100% VERIFIED SURE WAEC GCE ECONOMICS ESSAY AND OBJ ANSWER [TYPE A]

Verified Economics OBJ 1bbbacacaba 11dbcaaddaab 21babdcbcdad 31ddbcabdcdc 41cdacadabcc 1a) (s)TC=AC*Q =6*3=18 (T) TC=AC*Q =6*5=30 (U) AC=TC/Q =14/2 =7 (v) AC=20/4 =5 (w) AC=48/6 =8 (x) AC=14-6 =6 (y)20-18=2 (z)30-20=10 1b) i) Profit=revenue-cost $10-$1 =$9 ii)P=R-C =$10-$4 =$6 1c) -It is output 1 -It is where TC=AC (2) C=24 3q (ai)Total cost of producing 12 units C=24 3q 24 3(12) 24 36 =60 (2aii) 36 units C=24 3q 24 108 =132 (2b) Average cost when 48 is produced 24 3q 24 3( 48 ) 24 144 168 Average cost=c/q 168/48=3.5 (2bii ) 58 units were produced 24 3q 24 3( 58 ) 24 174 198 Average cost=c/q 198/58 3.4 (2c) Marginal cost when 23 units were produced Total cost of 12 units C=24 3q 24 3(12) 24 36 60 Total cost of 23 units 24 3q 24 3(23) 24 69 =93 MC=93-60 =33 (ii)36 units were produced Total cost of 23 units=93 Total cost of 36 units=132 MC=132-93=39 (2d) Profit when 23 units are produced =TR-TC TR:pQ=5*23=115 TC=60 Profit=115-60=55 (ii) 48 units are produced TR=5*48=240 TC=168 Profit=240-168 =72 (4a) Industrialisation is define as the process of transforming an economy based on extraction activities into one based on manufacturing. (4b) (i)shortage of raw materials (ii)poor quality of industrial labour. (iii)competition with foreign goods. (iv)insufficient capital. (4c) (i) Import substitution: it involves deliberate attempt by government aimed at encouraging the growth of industries within the country which produces goods and services which would have been imported. (ii) Export promotion: it involves deliberate attempt by the government at encouraging the production of commodities for export. it is done through granting of tax concessions reducing export duties etc (6c) (i)provision of loan and overdraft to their customer who which to engage in business. (ii)provision of documentary credit: this is one of the function of commercial banks which help to provide commercial credit facilities to exporters,which help them in payment of goods. (iii) provision of financial advice:comz,,mercial bank encourage and advise businessman on the type of project they should invest their money in. (iv)another contribution is that commercial bank help to facilities international trade by providing credit to exporter,and this facilitate payment in foreign trade (7a) International trade refers to the exchange goods and services that place across international boundaries. (7bi) Embargo: this the total ban on the importation of goods into the country for example a government. Country can place embargo on the importation of rice .this means would not be imported to that country. (7bii) Quota: this is another term used in barrier to trade. It is the limitation on import . their is certain prescribed number or quantity of goods to be imported to the of the country. Dis prescribed quantities must not be exceeded. (7c.) Four reason counties engage in international trade: (i) uneven distribution of natural resources: natural resources in various countries are unevenly distributed some countries are naturally blessed with certain natural resources while some are not endowed with the same natural resources. (ii)difference in climatic condition: climatic condition of the earth varies from one region to another. hence ,this necessitate exchange. (7c.) Four reason counties engage in international trade: (i) uneven distribution of natural resources: natural resources in various countries are unevenly distributed some countries are naturally blessed with certain natural resources while some are not endowed with the same natural resources. (ii)difference in climatic condition: climatic condition of the earth varies from one region to another. hence ,this necessitate exchange. (8a) (i)free trade area: This is defined as the type of integration in which members countries agree to remove all barriers to trade among them. (ii)Custom unions: This is defined as an agreement among nations to remove trade barriers and set a common barrier to import from non member countries (iii)Common Market: This is described as an economic community in which there is a common internal and external tarrif policy (iv)Economic Union: This is a form of integration which takes the form of total integration. (8b) (i) Inadequate capital (ii) Political instability (iii) Inadequate infrastructural facility (iv) Differences in fiscal and monetary policy 3a) (i)a firm is the basic unit within which factors of prodution are organised for the purpose of producing wealth. it is an entity which specialises in the production and distribution of goods under one administration. e.g Texaco Nig Ltd, Leventis PLC An industry on the other hand is a group of firms producing similar products and under seperate administration. (3aii) Location of industry is defined simply as the siting or establishment of a firm or industry in a particular place. localisation on the other hand refers to the concentration of firmsor industries producing similar products in an area. (3b) (i) proximity of source of raw materials: -cement producing industries should be located close to sources of raw materials to reduce transportation. -perishable goods like fruits, palm oil industries etec should also be located near their raw materials. (ii) availability of capital: -there should be enough capital to purchase industrial input before and after setting up industries -entrepreneurs should have access to loans (iii) Nearness to source of power: -there should be ready dependable source of power -source of power could be electricity, coal, thermal etc (iv) nearness to market: -there should be ready market for rporducts °°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° 8a) Economic growth maybe defined as the process by which the productive capacity of an economy increases over a givenperiod,leading to a rise in the level of the national income. (8b) (i) Population explosion: Underdeveloped countries do witness high birth rate leading to population explosion. (ii) Low standard of living: The standard of living in these countries is generally low (iii) High dependency on foreign nations: Most of these developing nations depend greatly on foreign countries for their survival. (iv) Low savings and investment: Labour receives low income and this reduces or leads to low savings and investments. (8c) (i) Encouragement of savings: People and firms should be encouraged to save provided there is an improvement in their income. Good savings leads to investments. Expenditure in consumption should be reduced. (ii) Provision of capital: Banks should be encouraged to provide capital or fund for individuals and firms to enable them embark on productive ventures. (5a) Inflation may be defined as a persistent rise in the general price level of goods and services. Inflation occurs when the volume of purchases is permanently running ahead of production and too much money in circulation chasing too few goods (5bi) Demand-pull inflation occurs when consumers have high purchasing power leading to increases in aggregate demand without a corresponding increase in supply. (5bii) Cost-push inflation occurs when increases in cost of production are passed on to consumers in the form of high prices for the goods and services on sale. The prices of goods and services are pushed up by rising costs. (5c) -High cost of production: when there is high cost of production,manufacturers build in this high cost into cost per unit and pass it to consumers leading to cost pull inflation -Increase in salaries and wages: when salaries and wages are increase without corresponding increase in supply of goods and services,it can lead to excess money in circulation chasing few goods -Excessive bank lending: This can lead to excessive money in circulation chasing few goods and services -Money laundering: Mass transfer and injection of money into circulation can also cause inflation °°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° Keep refreshing this page