WAEC 2016 ECONOMICS ANSWERS

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ECONOMICS OBJ:
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1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB
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(1a) 
Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 = 420

(1b) 
Recurrent expenditure = 150+200+220+180+70
= 820

(1c) 
Total revenue = 860 
Indirect tax = 460
% indirect tax = 460/860 x 100 = 53.49%

(1d) 
Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180 
Budget deflicit because expenditure is higher than the revenue collected

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(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

(2b) At level 6 where total utility is 31. This is when marginal utility is zero and point of satiety is reached

(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 to decrease as total utility increases

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(4a)
-Peasant farming:This is the type of farming which is concerned with the production of food for the farmer and his family.A peasant farmer cultivates crops and rears animals in order to produce food for himself and his family only.The practice requires a small area of land,while family labour is employed
-Cooperative farming:This is the type of farming in which famers come together to enable them enjoy some incentives from government such incentives include loans,subsidies,inputs such as fertilizer and easy disposal of their products through organised markets

(4b)
-Provision of credit facilities to peasant farmers
-Provision of farm inputs such as improved varieties of seed
-Provision of extension services
-Provision of agricultural education
-Provision of storage processing facilities

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(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

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(8a)
Gross Domestic product measures the value of total production attributes to all factors of production that are located in the territory of a given country.
(8b)
Gross national product:when necessary adjustment for the 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 need, usually over a period of one year
(8d)per capital income is obtained by dividing the total national income by the total population
(8e)standard of living: when per capita income is calculated, what you 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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