ECONS OBJ
1-10)DBACABADCC
11-20)AABBAAABAB
21-30)CADCCDADCC
31-40)CCCBDACCAA
41-50)ABDBBBBCDB
8
a) Gross domestic product measures
the value of total production
attributable to all factors of
production that are located in the
territory of a given country
b) Gross National product -- When
necessary adjustment for 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)
c) Cost of living is the aggregate
amount of money which a person
spends to provide himself the needs
usually over a period of one year.
d) Per Capita Income is obtained by
dividing the total national income by
the total population.
e) Standard of living --- When Per
Capita Income is calculated, what u
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.
(5a) Elasticity of supply is the degree of
responsiveness of the supply to little
change in the
price of commodity.
(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
==============================
==
(1)
(a) Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 =
420 (b) Recurrent expenditure =
150+200+220+180+70
= 820 © Total revenue = 860
Indirect tax = 460
% indirect tax = 460/860 x 100 =
53.49% (d) Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180
Budget deflicit because expenditure is
higher than
the revenue collected
==============================
==
(6)
(i)BUILDING SOCIETY
These institutions are now major
competitors of
banks in the U.K. and
are the equivalent of U.S. savings and
loan
institutions. Building societies can also
be found in other countries, such
as Australia,
Ireland and Jamaica.
ii)CENTRAL BANK
A central bank is an entity responsible
for
overseeing the
monetary system for a nation (or group
of nations).
Central banks have a wide range of
responsibilities,
from overseeing monetary policy to
implementing specific
goals such as
currency stability, low inflation and full
employment.
==============================
==
4a)
i ) Peasant Farming is the cultivation of
crops
and rearing of animals on a small scale .
ii )Cooperative farming : it is defined as
a
system in which individual farmers
pool their
resources ( excluding land) to buy
commodities
such as seeds and fertilizers , and
services
such as marketing .
4b )
- Provision of avail credit
- Provision of some sort of
mechanisition
- Provision of agricultural knowledge
through
extension etc
- provision of good roads for
transportation
- provision of fertilizers to enhance
productivity
==============================
==
2)
R= ∆TU/∆U
= 19-10/2-1
=9/1
R=9
P=19+6=25 S= ∆TU/∆U
= 31-30/5-4
=1/1
S=1
Q=31+0=31 b) At level 6 where total
utility is 31. This is
when marginal utility is zero and point
of
satiety is reached
c) The law of diminishing marginal
utility States
that the amount of satisfaction an
individual
derives from additional unit of
commodity decreases as his
consumption of that utility

increases

Thank's for read our article WAEC 2016/2017 ECONOMICS QUESTIONS AND ANSWERS
Created at 2016-04-22 00:37:28
Tags: 2016 , 2017 , answers , economics , questions , Waec

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