HOT!!0 WAEC 2016/2017 ECONOMICS ANSWERS. NAIJAEXAMRUNZ.BLOGSPOT
Econ-Obj
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3a)
Land is any natural resource used to
produce goods and services . This includes
not just land , but anything that comes from the land
3b)
i) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3c)
i) Land is the original sources of all material wealth : The economic
prosperity of a country is closely linked with the richness of her
natural resources.
ii) The quality and quantity of agricultural wealth a country depends
on nature of soil, climate , rainfall. The agricultural products are
the form the basis of trade and industry.
iii)Industry also depends upon availability raw materials and sources
of power e . g coal -mines or waterfall for electricity product which
are gotten from soil.
iv)Land provides employment : land help people of a citizen to get
jobs such as farming , fishing, lumbering among others and this help
to develop a nation.
6a)
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 .
6bi)
i) growing economy
ii) expectation of inflation
iii)discretionary fiscal
6bii)
i) monopoly
ii) wage inflation
iii)exchange rates
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)
i) Credit facilities
ii) Extension of workers
iii)Construction of good road
iv)provision of social ameninites.
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.
1BABBCBABBB
11CCBBAABABA
21DCCDABADBC
31DDBBAADBAD
41BCCACCBBBC
3a)
Land is any natural resource used to
produce goods and services . This includes
not just land , but anything that comes from the land
3b)
i) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3c)
i) Land is the original sources of all material wealth : The economic
prosperity of a country is closely linked with the richness of her
natural resources.
ii) The quality and quantity of agricultural wealth a country depends
on nature of soil, climate , rainfall. The agricultural products are
the form the basis of trade and industry.
iii)Industry also depends upon availability raw materials and sources
of power e . g coal -mines or waterfall for electricity product which
are gotten from soil.
iv)Land provides employment : land help people of a citizen to get
jobs such as farming , fishing, lumbering among others and this help
to develop a nation.
6a)
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 .
6bi)
i) growing economy
ii) expectation of inflation
iii)discretionary fiscal
6bii)
i) monopoly
ii) wage inflation
iii)exchange rates
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)
i) Credit facilities
ii) Extension of workers
iii)Construction of good road
iv)provision of social ameninites.
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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