WAEC GCE Economics Expo 2020, WAEC GCE Jan/Feb Economics Obj/Essay Runs 2020/2021, WAEC First Series Economics Questions and Answers

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WAEC GCE ECONOMICS EXAM HAS BEEN SCHEDULED TO TAKE PLACE ON

Tuesday 28th January 2020
Economics 2 (Essay) › 9:30 am – 11:30 am
Economics 1 (Objective) › 11:30 am – 12:30 pm
Economics OBJ
1-10: BDCBACBBDB
1-20: ADAABAABCA
21-30: DCCDBAAADB
31-40: AABBDADCCA

41-50: BABBBDBABA

1)


2)

(3ai)
Public joint-stock company is a business entity that has share capital divided into shares of equalnominal value. In other words Corporate rights on shares are certified by stocks. -While- Public corporation” is an entity that is created by the state to carry out public missions and services.
(ii) Shares can be define as the individual portion of the companys capital owned by shareholders. While A debenture may be define as a bond, acknowledging a loan, generally under the companys seal and bearing a fixed rate of interest
(3b)
(i) Political Instability:- As a result of frequent change in government, there are also corresponding changes in the board of directors and officials and this does not encourage effectiveness and continuity in the management of public corporation
(ii)lack of qualified personnel:- inefficient and unqualified personnel are always employed to work in public cooperations because such appointments are based on political rather than technical consideration
(iii)Negative attitude of workers:- majority of the workers in public cooperations have a negative attitude to work because they regard public cooperation as no man’s job.
(iv)High Level of embezzlement:- public cooperations are associated with high level of embezzlement on the part of board members who have to settle government official that appointed them and this will eventually lead to financial bankruptcy of the corporation
(4a)
Demand is a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.
(4bi)
Joint demand refers to the relationship between two or more commodities or services when they are demanded together. There is joint demand for cars and petrol, pens and ink, tea and sugar, etc. Jointly demanded goods are complementary.
(4bii)
Competitive Demand is a state of affairs observed between the markets for goods that can readily be substituted for one another. For example, in a competitive demand situation faced by a business, a prospective buyer could choose either of the two competing products and still receive roughly the same level of satisfaction.
(4ci)
Unitary elastic demand: The demand for a good is unitary elastic if a change in the price of that good causes an equal change in quantity demanded. In other words, the elasticity coefficient is equal to 1
(4cii)
Perfectly elastic demand: A perfectly elastic demand is a demand where any price increase would cause the quantity demanded to fall to zero, and reducing the price of a good or service will not increase sales.
[Diagram below]

(4ciii)
Fairly elastic demand: This is when a small change in price of a product causes a major change in its demand, it is said to be perfectly elastic demand. In perfectly elastic demand, a small rise in price results in fall in demand to zero, while a small fall in price causes increase in demand to infinity.
[Diagram below]

5a) A price floor is the lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low.
(6a)
(I)Poor education sector
(ii)Iack of infrastructure
(iii)poor market product
(iv)poor capital and finance
(6b)
(i)Provision of education on business; The government should educate farmers and traders who involve in small scale agriculture through seminars and workshops on how
to add value to their products and learn how to use appropriate resources on a particular climate conditions.
(ii)Improvements of infrastructure; such as ways of transportation, communication and electricity. For example roads should be constructed in such a way that people can be able to transport their products for sale and
during acquisition of raw material especially during rains season.
(7a)
tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
(7bi)
Direct Taxes; as the name suggests, are taxes that are directly paid to the government by the taxpayer. It is a tax applied on individuals and organizations directly by the government.
Examples; income tax, corporation tax, wealth tax etc.
(7bii)
Indirect Taxes; are applied on the manufacture or sale of goods and services. In other words these are initially paid to the government by an intermediary, who then adds the amount of the tax paid to the value of the goods / services and passes on the total amount to the end user.
Examples; sales tax, service tax, excise duty, etc.
(7c)
(i)Tax: tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority.
(ii)Rates: Rates refer to local taxation, i.e., taxation levied by (or for) local rather than central government. Normally rates are proportional to the estimated rentable value of business and domestic properties. Rates are often criticised as being unrelated to income.
(iii)Fees; Fee is a payment to defray the cost of each recurring service undertaken by the government, primarily in the public interest.
(iv)Licence fee: A licence fee is paid in those instances in which the government authority is invoked simply to confer a permission or a privilege.
(8a)
Gross Domestic Product GDP: is the total monetary value of the final goods and services produced in a country in one year both by citizens and foreigners resident in a country
(8b) Net National Product at Market Prices: This is the GNP (m.p) less depreciation i.e
NNP(mp) = GNP (mp) – DP
= C + I + G + (X-M) – DP
(8c)
i) Problem of unpaid services: National income data are not very accurate. The reason is that personal services such as driving oneself, cleaning one’s house etc are excluded. It’s only goods and services paid for that are recorded
ii) Inadequate information: Information about some payment of goods and services during the year are sometimes not available eg record of wages, salaries paid to workers by private business men
iii) Effect of changes in general price level: changes in general price level affects national income data. Increase in price may lead to increase in national income figures which may not be associated with actual increase in the volume of goods and services produced during the year
iv) Problem of double counting: The value added method is often used. This involves excluding cost of intermediate materials from the value of output

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