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## WAEC 2021/2022 Economics Theory and Obj Answers

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WAEC 2021/2022 Economics Theory and Obj Answers by : 12:00 am On April 17, 2019

WAEC 2021/2022 Economics Theory and Obj Answers

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(1ai)
Price = \$20
Quatity = 50kg
(1aii)
The firm’s profit = Total revenue – total cost = TR – TC
TR = price x quatinty sold
= \$20 x 50
= \$1000
TC = \$12 x 50
= \$600
Profit = \$(1000-600)
= \$400
(1aiii)
Normal profit
(1b)
Because it is equal to demand curve of a firm and demand of perfectly elastic
OR
AR = MR = MC = Demand & supply Curve
(1c)
(i) Both are falling at initial stage
(ii) Both of them are rising after they intersect at price of \$10 and quantity of 40kg
==========================================
(2a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = \$m
Agriculture = 200
Mineral produce –
Capital goods –
Total \$500
Visible Import: – \$m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total \$650
Therefore Balance of trade = \$500 – \$650 million
Balance of trade = \$150 million
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 Import – \$m
Insurance – 50
Banking – 75
Transportation – 85
Total = \$210
Therefore invisible Trade balance = \$80 – \$ 210
= -\$130
i.e – \$130 million
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
Total Imports: – \$m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = \$860
Therefore 580 – 860 = \$280 million
It is a deficit current Account balance
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(3a)
Distribution of goods is a process of making a product being produced or service available for a consumer or business user who needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries.
(3b)
Consumers’ cooperative society is a society owned and operated by a group of ultimate consumers who pull their resources together to purchase goods and services in large quantities and distribute them mainly to its members.
(3c)
(i) To meet the need of consumers in quality goods and services at an affordable price
(ii) To produce goods, to provide households and production services including credit and issuance.
(iii) To provide services to its members
(iv) To raise the standard of living in a particular area or countrY
==========================================
(5a)
Joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5b)
(i)Limited Liability
(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
==========================================
(8a)
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as 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
(8c)
(i)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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Past WAEC Economics Theory and Obj Answers

OBJ
1-10 DCBCBBCCBA
11-20 CDDCCCCCDB
21-30 BBBABCDDCB

2a)
Qd=30-P
Qs=15+2P
TABULATE
P(\$)|2.00|4.00|7.00
Qd|28|26|23
Qs|19|23|29
Thus:
When P=2.00
Qd=30-2=28
Qs=15+2(2)=19
When P=4.00
Qd=30-4=26
Qs=15+2(4)=23

When P=7.00
Qd=30-7=23
Qs=155(7)=29
2bi)
Equilibrium price is when the quantity demanded and the quantity supplied are equal
=>Qd=Qs
30-P=15+2P
30-15=2P+P
15=3P
P=15/3
P=\$5
Therefore equilibrium price=\$5
Equilibrium quantity=>Qd=30-P
30-5
=25units
2bii)
Qs=15+2P
When fixed price=\$3.00
Qs=15+2(3)
Qs=15+6
Qs=21units
Therefore excess supply=25-21
=4units
2ci)
TABULATE
P(\$)|2.00|4.00|7.00
Qd|38|36|33
When P=2.00
Qd=40-2=38
When P=4.00
Qd=40-4=36
When P=7.00
Qd=40-7=33
2cii)
It represents increase in demand
2ciii)
Because the demand increase with each price change

3a)
Land is the immoveable and all naturally occuring resources whose supply is inherently fixed
3b)
-Land is a free gift of nature
-Land is immoveable
-Supply of land is inelastic ie cannot be increased or decreased
3c)
-Land generates income in form of rent to land owners
-Land provides the nation with mineral resources which improves foreign exchange
-Land provides avenue for agricultural production

4a)
Subsistence agriculture is a form of rearing of farm animals and cultivation of crops in small quantity mainly for family consumption
4b)
Crop farming is the cultivation of crops on land which involves land preparation,planting of seeds,harvesting,storage etc eg arable farming while Livestock farming is the rearing of farm animals like goats,sheep,cattle either for consumption or for sale
4c)
-The government should provide farm inputs like fertilizers at subsidized rate
-The government should encourage mechanized agriculture
-The government should create more agricultural institutes
-The government should diversify economy to agriculture instead of focusing on oil sector alone

6a)
Inflation is the persistent increase in the general price and fall in the purchasing value of money at a particular time
6bi)
-Increase in money supply
-Decrease in demand for money
-Increase in the aggregate demand for goods and services
6bii)
-Rise in prices of oil and other raw materials
-Increase in wages of workers
-Increase in taxation by the government