ONLINE CANDIDATES : 101 
WAEC 2019 ECONOMICS OBJ AND ESSAY VERIFIED ANSWER
WAEC ECONOMICS OBJ & ESSAY
ECONOMICS OBJ:
1-10: DCCCBBCDCD
11-20: CBBCBBCCBC
21-30: CCBCCCBCAC
31-40: CDCDADDBCD
41-50: CBACACDACC
BONUS…….
(1ai)
Price = $20
Quatity = 50kg
(1aii)
The firm’s profit = Total revenue – total cost = TR – TC
TR = price x quatinty sold
= $20 x 50
= $1000
TC = $12 x 50
= $600
Profit = $(1000-600)
= $400
(1aiii)
Normal profit
(1b)
Because it is equal to demand curve of a firm and demand of perfectly elastic
OR
AR = MR = MC = Demand & supply Curve
(1c)
(i) Both are falling at initial stage
(ii) Both of them are rising after they intersect at price of $10 and quantity of 40kg
==================
Pls correct it is number (2)
(2a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500
Visible Import: – $m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650
Therefore Balance of trade = $500 – $650
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import
(2b)
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export – $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80
Invisible Import – $m
Insurance – 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 – $ 210
= -$130
i.e – $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export
(2c)
Balance of current Balance = value of total Export – Value of total Import
Total Export – $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance – 25
Banking – 30
Transportation – 25
Total = $580
Total Imports: – $m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods – 400
Insurance – 50
Banking – 75
Transport – 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
SECTION B ANSWERS ONLY THREE (3)
(8a)
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as International Monetary Fund(IMF) and World Bank
(8b)
(i)To finance budget deficit.
(ii) To provide employment opportunity
(iii) To reduce economic burden on tax payers
(8c)
(i)A large domestic debt will limit influence the distribution of the income of the people.
(ii)it can reduce the availability of foreign exchange in the form of depleted foreign resistor.
(iii)A large external debit can make a country to be suspectable to the force
==========================
(3a)
Distribution of goods is a process of making a product being produced or service available for a consumer or business user who needs it. This can be done directly by the producer or service perovider or using indirect channels with distributors or intermediaries.
(3b)
Consumers’ cooperative society is a society owned and operated by a grouo of ultimate consumers who pull teir resources together to purchase goods and services in large quantities and distribute them mainly to its members.
(3c)
(i) To meet the need of consumers in quality goods and services at an affordable price
(ii) To produce goods, to provide households and production services including credit and issuance.
(iii) To provide services to its members
(iv) To raise the standard of living in a particular area or country
=========================
(5a)
joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5b)
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(5c)
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital
==================================
(7ai)
Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population’s standard of living.
Edited use this (7b)
This one is explained.
(7b)
(i)Pressure of Population on Land: Over the last four decades from 1971 to 2001, the population of India has increased from 108.9 million in 1971 to 180.6 million in 2001. Correspondingly, the labour force engaged in agriculture has increased.
2. Low Per Capita Income: the average growth rate of population has been 2.2 per cent per annum. With the result that per capita net national product has been 1.9 per cent over this period.
(iii)Low Per Capital Availability 9f essential articles: With population growing at an annual average rate of 2.2 per cent, the per capita net availability of certain essential articles of consumption has been very low. The per capita net availability was 33.2 gms of pulses and 159.7 gms of food grains per day.; edible oil 7.5 kg., vanaspati 1.0 kg., sugar 14.5 kg. and cloth 30.9 metres per year in 1998.
(iv)Burden of Unproductive Consumers: The number of unproductive consumers is increasing in India. Unproductive consumers are those who are not employed but they do consume. They include children below the age of 15 years and old persons who are above the age of 60 years.
==================================
(4a)
industry is the production of goods or related services within an economy. In other words The major source of revenue of a group or company is the indicator of its relevant industry.
(4bi)
division of labour is the separation of tasks in any system so that participants may specialize. In other words they motive for trade and the source of economic interdependence.
(4bii)
economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
(4c)
(i)Internal economic of scale are the unit cost advantages from expanding the scale of production in the long run.
(ii)These lower costs represent an improvement in long run productive efficiency and can give a business a significant competitive advantage in a market.
