Waec 2017 Economics Obj And Theory Answers – May/June Expo

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ECONOMICS OBJ:
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2a)
Qd =30 - P
Qs =15 +2P
Demand and Supply schedule for the market :
Please tabulate
Price($): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qd = 30 - P when P =2
Qd = 30 -2 =28
Qd = 30 - P when P=4
Qd = 30 -4 =26
Qd = 30 - P when P=7
Qd = 30 -7 = 23
tabulate again supply schedule

Please tabulate
Price($): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qs = 15 + 2P when P=2
Qs = 15 + 2(2)
= 15 + 4 = 19
Qs = 15 + 2P when P=4
Qs = 15 + 2(4)
= 15 + 8 = 23
Qs = 15 + 2P when P=7
Qs = 15 + 2(7)
= 15 + 14 =29

2bi)
Equilibrium quantity
Qd = 30 - P
Qd = 30 - 5
Qd = 25

2bii)
At P=$3
Qd=30-p
Qd=30-3
Qs=15+2p
=15+2(3)
=15+6
=21apples
excess demand =27-21
=6apples

2ci)
Tabulate
Qd=40-p
Price($): 2,4,7
Qd :38,36,33

2cii)
i)it represent an increase in demand

2ciii)
i)the two schedules show that there is a corresponding increase in demand for apples for ten (10) at each price
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3a)
Land is any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land

3b)
i)Land is a Primary Factor of Production
ii)Land is a Passive Factor of Production
iii)Land has some Original Indestructible Powers

3c)
i)Land is the original sources of all material wealth: The economic prosperity of a country is closely linked with the richness of her natural resources.
ii)The quality and quantity of agricultural wealth a country depends on nature of soil, climate, rainfall. The agricultural products are the form the basis of trade and industry.
iii)Industry also depends upon availability raw materials and sources of power e.g coal-mines or waterfall for electricity product which are gotten from soil.
iv)Land provides employment : land help people of a citizen to get jobs such as farming, fishing, lumbering among others and this help to develop a nation
more coming
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4a)
subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only

4b)
crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowoea.
WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc

4c)
i)Credit facilities
ii)Extension of workers
iii)Construction of good road
iv)provision of social ameninites
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6a)
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.

6bi)
i)growing economy
ii)expectation of inflation
iii)discretionary fiscal

6bii)
i)monopoly
ii)wage inflation
iii)exchange rates
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