Waec 2017 Economics Obj and Theory Complete Answer Now Available

Expo 14 Comments 78

Waec 2017 Economics Obj and Theory Complete Answer Now Available

Economics OBJ:
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
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25
At P=$3
excess demand =27-21
Price($): 2,4,7
Qd :38,36,33
i)it represent an increase in demand
i)the two schedules show that there is a corresponding increase in demand for apples for ten (10) at each price
Land is any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land
i)Land is a Primary Factor of Production
ii)Land is a Passive Factor of Production
iii)Land has some Original Indestructible Powers
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
subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only
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
i)Credit facilities
ii)Extension of workers
iii)Construction of good road
iv)provision of social ameninites
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.
i)growing economy
ii)expectation of inflation
iii)discretionary fiscal
ii)wage inflation
iii)exchange rates
7a) economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community
7b) -dependency on agricultural sector
-production for self-consumption
7a) economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community
7b) -dependency on agricultural sector
-production for self-consumption
7c) factors that can speed up the economic development in your country
*-Currency Strength*
The value of the U.S. dollar compared to other foreign currencies such as the yuan, yen and the pound is important even for companies that do not import or export goods. Consumers have a choice to purchase goods or services originating in the United States or in other countries. If the U.S. dollar strengthens, companies in the industry that purchase inputs from other countries are able to be more competitive in pricing. In industries that are heavily reliant on foreign raw materials and processing, such as the clothing industry, the entire sector can be lifted or depressed with a strengthening or weakening of the dollar.
-Government Intervention
Many industries are regulated by the government in one form or another. Government agencies such as the –Environmental Protection Agency, the Food & Drug Administration or the U.S. Department of Agriculture maintain standards that all operators in an industry must follow for the safety of consumers, employees, or natural resources. Some industries are more heavily regulated than others and new laws and rules can shake up an entire industry and depress growth. For example, new child toy safety laws implemented under the Consumer Product Safety Improvement Act in 2009 threatened to wipe out many small toy producers as the requirements to test and certify the toys were cost-prohibitive to all but large toy manufacturers. Proposed changes to the Act may help alleviate the burden on small manufacturers and resellers.
*-Environmental Impact*
Economic growth in an industry can be impacted not only by the environmental effect the products or services have but also by consumers’ perceptions of that impact. For example, the market for fur apparel declined drastically over the course of a few years in the 1990s when consumers perceived that raising and killing small animals for their fur was both inhumane and a poor use of land. Although the industry is once again picking up with international demand, the number of fur farmers in the country has substantially declined. If the public views an industry’s products or services as being harmful or unsafe, most companies within the sector can experience a marked decline in sales quickly.
*-Overall Economic Health*
The economic state of the country and consumer confidence can also spur growth and development or harm it. In recessionary times, consumers begin limiting their purchases to the essentials, foregoing luxury or big-ticket items. Companies also scale back production, hiring and the development of new products and services to ensure that their finances can weather the storm. In periods of overall economic growth, these companies once again expand.
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