VERIFIED ECONOMICS OBJ:
1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB
++++++++++++++++++++++++++
(2a)
R=19-10=9
6=p-19
P=6+19=25
S=31-30=1
Q-31=0
Q=31
therefore, P=25, Q=31, R=9, S=1
(2b) At level 6 where total utility is 31. This is when
marginal utility is zero and point of satiety is reached
(2c)
draw diagram
(2d)
law of diminishing marginal utility states that as more and
more unit of a commodity is consumed, there is a
tendency for marginal utility ti decrease as total utility
increases
(3a)
Production possibility curve is a graphical representation
which shows how one good can be transformed into
another good by cutting down on the output of first good
and transferring the resources to production
(3b)
DRAW THE PRODUCTION POSSIBILITY CURVE
(3c)
-Inability to increase the available resources because the
resources are fixed
-Lack of economy in terms of cost of producing at the
point A
(3d)
Production possibility is negatively sloped because to
increase the production of one commodity,a certain unit of
the other commodity must be given up.There is an inverse
relationship in production of the combined goods
(4a)
-Peasant farming:This is the type of farming which is
concerned with the production of food for the farmer and
his family.A peasant farmer cultivates crops and rears
animals in order to produce food for himself and his
family only.The practice requires a small area of
land,while family labour is employed
-Cooperative farming:This is the type of farming in which
famers come together to enable them enjoy some
incentives from government such incentives include
loans,subsidies,inputs such as fertilizer and easy disposal
of their products through organised markets
(4b)
-Provision of credit facilities to peasant farmers
-Provision of farm inputs such as improved varieties of
seed
-Provision of extension services
-Provision of agricultural education
-Provision of storage processing facilities
(5a)
Price elasticity of supply (PES or Es) is a measure used in
economics to show the responsiveness, or elasticity, of the
quantity supplied of a good or service to a change in its
price.
(5b)
(i)In Joint supply two or more commodities are produced
and supplied from one or more sources, while in
competitive supply two or more commodities are supplied
to serve as substitute.
(ii)In joint supply and increase in the production and
supply of one commodities will bring about an increase in
the production and supply of the commodity, whereas in
competitive supply a commodity is supplied for d
satisfaction of a particular want
(5c)
(i)Cost of production: the cost of production normally
leads to elasticity
(ii)Nature of commodity: perishable goods are elastic in
supply due to their nature
(iii)Cost of storage: producers will supply all their
commodities to the market if the cost of storage is high
thereby leading to elasticity
(iv)Market forces: this determines whether supply will
increase or not
(8a)
Gross Domestic product measures the value of total
production attributes to all factors of production that are
located in the territory of a given country.
(8b)
Gross national product:when necessary adjustment for the
the surplus of a nation on its current account with the rest
of the world has been made, the resulting figure is called
the gross national product(GNP)
(8c)
cost of living is the aggregate amount of money which a
person spends to provide himself the need, usually over a
period of one year
(8d)per capital income is obtained by dividing the total
national income by the total population
(8e)standard of living: when per capita income is
calculated, what you get determines whether the standard
of living is high or low. the higher the quotient, the
higher the standard of living, all things being equal.
1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB
++++++++++++++++++++++++++
(2a)
R=19-10=9
6=p-19
P=6+19=25
S=31-30=1
Q-31=0
Q=31
therefore, P=25, Q=31, R=9, S=1
(2b) At level 6 where total utility is 31. This is when
marginal utility is zero and point of satiety is reached
(2c)
draw diagram
(2d)
law of diminishing marginal utility states that as more and
more unit of a commodity is consumed, there is a
tendency for marginal utility ti decrease as total utility
increases
(3a)
Production possibility curve is a graphical representation
which shows how one good can be transformed into
another good by cutting down on the output of first good
and transferring the resources to production
(1a)
Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 = 420
(1b)
Recurrent expenditure = 150+200+220+180+70
= 820
(1c)
Total revenue = 860
Indirect tax = 460
% indirect tax = 460/860 x 100 = 53.49%
(1d)
Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180
Budget deflicit because expenditure is higher than the
revenue collected
(3b)
DRAW THE PRODUCTION POSSIBILITY CURVE
(3c)
-Inability to increase the available resources because the
resources are fixed
-Lack of economy in terms of cost of producing at the
point A
(3d)
Production possibility is negatively sloped because to
increase the production of one commodity,a certain unit of
the other commodity must be given up.There is an inverse
relationship in production of the combined goods
(4a)
-Peasant farming:This is the type of farming which is
concerned with the production of food for the farmer and
his family.A peasant farmer cultivates crops and rears
animals in order to produce food for himself and his
family only.The practice requires a small area of
land,while family labour is employed
-Cooperative farming:This is the type of farming in which
famers come together to enable them enjoy some
incentives from government such incentives include
loans,subsidies,inputs such as fertilizer and easy disposal
of their products through organised markets
(4b)
-Provision of credit facilities to peasant farmers
-Provision of farm inputs such as improved varieties of
seed
-Provision of extension services
-Provision of agricultural education
-Provision of storage processing facilities
(5a)
Price elasticity of supply (PES or Es) is a measure used in
economics to show the responsiveness, or elasticity, of the
quantity supplied of a good or service to a change in its
price.
(5b)
(i)In Joint supply two or more commodities are produced
and supplied from one or more sources, while in
competitive supply two or more commodities are supplied
to serve as substitute.
(ii)In joint supply and increase in the production and
supply of one commodities will bring about an increase in
the production and supply of the commodity, whereas in
competitive supply a commodity is supplied for d
satisfaction of a particular want
(5c)
(i)Cost of production: the cost of production normally
leads to elasticity
(ii)Nature of commodity: perishable goods are elastic in
supply due to their nature
(iii)Cost of storage: producers will supply all their
commodities to the market if the cost of storage is high
thereby leading to elasticity
(iv)Market forces: this determines whether supply will
increase or not
(8a)
Gross Domestic product measures the value of total
production attributes to all factors of production that are
located in the territory of a given country.
(8b)
Gross national product:when necessary adjustment for the
the surplus of a nation on its current account with the rest
of the world has been made, the resulting figure is called
the gross national product(GNP)
(8c)
cost of living is the aggregate amount of money which a
person spends to provide himself the need, usually over a
period of one year
(8d)per capital income is obtained by dividing the total
national income by the total population
(8e)standard of living: when per capita income is
calculated, what you get determines whether the standard
of living is high or low. the higher the quotient, the
higher the standard of living, all things being equal.
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