Author Topic: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY) (Read 1413 times)

MANDINHO · « **on:** June 03, 2024, 01:30:35 pm »

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JEK · « **Reply #1 on:** June 04, 2024, 10:17:52 am »

When is Economics subject is starting

MANDINHO · « **Reply #2 on:** June 04, 2024, 11:07:05 am »

ECONOMICS THEORY ANSWERS

(2)

(2b&2c&2d)

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

(4a)
The term distribution refers to the process of making products or services available to customers through various channels, such as retailers, wholesalers, and agents.

(4b)
(i) Convenience: Retailers provide a convenient location for consumers to purchase products, often with extended hours and a wide range of products under one roof.
(ii) Product Advice: Retailers offer expert knowledge and guidance, helping consumers make informed purchasing decisions.
(iii) After-Sales Support: Retailers often provide after-sales support, such as warranties, repairs, and returns, which can be essential for consumer satisfaction.

(4c)
(i) Increased Costs: Middlemen, such as wholesalers and distributors, add their own margins to the product price, increasing the final cost to the consumer.
(ii) Reduced Efficiency: The involvement of multiple middlemen can lead to delays, inefficiencies, and a higher risk of damage or loss during transportation.
(iii) Limited Flexibility: Middlemen may not be able to respond quickly to changes in consumer demand or market trends, potentially leading to stockouts or overstocking.

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

(5a)
(i) Labour force: The labour force refers to the number of people employed or actively seeking work in a country, excluding children, retirees, and those unable to work.

(ii) Over-population: Over-population occurs when a country's population exceeds the available resources, leading to issues like unemployment, poverty, and strain on infrastructure.

(iii) Mobility of labour: Labour mobility refers to the ability of workers to move freely between jobs, industries, and locations in search of better opportunities.

(iv) Optimum population: Optimum population is the ideal number of people that a country can support, balancing resource availability and economic growth.

(5b)
(i) High Birth Rate: Large families and a high number of children per family contribute to population growth.
(ii) Improved Healthcare: Advances in medicine and healthcare lead to lower mortality rates and increased life expectancy.
(iii) Increased Food Supply: Improved agricultural productivity and food availability reduce starvation and malnutrition, contributing to population growth.
(iv) Migration: Inward migration from other countries or regions can significantly contribute to population growth.

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

(6a)
(i) Industrialization: Industrialization refers to the process of transforming an economy from primarily agricultural to one dominated by industry and manufacturing, characterized by the development of new technologies, industries, and infrastructure.

(ii) Mineral resources: Mineral resources refer to naturally occurring inorganic substances with economic value, such as metals (e.g., iron, copper, gold), non-metallic minerals (e.g., limestone, sand, gypsum), and energy resources (e.g., coal, oil, natural gas).

(6b)
(i) Generation of Foreign Exchange: Exporting minerals can earn significant foreign exchange, boosting the country's balance of payments and exchange rate.
(ii) Creation of Employment Opportunities: Mining and related industries can create jobs, both directly and indirectly, in related sectors like transportation and manufacturing.
(iii) Increased Government Revenue: Mineral exploitation can generate significant tax revenues, royalties, and other income for governments, supporting public spending and development initiatives.

(6c)
(i) Economic Growth and Diversification: Industrialization can drive economic growth, reduce dependence on agriculture, and create new sectors for economic activity.
(ii) Improved Standard of Living: Industrialization can lead to increased incomes, better access to goods and services, and improved overall living standards.
(iii) Enhanced Technological Capabilities: Industrialization can promote technological advancements, skills development, and innovation, enabling the country to compete globally.

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

(7a)
A Central Bank is a national financial institution that oversees the monetary system and policy of a country, manages currency issuance, regulates the banking sector, and serves as a banker to the government and commercial banks

(7b)
(i) Raising Interest Rates: By increasing the benchmark interest rates, borrowing becomes more expensive, reducing consumer and business spending and thus decreasing the money supply.
(ii) Selling Government Securities: The Central Bank can sell government bonds and securities to the public, which reduces the amount of money in circulation as buyers pay for these securities.
(iii) Increasing Reserve Requirements: By raising the reserve requirements for commercial banks, the Central Bank limits the amount of money banks can lend out, thereby reducing the money supply.

(7c)
(i) Banker to the government:
The Central Bank manages the government's accounts, handles its transactions, and provides loans to cover short-term deficits. It also manages the issuance and redemption of government securities.

(ii) Banker to commercial banks:
The Central Bank holds reserves for commercial banks, provides them with liquidity through lending facilities, and acts as a clearinghouse for interbank transactions, ensuring the stability and smooth functioning of the banking system.

(iii) Lender of last resort:
The Central Bank provides emergency funding to financial institutions facing short-term liquidity crises to prevent bank runs and maintain confidence in the financial system. This role helps to ensure the stability of the financial sector.

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

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JEK · « **Reply #3 on:** June 04, 2024, 11:10:13 am »

I need economics no 1
Pls number 1

MANDINHO · « **Reply #4 on:** June 04, 2024, 12:03:08 pm »

ECONOMICS OBJ
01-10: BDDCABDABC
11-20: CCABDACADB
21-30: BCBDCDBBCC
31-40: BACBDCABAD
41-50: BCABCDBBAC

COMPLETED

MANDINHO · « **Reply #5 on:** June 04, 2024, 12:07:49 pm »

Quote from: JEK on June 04, 2024, 11:10:13 am

I need economics no 1
Pls number 1

(1ai)
The equilibrium price before the tax is $80.

(1aii)
At the equilibrium price of $80 (where S₀ intersects D), the quantity demanded and supplied is 60 units.

(1aiii)
The new equilibrium price is $100.

(1aiv)
At the new equilibrium price of $100, the quantity demanded and supplied is 54 units.

(1bi)
-Price after tax = $100
-Sellers receive = $75 (where S₁ intersects the original supply curve S₀ at the new quantity)
Tax per unit = $100 - $75 = $25

(1bii)
The amount retained per unit by the sellers after tax is the price that sellers receive after tax. This is where the new supply curve (S₁) intersects the original supply curve (S₀) at the new quantity of 54 units, which is $75.

(1ci)
-Buyers pay more than the original price after tax.
-Increase in price for buyers: $100 (price after tax) - $80 (price before tax) = $20

Percentage of the tax paid by buyers per unit:
(Buyer's portion of the tax)/(total tax) × 100
(20/25) × 100 =80%

(1cii)
-Sellers receive less than the original price after tax.
-Decrease in price for sellers: $80 (price before tax) - $75 (price after tax) = $5

Percentage of the tax paid by sellers per unit:
(Seller's portion of the tax)/(total tax) × 100
(5/25) × 100 =20%

Earlyface

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Author Topic: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY) (Read 1413 times)

MANDINHO

CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

JEK

Re: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

MANDINHO

Re: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

JEK

Re: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

MANDINHO

Re: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

MANDINHO

Re: CORRECT: 2024 WAEC ECONOMICS ANSWERS (OBJ & ESSAY)

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