Get 100% 2017/2018 Waec Economics Expo

Real and confirmed,100% Correct WAEC 2017 Economics Answer Solution- May/June 2017

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

1a)

Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000

(1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5

(1bii)
Dependency ratio is 0-17

(1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850

Total population is 2000
% of labour force=850/2000*100%
=42%

(1d)
The population decliner because it reduce from the age 1-17 to 60 and above

(1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
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(3a)
(i) Wants: Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them

(ii) Scarcity: It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man

(iii) Scale of preference: It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference

(iv) Opportunity cost: It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone

(3b)
(i) Satisfaction of human wants: Economics deals with human being and the satisfaction of their numerous needs with their limited available resources

(ii) Allocation of scarce resource: As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources

(iii) Rational decision: It enable us to take a rational decision pertaining to business and other policy matters

(iv) Economic analysis: It enable us to build up theories and tools of economic analysis
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5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency

5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services

5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country

5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority

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7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.

7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.

7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
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(8a)
(i) supply of money is the total amount of money available for use in the economy at a given period of time.

(ii) Demand for money is the total amount of money whch all individuals in economy wish to hold for various reasons. It is the desire to hold money

(8b)
(i) transactionary motives
(ii) precautionary motives

(8c)
(i) The Price Level: If the price level increases, it means that a given sum of money would buy fewer goods and services. Fall in prices leads to an increase in the value of money.

(ii) Inflation and Deflation: The value of money reduces during inflation while the value of money increases during Deflation.

(iii) volume Of goods and services: When more goods and services are available while the supply of money remains constant, the value of money will increase. More commodities can be purchased with a given sum of money.

(iv) The supply of money and it's speed or velocity in circulation 

1c
There is a fall in total  weekly revenue due to an increase in price

D
i close substitute of a
ii the extent of the necessity of the commodity

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

Que 1
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600

Ai
% change in demand= (800-600)
                                     ------------x100                         
                                          800
6 a)
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 .
6 bi )
i ) growing economy
ii) expectation of inflation
iii)discretionary fiscal
6 bii)
i ) monopoly
ii) wage inflation
iii)exchange rate.

7c) factors that can speed up the economic development in your country.



-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.

Que 1
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

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Ecos Obj
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11CCBBAABABA
21DCCDABADBC
31DDBBAADBAD
41BCCACCBBBC