WAEC GCE ECONOMICS

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EXAM TIME:
Economics 2 (Essay) 9.30am-11.30am
Economics 1 (Objective) 11.30 am – 12.30pm

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Note: Today is the first day of the exam, relax and wait cos i know all center must do verification first b4 starting exam.
Pls behave well in the hall, i wish u good luck!
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ECONOMICS OBJ:
1-10: BBCDCACCDB
11-20: BCAABCDBBA
21-30: CCBBDBCCAD
31-40: DABCBBDBDC
41-50: CABABBBCDC
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(3ai)
-A firm is the basic unit within which factors of production 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 separate 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 firms or 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 etc 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
[Copied From Naijagreen.com
(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 the products

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(8a) Economic growth maybe defined as the process by which the productive capacity of an economy increases over a given period,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.
[Copied From Naijagreen.com
(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.

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(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


(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
 

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