WAEC 2020 Economics Obj And Essay Answer – Aug/Sept Expo «

WELCOME TO AYOSTUFFS

BEST EXAM EVER

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

KEEP REFRESH THIS PAGE IN

EVERY 5MIN

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

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

ECONOMICS OBJ:

1-10: CBBBCBCCCB

11-20: BDADBDCBBB

21-30: BCCCACDACA

31-40: DDABBCACDB

41-50: DDDABDBBCA

*ESSAY*

(1a)
X -80=-9.8
X= 80-9.8
X=70.2

80-70=Y
Y=10

Z=50/2
Z=25

(1b)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)

(1c)
The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other's in production,a point is reached from which each extra variable factor added yields loss and less addition to the total output

(1d)
(i)
Diagram
(ii)
- The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
- The MP is zero at the point where TP is maximum
=================================

(3a)

Consumer goods are products bought for consumption by

the average consumer. Alternatively called final goods,

consumer goods are the end result of production and

manufacturing and are what a consumer will see stocked

on the store shelf.

(3bi)

fixed capital is conventionally defined as the stock of

tangible, durable fixed assets owned or used by resident

enterprises for more than one year.

-Example-

(i)plant

(ii)machinery

(iii)vehicles and equipment

(3bii)

Social capital it basically comprises the value of social

relationships and networks that complement the economic

capital for economic growth of an organization

-Examples-

(i)when someone opens a door for someone

(ii)returns a lost item to a stranger

(iii)gives someone directions or loans

(3biii)

Circulating capital is money being used for core operations

of a company.

-Example-

(i)operating expenses

(ii)inventory in process

(iii)Raw material

(3c)

(i)The level of the real interest rate and the level of per

capita GDP.

(ii)The proportion of labor remuneration in national income

and Fiscal policy.

(iii)The distribution of income and high effect of taxation.

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

(4ai)

Capital expenditure is primarily expenditure on the creation

of fixed assets and on the acquisition of land, buildings

and intangible assets. While Recurrent expenditure refers

mainly to expenditure on

operations, wages and salaries, purchases of goods and

services, and current grants and subsidies.

(4aii)

Monetary policy refers to government activities that are

directed toward influencing the quantity of money and

credit in an economy. While Fiscal policy involves the use

of government spending and revenue raising (taxation) to

impact a number of aspects of the economy

(4b)

(i)General Administrative Purposes The administrative

machinery of a country may collapse if there is

no money to maintain it; tax therefore forms one of the

sources of

such money.

(ii)Defence Purposes

Taxation contributes part of the money used in maintaining

a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace

and stability of a country to be guaranteed, laws

must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is

made to be progressive in nature.

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

(6a)

Money is any commodity that is generally accepted in

payment for goods and services or settlement of debt. It is

an economic unit that functions as a generally recognized

medium of exchange for transactional purposes in an

economy and at the same time acts as a measure and

store of value.

(6bi)

Value of money: This simply means the quantity of goods

and services that money can purchase at a particular time.

Value of money refers to what money can buy. It depends

on the purchasing power of money. There is an inverse

relationship between price and value of money. the higher

the level of price, the lower the value of money and vice

versa.

(6bii)

Demand for money: This is the desired holding of financial

assets in the form of money. In other words, it is cash or

bank deposits rather than investments. It is sometimes

referred to as liquidity preference.

(6c)

(i) The price of the good or service.

(ii) The income of buyers.

(iii) Interest rates.

(iv) The tastes or preferences of consumers.

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

(8a)

(i)Commercial farming is mainly practised in developed

countries whereas subsistence farming in less developed

or developing countries.

(ii) Commercial farming is cultivated for profits whereas

subsistence farming is for the consumption of the farmer

and his/her family.

(iii) Commercial farms are very large while that of the

subsistence farming are quite small.

(iv) Commercial farming is not dependent much on man

power or animal power whereas subsistence farming is

dependent.

(v) In commercial farming, there are proper irrigation

facilities whereas subsistence farming is generally

dependent upon the monsoon.

(8b)

(i) It is usually grown in a piece of land where the land is

quite small in the area.

(ii) This type of farming is usually done for the food crop

where the farming is done just to satisfy the requirement of

the farmers family and not for the purpose of selling it into

the market.

(iii) The machineries which are used for the farming

process usually primitive.

(iv) Primitive form of irrigation or little irrigation is done for

this type of farming.

(8c)

-Positive effects-

(i)It serves as source of revenue for the government

(ii)It creates job opportunities for people in the area.

-Negative effects-

(i)It causes loss of valuable lands

(ii)It causes environmental pollution and pose health

hazards

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

AYOSTUFFS.BLOGSPOT.COM send all exam expo answer earlier than

others

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

                       GOOD LUCK!!!!!!!!!!