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2016 WAEC 100% ECONOMIC OBJ|THEORY ANSWER IS READY NOW @ gurushood.com


2016 100% confirm economic obj and theory answer ... By gurushood.com

ECONOMICS OBJ:
1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB++++++++++++++++++++++++++

(2a)
R=19-10=9
6=p-19
P=6+19=25
S=31-30=1
Q-31=0
Q=31
therefore, P=25, Q=31, R=9, S=1

(2c)
draw diagram

(2d)
law of diminishing marginal utility states that as more and more unit of a commodity is consumed, there is a tendency for marginal utility ti decrease as total utility increases
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(3a)
Production possibility curve is a graphical representation which shows how one good can be transformed into another good by cutting down on the output of first good and transferring the resources to production

(3b)
DRAW THE PRODUCTION POSSIBILITY CURVE
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(3c)
-Inability to increase the available resources because the resources are fixed
-Lack of economy in terms of cost of producing at the point A
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(3d)Production possibility is negatively sloped because to increase the production of one commodity,a certain unit of the other commodity must be given up.There is an inverse relationship in production of the combined goods

4a)
i)Peasant Farming is the cultivation of crops and rearing of animals on a small scale.
ii)Cooperative farming : it is defined as a system in which individual farmers pool their resources (excluding land) to buy commodities such as seeds and fertilizers, and services such as marketing.
4b)
– Provision of avail credit
-Provision of some sort of mechanisition
– Provision of agricultural knowledge through extension etc
-provision of good roads for transportation
– provision of fertilizers to enhance productivity

5a)
Price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

(5b)
(i)In Joint supply two or more commodities are produced and supplied from one or more sources, while in competitive supply two or more commodities are supplied to serve as substitute.
(ii)In joint supply and increase in the production and supply of one commodities will bring about an increase in the production and supply of the commodity, whereas in competitive supply a commodity is supplied for d satisfaction of a particular want

(5c)
(i)Cost of production: the cost of production normally leads to elasticity
(ii)Nature of commodity: perishable goods are elastic in supply due to their nature
(iii)Cost of storage: producers will supply all their commodities to the market if the cost of storage is high thereby leading to elasticity
(iv)Market forces: this determines whether supply will increase or not

8a)
Gross domestic product measures the value of total production attributable to all factors of
production that are located in the territory of a
given country
8b)
Gross National product — When necessary
adjustment for the surplus of a nation on its
current account with the rest of the world has
been made, the resulting figure is called the
Gross national product (GNP)
8c)
Cost of living is the aggregate amount of
money which a person spends to provide himself
the needs usually over a period of one year. naijacard. com
8d)
Per Capita Income is obtained by dividing the
total national income by the total population.
8e)
Standard of living — When Per Capita Income
is calculated, what u get determines whether the
standard of living is high or low. The higher the
quotient, the higher the standard of living, all
things being equal.







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Posted By Examlord On 10:14 Fri, 22 Apr 2016

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