Friday, 24 April 2015

WAEC 2015:: Economics Theory And Obj Answer now posted here

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  1. VERIFIED-ECONS-OBJECTIVES
  2. 1-10 ABBCCBAACC
  3. 11-20 CBCCABACDB
  4. 21- 30 AADDBACDBD
  5. 31-40 CBDCDCDABC
  6. 41-50 CDBCCABABA
  1. 2a.Disposable income:
  2. i.doctor=10% of 8000=10/100*800/1=$800
  3. ii. Engineer =12% of 7000=12/100*7000=$840
  4. iii. Civil servant= 18% of 5000=18/100*5000 =$900
  5. iv. Nurse= 15% of 6000 =15/100*6000= $900
  6. 2b. Regressive tax system
  7. 2c. -profession with lower income pay higher tax
  8. -the tax percentage rate in professions earning high is lower than that of profession earning low income
  9. 4a. -To avoid or control inflation
  10. - To control the profit of companies - To prevent the exploitation of consumers by producers
  11. - To help low learner.
  12. 4b.
  13. - it encourages hoarding of commodities bt wholesaler and retailers
  14. -it encourages conditional sales of product-it discourages shortage which might result in queues and racketeering
  15. -it leads to creation of black market
  16. (7a)
  17. Deflation maybe defined as a continuos fall in price level of goods and services as a result of decrease in the volume of money in circulation.
  18. (7b) - it increase the volume of money
  19. -it encourages export
  20. -it encourages savings.
  21. (7c)
  22. - it discourages savings
  23. -loss of value of money
  24. -it leads to balance of payment problems
  25. =============================
  26. (3a)
  27. Trade union can be defined as an organization of workers in a particular craft or industry.
  28. (3b)
  29. (i)
  30. collective bargaining: trade union afford workers the ability to improve wages
  31. (ii)
  32. To protect the interest of the workers: some employers are very exploitive, thus trade union bcum greatly imperative.
  33. (iii)
  34. Participation in policy formulation of the organizationiv. Goal congruency.
  35. (3c)
  36. -strike
  37. -dialogue
  38. 6) balance of payment disequilibrium can be defined as a situation which occurs when the total receipt of a country on the combined current and capital account are not equal to the payment
  39. 6aii) Balance of payment surplus: is a situation when the total receipt from other counti existing exceeded the total payment to the countries during trading period
  40. 6aiii) Balance of payment deficit: th is occurs when the combined one receipt on the current and long capital account of a country are less than corresponding payment
  1. (1)
  2. (i)
  3. Vc=Tc-Fc
  4. At 2=>100-40=60
  5. At 4=>140-40=100
  6. At 6=>180-40=140
  7. (ii)
  8. ATc=Tc/output
  9. At 2=> 100/2=50
  10. At 3=> 120/3=40
  11. (iii)
  12. Mc=change in Tc/Change in output
  13. At 4 and 6 =>(180-140)/(6-4)
  14. =40/2 =20
  15. (1b)
  16. profit=Tc-Vc
  17. (i)
  18. 100-60=$40
  19. (ii)
  20. 140-40=$100
  1. VERIFIED-ECONS-OBJECTIVES
  2. 1-10 ABBCCBAACC
  3. 11-20 CBCCABACDB
  4. 21- 30 AADDBACDBD
  5. 31-40 CBDCDCDABC
  6. 41-50 CDBCCABABA
  7. (6b)
  8. balance of payments surplus:there is balance of payments surplus when the total receipts from all other countries exceed the total payments to the other countries during a given period. this situation gives rise to what is referred to as favourable balance of payments. balance of payments deficit: balance of payments deficit is a situation which occurs when the combined receipts on the current and long term capital accounts of a country are less than the corresponding payments
  9. (6c)
  10. -low level of agricultural production: this make Nigeria dependent on food imports and imported inputs for our agro-allied industries.
  11. -political instability:it discourages export drive but encourages massive importattion of goods. - excessive government expenditure:this attitude encourages the government to engage in massive importation of all kinds of goods into the country. -servicing of huge external debts: this can go along way to deplete the external reserrves and use all earnings to settle external debts.
  12. 6c1)
  13. Low level of technological development: in one of the reason why west Africa countries experience balance of payment problems be cos it makes them a greater importer of technology
  1. VERIFIED-ECONS-OBJECTIVES
  2. 1-10 ABBCCBAACC
  3. 11-20 CBCCABACDB
  4. 21- 30 AADDBACDBD
  5. 31-40 CBDCDCDABC
  6. 41-50 CDBCCABABA[/lst]

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