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WAEC GCE 2018 ECONOMICS OBJ AND THEORY ANSWERS – JAN/FEB EXPO


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1aii

I. Socialism
Ii. Capitalism

1aii
I.communism
Ii. Socialism

1b

One of the main disadvantages of a capitalistic system is a huge discrepancy in the rates of wages. Because of significant differences in income, money in a capitalistic system is distributed disproportionately. Capitalist economies generally have a substantial group of residents living near or below the poverty level and at the other end of the spectrum, a select few living in immense luxury. Capitalist systems have repeated cycles of financial crises, inflation, recession and stagflation, with the possibility of major economic depressions. Job insecurity is ever-present in a capitalistic system and periods of high unemployment are the norm.

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3a.
Maximum price legislation by law st which commodities can be sold. The sellers can sell below the maximum price but not above the maximum price. Its usually below the equilibrium price & it can result to excess demand, rationing and black market.

3b.
I. To Prevent Consumers From Producer’s Exploitation
2. To Avoid,Minimize Or Control Inflation
3. To Protect The Low Income Earners.

3c.
1. It discourage excess demand which might result in queue and making of profits from illegal activities such as fraud.
2. It create black market and high prices
3. It encourage hoarding of goods by the middlemen

===

*6a Economies of scale is a practical concept that may explain real world phenomena such as patterns of international trade or the number of firms in a market.

6b
I. Managerial economics is the “application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions

Ii..Technical progress (or technological progress) is an economic measure of innovation.

6c
I. business expansion
Ii.As some firms grow in size their unit costs begin to fall because of: … Research and development
Iii.economies from spreading the fixed costs of developing new or improved products over a larger level of output.
Iv. it also lead to development of the economy

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No4

The net migration rate is the difference between
the number of immigrants (people coming into
an area) and the number of emigrants (people
leaving an area) throughout the year. When
the number of immigrants is larger than the
number of emigrants, a positive net migration
rate occurs. A positive net migration rates
indicates that there are more people entering
than leaving an area

4b)

i) Increased size of the Labour force in urban centres:The drift to the urban centres increase the number of people who are available for work in the companies, commercial institutions etc.

ii)Urban unemployment is aggravated:The migration of many people to urban centres increases the number of people seeking employment in these urban areas

iii)Explosion of demand in urban centres for social service: Demand for social facilities such as housing, medical facilities, education facilities, electricity, pipe-borne water etc will be far I’m excess of their supplies

iv)Increased government Expenditure:it would necessitate the diversion of funds from productive investment to the provision of social amenities thereby altering priorities

4c)

Choose 2

i)The establishment of industries and project to absorb the rural working population

ii)Establishment of educational institutions in rural areas

iii)provision of adequate social amenities in rural areas

===

7a A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

7b Tax evasion is the illegal non-payment or underpayment of tax.
While tax avoidance is the the arrangement of one’s financial affairs to minimize tax liability within the law.

7b
I. Protecting industries
Ii. Saving jobs
Iii. Playing fair
Iv. Foreign policy goals

===

8a)

National resources are those material and non-material resources with which nature has endowed man,which may be utilized in production for his benefit and for the advantages of human society.

8b)

i)source of livelihood:Many people make their living as hunter, tree loggers, saw miller’s etc

ii)source of raw materials for industry : paper and furniture are made from wood

iii)Source of foreign exchange:This can be derived by boosting invisible imports from tourism and sale of forest products

8c)

i)Destruction of arable land:Many solid mineral mining areas have been turned into wastelands

ii)Neglects of agricultural and others productive sectors. Agriculture has been abandoned by people in some area in search of greater income from the mining of precious metals

iii)Exposure of erosion :Exposure of land makes it vulnerable to erosion

 

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