ECONOMICS QUESTIONS AND ANSWERS NOW AVAILABLE
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*2017/18 VERIFIED ECONOMICS ANSWERS*
Econs obj
Economics OBJ:
1-10: DCBCBBCCBA
11-20: CDDCCCCCDB
21-30: BBBABCDDCB
31-40: AABCBADBDD
41-50: BDCABADABA
Keep calm and observe the movement...
🚶🏼🚶🏼🚶🏼💯💯💯✔✔✔
From www.042portal.blogspot.com
Que 1
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand= (800-600)*100
----------
800
=200/800*100%
=25%
%change in price=500-450*100%
------------------
450
=50/450*100%
=11.11%
% elasiticy of demand =%change in demand /% change in price
=25%/11.11%
=2.25%
From www.042portal.blogspot.com
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
3a) Land:
It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface
3 b )
i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3 c)
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
From www.042portal.blogspot.com
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
*Credit facilities
*Extension of workers
*Construction of good road
*provision of social ameninites
1c
There is a fall in total weekly revenue due to an increase in price
D
i close substitute of a
ii the extent of the necessity of the commodity
From www.042portal.Blogspot.com
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. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
6bi)
-growing economy
-expectation of inflation
-discretionary fiscal
6bii)
-monopoly
-wage inflation
-exchange rates
7a) economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community
7b) -dependency on agricultural sector
-illetracy
-production for self-consumption
From www.042portal.blogspot.com
8ai)- Increased exports.
-Make use of surplus raw materials.
8aii) -Restrictions on immigration
- cross-border investment are abolished.
8b) A common market, or single market, have advantages including consumers have more choice and lower prices.
Disadvantages of the common market include that monopolies may be formed.
From www.042portal.Blogspot.com
*WAEC ECONOMICS EXAMINATION SCHEME*
_There will be two papers – Paper 1 and Paper 2; both of which will be combined in a 3 hour composite paper._
_Paper 1: will consist of fifty multiple choice question to be taken in 1 hour for 50 marks._
_Paper 2: will consist of eight essay- type questions in two sections: Sections A and B._
_Section A shall be on data response. Candidates will be required to answer_
_four questions in all, choosing one question from Section A and any three questions from Section B_
_The paper shall last 2 hours for 80 marks._
© _TEAM PORTAL$CMB
100%
ANSWERS WON'T BE POSTED HERE, TAKE ME SERIOUS THIS TIME AROUND!
To subscribe for it,call/WhatsApp-08163139724 or 09079859386
We don't talk much,we keep it 100.
Keep refreshing this page to know when answers are posted
*2017/18 VERIFIED ECONOMICS ANSWERS*
Econs obj
Economics OBJ:
1-10: DCBCBBCCBA
11-20: CDDCCCCCDB
21-30: BBBABCDDCB
31-40: AABCBADBDD
41-50: BDCABADABA
Keep calm and observe the movement...
🚶🏼🚶🏼🚶🏼💯💯💯✔✔✔
From www.042portal.blogspot.com
Que 1
Tabule form
Price:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand= (800-600)*100
----------
800
=200/800*100%
=25%
%change in price=500-450*100%
------------------
450
=50/450*100%
=11.11%
% elasiticy of demand =%change in demand /% change in price
=25%/11.11%
=2.25%
From www.042portal.blogspot.com
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
3a) Land:
It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface
3 b )
i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
3 c)
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
From www.042portal.blogspot.com
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
*Credit facilities
*Extension of workers
*Construction of good road
*provision of social ameninites
1c
There is a fall in total weekly revenue due to an increase in price
D
i close substitute of a
ii the extent of the necessity of the commodity
From www.042portal.Blogspot.com
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. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
6bi)
-growing economy
-expectation of inflation
-discretionary fiscal
6bii)
-monopoly
-wage inflation
-exchange rates
7a) economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community
7b) -dependency on agricultural sector
-illetracy
-production for self-consumption
From www.042portal.blogspot.com
8ai)- Increased exports.
-Make use of surplus raw materials.
8aii) -Restrictions on immigration
- cross-border investment are abolished.
8b) A common market, or single market, have advantages including consumers have more choice and lower prices.
Disadvantages of the common market include that monopolies may be formed.
From www.042portal.Blogspot.com
*WAEC ECONOMICS EXAMINATION SCHEME*
_There will be two papers – Paper 1 and Paper 2; both of which will be combined in a 3 hour composite paper._
_Paper 1: will consist of fifty multiple choice question to be taken in 1 hour for 50 marks._
_Paper 2: will consist of eight essay- type questions in two sections: Sections A and B._
_Section A shall be on data response. Candidates will be required to answer_
_four questions in all, choosing one question from Section A and any three questions from Section B_
_The paper shall last 2 hours for 80 marks._
© _TEAM PORTAL$CMB
100%
ANSWERS WON'T BE POSTED HERE, TAKE ME SERIOUS THIS TIME AROUND!
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