2018/19 Waec Gce Jan/feb Economics Questions And Answers Now Ready

ECONOMICS OBJ:
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11-20: CAABCACCDC
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41-50: DBAADCCAAA

(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.

(7c)
(i) Consumption Of Foreign Good Reduces to a considerable extent and the attraction for imported goods is brought down considerably.
(ii) Tariffs Give Substantial Revenue To The Government. In addition, it also creates employment opportunities as there is encouragement to domestic production.
(iii) Tariffs Remove Or At Least Reduce The Deficit in the balance of trade and balance of payments.
(iv) Tariffs Encourage Research And Development Activities within the country. They create favourable atmosphere for industrial development and generation of employment opportunities.
(2a)
MR = dTR/dOUTPUT

OUTPUT 1 = 6-0/1-0 = 6/1 = 6
OUTPUT 2 = 12-6/2-1 = 6/1 = 6
OUTPUT 3 = 18-12/3-2 = 6/1 = 6
OUTPUT 4 = 24-18/4-3 = 6/1 = 6
OUTPUT 5 = 30-24/5-4 = 6/1 = 6
OUTPUT 6 = 36-30/6-5 = 6/1 = 6

(2b)
The price of Maize is $6. This is because the average value of the whole output is 6.

(2c)
The farmer is operating in a perfectly competitive market. This is because his marginal cost(mc) is equal to his marginal revenue. also priceof the farmer is the same at each level of output

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.

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

(4a)
Net migration 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.

(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)
(i)The establishment of industries and project to absorb the rural working population
(ii)Establishment of educational institutions in rural areas

5ai

I. Socialism
Ii. Capitalism

5aii
I.communism
Ii. Socialism

5b

1. 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.

2.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.

3.Capitalist systems have repeated cycles of financial crises, inflation, recession and stagflation, with the possibility of major economic depressions.

4. Job insecurity is ever-present in a capitalistic system and periods of high unemployment are the norm.

*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
*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

(4a)
LOCATION: The equatorial climates are the climates which occur in continents that are close to the equator at latitude 0 degrees while tropical continental climates occur at the 23and half degrees North ( tropic of cancer) and 23and half. Degrees ( tropic of capricorn.

(4b)
TEMPERATURE: equatorial almost always have high temperature which results to variation of 2 seasons ( dry and wet season) while tropical has lower temperature which brings about variation of 4 seasons ( spring, winter, autumn and summer).

(4c)
RAINFALL DISTRIBUTION: The rainfall in equatorial is recorded high as a result of high temperature while tropical has lower rainfall distribution because of the low temperature.
(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.
(7c)
(i) Consumption Of Foreign Good Reduces to a considerable extent and the attraction for imported goods is brought down considerably.
(ii) Tariffs Give Substantial Revenue To The Government. In addition, it also creates employment opportunities as there is encouragement to domestic production.
(iii) Tariffs Remove Or At Least Reduce The Deficit in the balance of trade and balance of payments.
(iv) Tariffs Encourage Research And Development Activities within the country. They create favourable atmosphere for industrial development and generation of employment opportunities.

*Number 8a*

Natural resources are resources that exist without actions of humankind. This includes all valued characteristics such as magnetic, gravitational, electrical properties and forces etc.