100% Confirmed 2017 WAEC GCE ECONOMICS 2 (Essay)And ECONOMICS 1 (Objective) Questions And Answers now posted here

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1-10 CBDABCC***
11-20 ***DCBBCCA
21-30 CCC*******
31-40 ***BBABAAB
41-50 BDABCACAB
Good luck✔✔
*Note: Number 8-10 , 11-13 , 24-30 and 31-33 questions
was unavailable*
*SECTION A*
*YOU ARE TO ANSWERS ONE QUESTION IN THIS
SECTION*
1a)
Mu=Tu2-Tu1/Q2-Q1
11=p-14/2-1
11=p-14/1
P-14=11
p=11+14
P=25unit
Mu3=Tu3-Tu2/Q3-Q2
Q=34-25/3-2
Q=9unit
Mu5=Tu5-Tu4/Q5-Q4
S=43-R/5-4
S=43-R
S=43-40
S=3unit
Mu4=Tu4-Tu3/Q4-Q3
6=R-34/4-3
R-34=6
R=6+34
=40unit
1bi)
at the point where the marginal ultility reaches zero ie:
where the mu curve cuts the x-axis total ultility reaches it
maximum point this is the saturation point.
The point of the 6th unit where marginal ultility is zero is
significant
1bii)
the economic law illustrated in the marginal ultilited in the
marginal ultility colunm is the law of disminshing marginal
ultility which state that the satisfaction derive from
consuming successive units of a commodity will be the
total comsumption of the commodity increases
1ci)
if the cone if ice cost $3.00
the equilibrium condition of consumer is
Muc=pc
3=3
1cii)
the number of he consumes to attain equilibrium is
5cones
=====================
2ai)
Fixed cost = 100
*Reason*:
Total fixed cost = Total cost – Total variable cost
*At output level 4,*
Total fixed cost = 340 – (60×4)
Total fixed cost = 340 – 240 = *100*
2aii) *At output level 2,*
Total cost = Total fixed cost + Total variable cost
P = 100 + (2 × 60)
P = 100 + 120
P = 220
*At output level 5,*
Total cost = Total fixed cost + Total variable cost
Q = 100 + (5 × 70)
Q = 100 + 350
Q = 450
*At output level 1,*
Total variable cost = Total cost – Total fixed Cost
(R × 1) = 190 – 100
R = 90
*At output level 3,*
Total variable cost = Total cost – Total fixed Cost
(S × 3) = 250 – 100
3S = 150
S = 150/3
S = 50
*Marginal cost(level 2) = Total cost(level 2) – Total cost
(level 1)*
T = P – 190
T = 220 – 190
T = 30
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b)
i) Decreasing: Levels 1, 2 and 3
ii) Increasing: Levels 4 and 5
c)
The relationship between the average variable cost
plotted on the vertical axis and the marginal cost on the
horizontal axis is a curve which slopes downwards and
then gradually rises upward
================
*SECTION B*
*YOU ARE TO ANSWERS THREE FROM THIS SECTION*
3a)
joint venture is a commercial enterprise undertaken
jointly by two or more parties which otherwise retain
their distinct identities.
3b)
A public company is a minimum of two shareholders and
shareholders own the company and receive profits.
WHILE
in a public corporation, there is government ownership
and government receives any profit.
3c)
– Internally generated revenue: This is known as the
profit made from the already existing businesses, they get
finance from revenue generated internally
– Grant from foreign countries : Countries like United
State of America can help in granting loans or financial
aids to set up public corporation
– Grant from international financial institution : Public
corporation can also get their finance from some
international financial institutions like international
Monetary Fund ( I. M. F)
– Loan and Overdraft : Public corporation can also
obtain loans and Overdrafts from commercial or
development banks
====================
5a)
Money is any item or verifiable record that is generally
accepted as payment for goods and services and
repayment of depts in a particular country or socio-
economic context.
5b)
-portability
-divisibility
-limited supply
5c)
– Transaction demand: The amount of money needed to
cover the needs of an individual, firm, or nation. That is,
transaction demand for money is a measure of how much
of a certaincurrency people need in order to buy the
goods andservices they use.
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– Precautionary demand is the demandfor financial
assets, such as securities, money or foreign currency; it
is money people hold in case of emergency.
– Speculative demand: is the demand for financial assets,
such as securities, money, or foreign currency, that is
not dictated by real transactions such as trade or
financing.
==================
6a)
Central Bank can be defined as a national bank that
provides financial and banking services for its country’s
government and commercial banking system, as well as
implementing the government’s monetary policy and
issuing currency.
6b)
– Open-Market Operations: is by far the most important.
By buying or selling government securities (usually
bonds), the Fed—or a central bank—affects the money
supply and interest rates.
– The Discount Rate: is the interest rate at which the Fed
(or a central bank) lends to commercial banks. An
increase in the discount rate reduces the amount of
lending made by banks.
– Reserve Requirements: Commercial banks by law hold a
specific percentage of their deposits and required
reserves with the Fed (or a central bank). These are held
either in the form of non-interest-bearing reserves or as
cash.
6c)
– Provide safety and security: Insurance provide
financial support and reduce uncertainties in business
and human life. It provides safety and security against
particular event.
– Generates financial resources: Insurance generate
funds by collecting premium. These funds are invested in
government securities and stock.
– Life insurance encourages savings: Insurance does not
only protect against risks and uncertainties, but also
provides an investment channel too. Life insurance
enables systematic savings due to payment of regular
premium. Life insurance provides a mode of investment.
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===============
8a)
International trade is the exchange of capital, goods, and
services acrossinternational borders or territories. It is
the exchange of goods and services among nations of the
world. In most countries, such trade represents a
significant share of gross domestic product (GDP).
8b)
– Embargo: is a government order that restricts
commerce or exchange with a specified country or the
exchange of specific goods. An embargo is usually
created as a result of unfavorable political or economic
circumstances between nations.
-Quota: is a government-imposed trade restriction that
limits the number, or monetary value, of goods that can be
imported or exported during a particular time period.
Quotas are used in international trade to help regulate the
volume of trade between countries.
-Tariff:
a schedule of duties imposed by agovernment on imported
or in some countriesexported goods

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