Waec 2017 Economics Obj And Theory Answers – May/June Expo

ECONOMICS OBJ:
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(2a)
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
(2bi)
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25
(2bii)
At P=$3
Qd=30-p
Qd=30-3
Qs=15+2p
=15+2(3)
=15+6
=21apples
excess demand =27-21
=6apples
(2ci)
Tabulate
Qd=40-p
Price($): 2,4,7
Qd :38,36,33
(2cii)
(i)it represent an increase in demand
(2ciii)
(i)the two schedules show that there is a corresponding
increase in demand for apples for ten (10) at each price
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(3a)
Land is any natural resource used to produce goods and
services. This includes not just land, but anything that
comes from the land
(3b)
(i)Land is a Primary Factor of Production
(ii)Land is a Passive Factor of Production
(iii)Land has some Original Indestructible Powers
(3c)
(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
==================
(4a)
subsistence farming can be defined as the type of
agriculture which is concerned with the production if food
for the farmer and family only
(4b)
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
(4c)
(i)Credit facilities
(ii)Extension of workers
(iii)Construction of good road
(iv)provision of social ameninites
===============
(6a)
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.
(6bi)
(i)growing economy
(ii)expectation of inflation
(iii)discretionary fiscal
(6bii)
(i)monopoly
(ii)wage inflation
(iii)exchange rates

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