2017 Waec Economics Theory And Obj Answers – May/June Expo

2017 ECONOMICS ANSWERS 


Use these Obj. Ignore the first one

Economics OBJ:
1-10: BCDBBBCCBA
11-20: CCCCCDCCBD
21-30: BBCADCABAB
31-40: CAABBCDBDD
41-50: BDCABBBACA

SECTION A {Answer only one question from this SECTION}
===========
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

========== 

===========
SECTION B {Answer only three questions from this SECTION}
===========
3 a)
Land is any natural resource used to
produce goods and services . This includes
not just land , but anything that comes from the land
3 b )
i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers

3 c)
i ) Land is the original sources of all material wealth : The economic
prosperity of a country is closely linked with the richness of her natural resources.
ii) The quality and quantity of agricultural wealth a country depends on nature of soil, climate , rainfall. The agricultural products are the form the basis of trade and industry.
iii)Industry also depends upon availability raw materials and sources of power e . g coal -mines or waterfall for electricity product which are gotten from soil.
iv )Land provides employment : land help people of a citizen to get jobs such as farming , fishing, lumbering among others and this help to develop a nation


==========
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 

4c
*Credit facilities 
*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.

6bi)
-growing economy 
-expectation of inflation 
-discretionary fiscal
6bii)
-monopoly
-wage inflation 
-exchange rates

Or

6bi)

i) CONSUMPTION -
If there is a quick increase in consumption and investment along with an extremely confident businesses, then there will be a rise in Aggregate Demand.

ii) EXCHANGE RATE -
A depreciation of the exchange rate increases the price of imports and reduces the price of a country’s exports. Consumers will buy fewer imports, while exports grow. There will be a rise in Aggregate Demand.

iii) GOVERNMENT SPENDING -
An vast increase in government spending will drive up Aggregate Demand.

iv) EXPECTATIONS -
The expectation that inflation will rise often leads to a rise in inflation. Workers and firms will increase their prices to ‘catch up’ to inflation.

v) MONETARY GROWTH -
There is excessive monetary growth – when they is too much money in the system chasing too few goods. The ‘price’ of a good will thus increase.

6bii)


i) SUPPLY SHOCK -
When there is a big increase in prices of critical commodities like oil. This results in higher transport costs and all firms would see a rise in costs.

ii) HIGHER WAGES -
Wages form a large percentage of costs for firms. Strong labor unions can influence inflation as they push for higher wages, which will leads to an increase in costs of production for the firm and hence higher priced goods.

iii) IMPORTED INFLATION -
A devaluation of the currency would result in higher prices of imported goods.

iv) HIGHER TAXES -
An increase in indirect taxation. Higher VAT and Excise duties will increase the prices of goods.

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

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
-illetracy 
-production for self-consumption
==========
.....
Please Please and please, this subject answers will never be posted for free, it's either you subscribe with your Airtel N500 or you forget it cos we've tried for you guys this few days so it's time you show us love too

It's your exam, I know you don't want to fail that's why we've been providing free answers, but we also told you guys that this subject won't be free and we believe you've saved for it.


Please don't send us N100 recharge cards and be expecting us to load it, send us just N500 recharge card or N500 card in 2 places, don't send us N200 nor N100, we won't load them and we won't send you anything.


Don't call our number cos it won't ring and don't send or be asking us questions, just send the N1000 Airtel Airtime Or Load it with your phone and transfer it to us and we'd send you a link where we'd be posting the answers for people who subscribed, we're giving you days to achieve this that's why we're making this post early .
Please we're not sending you answers via SMS rather we'd send you a link where we're going to post the answers very fast for subscribers only.

===== LINK/PASSWORD SUBSCRIPTION METHOD =====

Network: MTN

Amount: N500

Number: 08032153257

Subject: The SUBJECT
Lagosking answer page
NOTE: Dont send us your airtime using Glo sim card cos if we're trying to reply you with the link to the answers Glo network won't allow the message to send so use other networks pls.
Please don't send us N100 in 5 places nor N200 in 2 places, we're begging you now cos we won't load the card and we won't reply you.
You can only send N200 in 2 place with N100 or you load and transfer the card to us or you transfer the airtime via bank but let us know before doing it.

Thanks.

You Just View 2017 Waec Economics Theory And Obj Answers – May/June Expo Please Enter Your Email Address Below To Be The First To See And Read Our Latest Updates Via Email

?

^

X

Recommended for you

Loading..

Join our Active Facebook Group chat for latest updates - Click to Join

Join My Subscribers Today and Receive Updates by Email