WAEC 2019- ECONOMICS
Friday 17th May, 2019
Economics 2 (Essay) – 09:30 a.m. – 11:30am
Economics 1 (Objective) – 11:30am – 12:30 p.m.
Economics 2 (Essay) – 09:30 a.m. – 11:30am
Economics 1 (Objective) – 11:30am – 12:30 p.m.
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ECONS OBJ😣
VERIFIED ECONOMICS OBJ
01-10: DCCCBBCDAD
11-20: CBBCBBCCBC
21-30: CCBCCCBCAC
31-40: CDCDADDBCD
41-50: CBACACDACC
ECONS THEORY
SECTION A – ANSWER ONE(1)
SECTION B – ANSWER THREE(3)
PLEASE NO GO DO PASS YOURSELF, JUST ANSWER ANY 3 ONLY in SECTION B
PLEASE BETWEEN BOTH NO1, CONFIRM NO1 ND 2 ON URSELF
This is defined as a step in the economic process which brings goods and services from those who make them to those who use them. The making of such goods and services is called production.
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ECONS OBJ😣
VERIFIED ECONOMICS OBJ
01-10: DCCCBBCDAD
11-20: CBBCBBCCBC
21-30: CCBCCCBCAC
31-40: CDCDADDBCD
41-50: CBACACDACC
ECONS THEORY
SECTION A – ANSWER ONE(1)
SECTION B – ANSWER THREE(3)
PLEASE NO GO DO PASS YOURSELF, JUST ANSWER ANY 3 ONLY in SECTION B
PLEASE BETWEEN BOTH NO1, CONFIRM NO1 ND 2 ON URSELF
(1a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500
Visible Import: – $m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650
Therefore Balance of trade = $500 – $650
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import
(1b)
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80
Invisible Import – $m
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export
(1c)
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580
Total Imports: – $m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
(2a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500
Visible Import: – $m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650
Therefore Balance of trade = $500 – $650
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import
(2b)
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80
Invisible Import – $m
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export
(2c)
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580
Total Imports: – $m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
(3ai)Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
This is defined as a step in the economic process which brings goods and services from those who make them to those who use them. The making of such goods and services is called production.
(3aii)
Producer –>Wholesaler –>Retailer –>Consumer
Producer –>Wholesaler –>Retailer –>Consumer
(3b)
A consumer cooperative is a cooperative business owned by its customers for their mutual benefit. It is a form of free enterprise that is oriented toward service rather than pecuniary profit. Consumers’ cooperatives often take the form of retail outlets owned and operated by their consumers.
A consumer cooperative is a cooperative business owned by its customers for their mutual benefit. It is a form of free enterprise that is oriented toward service rather than pecuniary profit. Consumers’ cooperatives often take the form of retail outlets owned and operated by their consumers.
(3c)
– to meet the needs of the consumers in good quality goods and services at an affordable price.
– to meet the needs of the consumers in good quality goods and services at an affordable price.
– to conduct trading and public catering services
– to serve the population within the trade enterprises (shops, stalls, tents) and within the catering facilities (restaurants, canteens, cafés)
– to produce goods, to provide household and production services, including credit and insurance services.
(4a)
industry is the production of goods or related services within an economy. In other words The major source of revenue of a group or company is the indicator of its relevant industry.
(4bi)
division of labour is the separation of tasks in any system so that participants may specialize. In other words they motive for trade and the source of economic interdependence.
(4bii)
economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
industry is the production of goods or related services within an economy. In other words The major source of revenue of a group or company is the indicator of its relevant industry.
(4bi)
division of labour is the separation of tasks in any system so that participants may specialize. In other words they motive for trade and the source of economic interdependence.
(4bii)
economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
(4c)
(i)Internal economic of scale are the unit cost advantages from expanding the scale of production in the long run.
(ii)These lower costs represent an improvement in long run productive efficiency and can give a business a significant competitive advantage in a market.
(iii)They also lead to lower prices and higher profits
(iv)If long run average total cost curve (LRAC) is declining, then internal economies of scale are being exploited
(i)Internal economic of scale are the unit cost advantages from expanding the scale of production in the long run.
(ii)These lower costs represent an improvement in long run productive efficiency and can give a business a significant competitive advantage in a market.
(iii)They also lead to lower prices and higher profits
(iv)If long run average total cost curve (LRAC) is declining, then internal economies of scale are being exploited
5a)
A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task
A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task
(5b)
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(5c)
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital
*6a)*
i) *Elastic Demand* is when a small change in the price of a good, cause a greater change in the quantity demanded.
While
*Inelastic demand* means a change in the price of a good, will not have a significant effect on the quantity demanded.
i) *Elastic Demand* is when a small change in the price of a good, cause a greater change in the quantity demanded.
While
*Inelastic demand* means a change in the price of a good, will not have a significant effect on the quantity demanded.
ii) *Income elasticity of demand* is the relative change in demand of one good or service following a change in the consumer’s income. While
*Cross price elasticity of demand* is used to determine whether two products are substitutes or complements.
*Cross price elasticity of demand* is used to determine whether two products are substitutes or complements.
6b
diagram
diagram
(7ai)
Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population’s standard of living.
(7b)
(i)Pressure of Population on Land
(ii)Low Per Capita Income
(iii)Low Per Capita Availability of Essential Articles
(iv)Burden of Unproductive Consumers
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Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population’s standard of living.
(7b)
(i)Pressure of Population on Land
(ii)Low Per Capita Income
(iii)Low Per Capita Availability of Essential Articles
(iv)Burden of Unproductive Consumers
(8a)
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as International Monetary Fund(IMF) and World Bank
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as International Monetary Fund(IMF) and World Bank
(8b)
(i) To finance budget deficit
(ii) To provide employment opportunities
(iii) To finance huge capital projects such as railways,roads,electricity etc
(i) To finance budget deficit
(ii) To provide employment opportunities
(iii) To finance huge capital projects such as railways,roads,electricity etc
(8c)
(i) A large domestic debt will limit influence the distribution of income of the people
(ii) It can reduce the availability of foreign exchange in the form of depleted foreign reserves
(iii) If a large internal debt is sustained by high rate of interest it will reduce private investment on capital goods
(i) A large domestic debt will limit influence the distribution of income of the people
(ii) It can reduce the availability of foreign exchange in the form of depleted foreign reserves
(iii) If a large internal debt is sustained by high rate of interest it will reduce private investment on capital goods
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