WAEC GCE 2016 ECONOMICS THEORY AND OBJECTIVES ANSWERS

(1a)
Total populationwww.naijaexamrunz.blogspot.com 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) Want: want simply means the desire
or wish to own goods or services that
giveswww.naijaexamrunz.blogspot.com satisfaction
(ii) Scarcity: scarcity refers to the
limited available resources used in
satisfying the unlimited human want.
(iii) Scale of Preference: this is refer to
a list of individual wants in order of
their relative importance.
(iv) Opportunity cost: Opportunity cost
means the alternative foregone or
sacrifice made in order to satisfy
another want.
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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
===========================
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