verified waec 2019 economics essay and obj expo answer

ECONOMICS OBJ

1-10 :DCCCBBCDAD
11-20:CBBCBBCCBC
21-30:CCBCCCBCAC
31-40:CDCDADDBCD
41-50:CBACACDACC

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(1ai)
Price = $20
Quatity = 50kg

(1aii)
The firm’s profit = Total revenue – total cost = TR – TC
TR = price x quatinty sold
= $20 x 50
= $1000
TC = $12 x 50
= $600
Profit = $(1000-600)
= $400

(1aiii)
Normal profit

(1b)
Because it is equal to demand curve of a firm and demand of perfectly elastic
OR
AR = MR = MC = Demand & supply Curve

(1c)
(i) Both are falling at initial stage
(ii) Both of them are rising after they intersect at price of $10 and quantity of 40kg
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(2a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500

Visible Import: – $m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650

Therefore Balance of trade = $500 – $650
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import

(2b)
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80

Invisible Import – $m
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export

(2c)
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580

Total Imports: – $m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance

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*6a)*

i) *Elastic Demand* is when a small change in the price of a good, cause a greater change in the quantity demanded.
While
*Inelastic demand* means a change in the price of a good, will not have a significant effect on the quantity demanded.

ii) *Income elasticity of demand* is the relative change in demand of one good or service following a change in the consumer’s income. While
*Cross price elasticity of demand* is used to determine whether two products are substitutes or complements.

*6b*
diagram loading….

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(3a)
Distribution of goods is a process of making a product being produced or service available for a consumer or business user who needs it. This can be done directly by the producer or service perovider or using indirect channels with distributors or intermediaries.

(3b)
Consumers’ cooperative society is a society owned and operated by a grouo of ultimate consumers who pull teir resources together to purchase goods and services in large quantities and distribute them mainly to its members.

(3c)
(i) To meet the need of consumers in quality goods and services at an affordable price
(ii) To produce goods, to provide households and production services including credit and issuance.
(iii) To provide services to its members
(iv) To raise the standard of living in a particular area or country

=======================

4a

Industry is said to be that part of business activities which works in order to produce want satisfying goods with the help of material resources readily, available.

4b

i) Division of Labour means that the main process of production is split up into many simple parts and each part is taken by different workers who are specialised in the production of that specific part.

ii)Economies of Scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced. The greater the quantity of output produced, the lower the per-unit fixed cost

4c

i) Buying Economies of Scale –
When businesses make large purchases or borrow a lot of money, unlike small purchases and loans, they get special discounts.

ii) Selling Economies of Scale
– Without a doubt, marketing is heavily linked with costs. For instance, promotional and advertising campaigns are one of the priciest things in business.

iii) Managerial Economies of Scale
– While scaling up a business, the possibility of specializing in certain fields like HR and finance highly increases.

iv)Financial Economies of Scale – Compared to large organizations, small companies face difficulties while trying to obtain finances.
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(5a)
joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5b)
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(5c)
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital
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(7ai)
Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population’s standard of living.
(7b)
(i)Pressure of Population on Land
(ii)Low Per Capita Income
(iii)Low Per Capita Availability of Essential Articles
(iv)Burden of Unproductive Consumers
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No 8

*public debt* is a contrasts to the annual government budget deficit, which is a flow variable that equals the difference between government receipts and spending in a single year. The debt is a stock variable, measured at a specific point in time, and it is the accumulation of all prior deficits

No8b
(i) This is because people have confidence government bonds are secure and so are willing to lend at low-interest rates.

(ii) , it can be more desirable to borrow than raise taxes.

(iii) Economic growth tends to reduce the real debt burden

8c)
It leads to low standard of living..
Economic hardship and hunger..
It could leads to deflation

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