONOMICS SOLUTION

1a)

Calculate The Value Of Visible Exports

120,000,000 + 40,000,000,+80,0000

=240,000,000

1b)

Calculate The Balance Of Trade For The Country

visible export

80,000,000

120,000,000

40,000,000

visible import

140,000,000

80,000,000

50,000,000

Total=240,000,000 - 270,000,000

= -30,000,000

1c)

List The Items Of Invisible Exports And Import

export

i)tourism

ii)shipping and insurance

import

i)bank services

ii)insurance

1d)

Calculate The Current Account balance of the country

120,000,000+40,000,00+45,000,000+60,000,000+80,000,000 / 140,000,000+80,000,000+50,000,000+60,000,000+40,000,000

=345,000,000 - 370,000,000

= -25,000,000

1e)

Is the country developed or developing? Give one reason for it.

the country is developy because the value of import is greater than the value of exports

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(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 refers to the size of a population that produces the best results according to chosen end targets

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

- 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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(4a) 

State owned enterprises are public companies established by the act of parliament and control by the board of directors in order to produce essential services for the citizens. Some state owned enterprises are owned by the state government é.g 05BC while others are owned by the federal government e.g NPA, NRC etc. 

(4b) 

(I) 

Huge capital outlay :- Public corporations exist because of the huge capital involved. 

(II) 

Welfarism :- Government set up state owned enterprises in order to enhance the well being of the citizens. 

(iii) 

Equitable distribution of wealth public corporations are established in order to ensure even distribution of resources. 

(4c) 

(i)

Inefficient management :- poor management affect the effectiveness of public corporation.

(ii)

Corruption :- political interference in the management of state owned enterprises promote corruption in the system. 

(iii) 

Lack of willingness on the part of staff of public corporations affect the efficiency of the enterprises.

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NO5

unemployment may be defined as a situation where some people who fall withing the ages of working population,capaple and willing to work are unable to obtain befitting work to do while under employment is a situation where by the potentialities of workers are not fully utilised

5bi

seasonal unemployment:this is caused by seasonal changes that affect some types of work.workers that work in road construction companies remain unemployed during rainy season.

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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.Double Coincidence of Wants:

 Ii.Absence of Common Measure of Value

Iii .Lack of Divisibility

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 Demand schedule can be defined as a table showing that relationship between prices and the quantity of that commodity demanded. 

7b THe Law of demand states that all things being equal The higher the price, the lower the quantity demanded or the lower the price the higher the quantity of goods demanded 

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(8a)

A tax is a compulsory levey/payment made by each eligible citizen towards the expenditure of the state.It is levied by the government without regard to the specific benefits that individual tax payer may recieve.

(8bi)

Progressive tax:It takes higher percentage of income from people with larger income eg PAYE(pay as you earn) system of taxation which is being in vogue since 1950s in Nigeria

(8bii)

Proportional tax:It is the amount of money that is directly proportional to the consumer's income.The rate of tax is the same for all income

(8biii)

Progressive tax:It takes larger percentage of income from people with lower incomes.Indirect taxes for instance which are fixed sums added to the prices of things purchased by consumers irrespective of their incomes

(8c)

-Equity:Every person should pay to the government according to his ability to pay,that is in proportion of the income he get under the protection of the state

-Convinience:The sum,time and manner of payment of tax should not only be certain but time and manner of its payment should also be convinients to the contributor

-Economy:The government has to spend money on collected taxes levied by it since collection of taxes add nothing to national product ,they should be maximized as far as possible

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