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WAEC 2017 Economics Theory and Obj Answers

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WAEC 2017 Economics Theory and Obj Answers by : 12:00 am On April 21, 2017

WAEC 2017 Economics Theory and Obj Answers

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11-20 CDDCCCCCDB
21-30 BBBABCDDCB
31-40 AABCBADBDD
41-50 BDCABADABA

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

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