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WAECWAEC GCE 2016 Economics Questions and Answers Now Available Here
WAEC September 15, 2016 • 4 years ago • No Comment Yet

100% VERIFIED 2016 WAEC ECONOMICS OBJ ANSWERS

1-10: ABBCABDCBA

11-20: BABABDCBAB

21-30: ACCBCBCDAC

31-40: BBACDDCBDA

100% VERIFIED 2016 WAEC ECONOMICS THEORY ANSWERS

1a)

total population = 900+550+350+250

total population = 2050

1bi)

population under 18=900

population over 60 = 250

the ratio = 900/250 = 18/5 = 18:5

1bii)

dependence ratio = 900+250/2050 = 1150/2050

dependency ratio = 115: 205

1c)

% of labour force= 550+300/2050 * 100%

= 850/2050 * 100% = 8500/2050 %

% of labour force= 41.46%

1d) the population is growning because of high rate of age group of 0-17.

1e)

per capital income = Amount/population

= 4,000,000/2050

= 1951.22

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(3a)

(i) Want: want simply means the desire or wish to own goods or services that gives satisfaction

(ii)

Scarcity: scarcity refers to the limited available resources used in satisfying the unlimited human want.

(iii)

Scale of Preference: this is refer to a list of individual wants in order of their relative importance.

(iv)

Opportunity cost: Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want.

3b)

-Satisfaction of human wants:Economics deals with human being and the satisfaction of their numerous needs with their limited available resources

-Allocation of scarce resource:As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources

-Rational decision:It enable us to take a rational decision pertaining to business and other policy matters

-Economic analysis:It enable us to build up theories and tools of economic analysis

(6c)

(i) Provision of loan: Commercial Bank make both short term and medium – term loans and overdrafts available to those involved in economic development.

(ii) Development of International Trade: Commercial banks through issuing of traveller’s cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.

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5ai)

Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency

5aii)

Indirect tax:This refers to taxes which are imposed or levied on goods and services

5b)

-It generate income for the country

-it discourages excess importation of foreign goods

-To promote locally produced goods

-To discourage importation of harmful goods into the country

5c)

-It is levy on consumer goods in form of VAT

-it is paid directly to the seller of good which remit it to the appropriate tax authority

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(No6a)

Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans

(No6b)

(i) Money market – central bank and Commercial Bank

(ii) Capital market: Building societies and the stock exchange.

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7ai) transfer payment is

no goods or services are being paid for, such

as a benefit payment or subsidy.

7aii)  An intermediate product is a product that

might require further processing before it is

saleable to the ultimate consumer. This further

processing might be done by the producer or

by another processor.

7aiii) Subsistence productions refers to output from

the production process that is just enough for

the survival.

====================

8a)

i)

supply of money is the total amount of monetary assets available in an economy at a specific time.

ii)

demand for money is the desired holding of financial assets in the form of money.

8b)

i)Transaction Motive

ii)Speculative Motive

8c)

i)

Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it’s currency value.

ii)

Current State of the Economy: If a country’s economy is not doing well,this can decrease the demand for that country’s currency.

iii)

Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable

products produced in that country, this can hurt the economy of that country.

iv)

Political Conditions of a Country: To what degree does political corruption exist within a country.