Waec 2016 100% Correct Ecnomics Obj And Theory Answer

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.