WAEC 2016 MAY/JUNE 100% CORRECT ECONOMICS PAPER 2&1 ,ESSAY,THEORY (Essay),PAPER 1,ESSAY,THEORY(Obj),QUESTIONS AND ANSWERS – FOR ESSAY,THEORY AND OBJ

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ECONOMICS OBJ:
1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB

3a)
Production possibility curve is a graphical representation
which shows how one good can be transformed into another
good by cutting down on the output of first good and
transferring the resources to production

3b)
DRAW THE PRODUCTION POSIBILITY CURVE

3c)
-Inability to increase the available resources because the
resources are fixed
-Lack of economy in terms of cost of producing at the point
A

3d)
Production possibility is negatively sloped because to
increase the production of one commodity,a certain unit of
the other commodity must be given up.There is an inverse
relationship in production of the combined goods

(2a)
R=19-10=9
6=p-19
P=6+19=25
S=31-30=1
Q-31=0
Q=31
therefore, P=25, Q=31, R=9, S=1

(2bi)
consumer Ts in equilibrium when
(i)MUx=Px
(ii)
when total utility is at peak, then marginal utility will be
zero. given price to be $1.00 per unit, the consumer will be
in equilibrium when he consumes 6 units of the goods
because the marginal utility is zero

(2c)
draw diagram

(2d)
law of diminishing marginal utility states that as more and
more unit of a commodity is consumed, there is a tendency
for marginal utility ti decrease as total utility increases

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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