(iii)They also lead to lower prices and higher profits
(iv)If long run average total cost curve (LRAC) is declining, then internal economies of scale are being exploited
=======================
waec runs 2019,
waec runs 2020,
waec runs whatsapp group,
waec runs whatsapp group link,
waec runs link,
waec runs site,
waec runs website,
waec runs group,
waec runs free,
waec runs 2019 whatsapp group,
waec runs for marketing,
waec runs for data processing,
waec runs and expo,
waec runs 2019 free,
waec runs whatsapp,
waec runs for english,
waec runs 2020 data processing,
waec runs whatsapp link,
waec runs chemistry,
waec runs literature,
waec runs and expo 2020,
waec runs answers,
waec agric runs,
waec runs financial accounting,
waec 2018 answers runs,
about waec runs,
all waec runs,
waec runs biology 2020,
waec biology runs,
waec 2019 biology runs,
best waec runs site,
best waec runs,
best waec runs 2020,
waec runs.com,
waec runs civic education,
waec chemistry runs 2020,
waec crs runs,
waec civic runs,
waec expo runs.com,
waec runs group chat,
2018 waec runs.com,
www.waec runs.com,
www.free waec runs.com,
waec 2024 crs runs,
ceebook waec runs,
www.waec runs 2019.com,
commerce waec runs,
civic waec runs 2020,
crk waec runs,
waec runs data processing,
donprosper waec runs,
waec expo runs,
waec exam runs,
waec expo runs 2020,
waec english runs,
waec exam runs site,
waec exam runs 2020,
waec exam runs 2020,
waec economics runs,
waec expo runs site,
waec examination runs,
waec runs 2020 english,
junior waec expo runs,
free waec expo runs,
waec gce expo runs,
waec exam expo runs,
junior waec exam runs,
waec gce exam runs,
2019 waec english runs,
free waec exam runs,
waec runs for 2020,
waec runs free,
waec runs facebook,
waec runs for chemistry,
waec runs for biology,
waec runs for literature,
waec runs for mathematics 2020,
waec free runs site,
waec free runs 2020,
waec gce runs for free,
waec expo free runs,
runs for waec,
free waec runs website,
waec runs group 2020,
waec gce,
waec gce runs 2020,
waec gce runs link,
waec geography runs,
waec gce runs website,
2020 waec geography runs,
waec runs 2020 whatsapp group,
2020 waec government runs,
join waec runs whatsapp group,
waec history runs,
waec and jamb runs,
junior waec runs,
junior waec runs 2020,
waec runs link expo,
waec literature runs 2020,
waec english language runs,
waec runs marketing,
waec runs maths 2020,
waec maths runs,
waec mathematics runs,
waec mathematics runs 2020,
waec 2024 marketing runs,
my waec runs,
www.waec runs.net,
naija waec runs,
waec runs online,
waec runs on civic education,
waec runs on whatsapp,
waec runs physics,
waec chemistry practical runs,
2020 waec physics runs,
waec biology practical runs,
waec physics practical runs,
waec 2018 chemistry practical runs,
waec sure runs,
free waec runs site,
waec 2019 runs site,
waec runs today,
www.waec runs.com,
www.waec runs 2020,
wapbaze waec runs,
yoruba waec runs,
waec runz,
waec runz 2019,
waec runz 2020,
waec runz whatsapp group link,
waec runz free site,
waec runz site,
waec runz website,
waec runz free,
waec runz expo,
waec runz english,
waec runz group,
waec runz english language,
waec runz civic education,
waec runz mathematics,
waec runz biology,
waec runz literature,
waec runz chemistry,
waec runz marketing,
waec runz maths,
waec runz on economics,
waec biology runs 2020,
english waec runs 2020
data processing waec 2024 runs,
whatsapp group for waec runs,
whatsapp group links for waec runs,
waec runs 2020 free,
waec 2024 runs expo,
wassce runs 2020,
geography waec runs 2020,
chemistry waec runs 2020,
literature waec runs 2020,
economics waec runs 2020,
civic education waec runs 2020,
www.waec runs 2020.com,
free waec runz site,
site for waec runs,
waec runz sites,
waec biology free runz,
www.waec free runs.com,
free waec runz.com,
waec runs for free,
free waec runs for 2020,
waec runz for chemistry
Categories: WAEC
Please Where are the economic answers o
by Wari progress on May 17, 2019