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100% VERIFIED 2016/2017 WAEC ECONOMICS THEORY AND OBJ QUESTIONS AND ANSWERS

Poster: STANCOBRIDGE | Date: 5:03am, 22nd Apr 2016. | Views: 717 | 1 Replies
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STANCOBRIDGE. Jalingo, Taraba
5:03am, 22nd Apr 2016.
Friday 22nd April 2016
ECONOMICS 2(ESSAY) 9.30AM – 11.30PM
ECONOMICS (OBJ & ESSAY) 11.30AM – 12.30PM
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(1)
(a) Direct taxes = 100 120 = 220
Indirect taxes = 80 100 150 90 = 420
(b) Recurrent expenditure = 150 200 220 180 70
= 820
(c) 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)
-Peasant farming:This is the type of farming
which is concerned with the production of food for
the farmer and his family.A peasant farmer
cultivates crops and rears animals in order to
produce food for himself and his family only.The
practice requires a small area of land,while family
labour is employed
-Cooperative farming:This is the type of farming
in which famers come together to enable them
enjoy some incentives from government such
incentives include loans,subsidies,inputs such as
fertilizer and easy disposal of their products
through organised markets
(4b)
-Provision of credit facilities to peasant farmers
-Provision of farm inputs such as improved
varieties of seed
-Provision of extension services
-Provision of agricultural education
-Provision of storage processing facilities
=======================================
(5a)
Price elasticity of supply (PES or Es) is a measure
used in economics to show the responsiveness, or
elasticity, of the quantity supplied of a good or
service to a change in its price.
(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
====================================
(8a)
Gross Domestic product measures the value of
total production attributes to all factors of
production that are located in the territory of a
given country.
(8b)
Gross national product:when necessary
adjustment for the 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)
(8c)
cost of living is the aggregate amount of money
which a person spends to provide himself the
need, usually over a period of one year
(8d)per capital income is obtained by dividing the
total national income by the total population
(8e)standard of living: when per capita income is
calculated, what you 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.
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