Verified WAEC economics 2017 theory and objective

VERIFIED  WAEC 2017 ECONOMICS  QUESTION OBJ AND THEORY
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Waec Economics Obj 
1-10BABBCBABBB
11-20CCBBAABABA
21-30DCCDABADBC
31-40DDBBAADBAD
41-47BCCACCBBBC_ _ _

Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand= (800-600)*100
----------
800
=200/800*100%
=25%
%change in price=500-450*100%
------------------
450
=50/450*100%
 =11.11%
% elasiticy of demand =%change in demand /% change in price
=25%/11.11%
=2.25%

2a)
Qd = 30 - P
Qs = 15 + 2 P
Demand and Supply schedule for the market :
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
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
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qs = 15 + 2 P when P = 2
Qs = 15 + 2 ( 2 )
= 15 + 4 = 19
Qs = 15 + 2 P when P = 4
Qs = 15 + 2 ( 4 )
= 15 + 8 = 23
Qs = 15 + 2 P when P = 7
Qs = 15 + 2 ( 7 )
= 15 + 14 = 29

2bi)
Equilibrium quantity
Qd = 30 - P
Qd = 30 - 5
Qd = 25

2bii)
At P =$ 3
Qd =30 - p
Qd =30 - 3
Qs =15 + 2 p
= 15 + 2 ( 3 )
= 15 + 6
= 21 apples
excess demand = 27 -21
= 6 apples

2ci)
Tabulate
Qd =40 - p
Price ( $ ) : 2 ,4 ,7
Qd : 38 ,36 ,33
2 cii )
i ) it represent an increase in demand
2 ciii)
i ) the two schedules show that there is a corresponding increase in demand for apples for ten ( 10 ) at each price

3a Land as a factor of production is a 3free gift of nature and is fixed. It is the oldest factor of production in the sense that it had been on earth before man started working on it .

The reward of land is rent

3b

🏻 The supply of land is fixed by nature.

🏻 Land is a free gift of nature

🏻 Land has no cost of production.

3c

- One of the contributions of land which is nature's aid to production is that it is on it that firms, Government and individuals build their factories,schools, hospitals,roads, residential house etc

-- Agricultural activities from where we produce food for human consumption and raw materials for our industries and for export take place on land.

- Diffrent mineral resources such as crude oil ,tin ,gold ,coal, etc. Are derived from land.

-  Land provides grassland which we use for the grazing of our animals.

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, cowpea.

WHILE livestock farming can be defined  as the rearing of domestic animals e. G pig, fish etc

4c

*Credit facilities

*Extension  of workers

*Construction  of good road

*provision  of social ameninites

6a).. inflation can be defined as a high and persistent rise in the general price level.but not all price increases are inflationary.


5a) A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

5b)
i) All firms sell an identical product.
ii) All firms are price takers - they cannot control the market price of their product.
iii) All firms have a relatively small market share.

5c)
I) Motivate through Gamification
ii) Set Clear Goals and Provide Feedback
iii) Communicate Effectively and Efficiently
iv) Set Standards and Provide Skills Development

6bi)

i)growing economy

ii)expectation of inflation

iii)discretionary fiscal

6bii)

i)monopoly

ii)wage inflation

iii)exchange rates

Please 

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
-illiteracy
-production for self-consumption
7c)
-Currency Strength
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.

-Government Intervention
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.


-Environmental Impact
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.

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