2024 WAEC ECONOMICS: WAEC 2024 MAY/JUNE ECONOMICS ANSWERS (7401)

Wednesday 19th August 2020
Economics 2(Essay) – 9:30am – 11:30am
Economics 1(objective) – 11:30 am – 12:30pm

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No. 2 uploaded for those that need it. Remember you're asked to answer the total of 4 questions.

Economics Obj

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Welcome to official 2024 Economics WAEC answer page. We provide 2024 Economics WAEC Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct WAEC Econs Expo. WAEC Economics Questions and Answers 2024. WAEC Econs Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, WAEC 2024 MAY/JUNE ECONOMICS ANSWERS. 2024 WAEC EXAM Economics Questions and Answers

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(1a)
X=80=-9.8|80-70=Y|z=5 50/2
X=80-9.8 | Y | z=25
X = 70.2 |


(1b)
(i) Increasing returns ( level 0 to level 2)
(ii) Decreasing returns ( level 3 to level 6)
(iii) negative returns ( level 6)

(1c)
The law of diminishing returns states that if increasing quantities of one factor are combined with a fixed supply of others in productions, a point is reached from which each extra variable factor added yields loss and less addition to the total output.


(1di)
DRAW THE GRAPH

(1dii)
(i) The total product at any given level of labour input is equal to the sum of all the marginal product up to that
(ii) The MP is zero of the point where TP is maximum

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(2)

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(3a)
Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.

(3bi)
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

-Example-
(i)plant
(ii)machinery
(iii)vehicles and equipment

(3bii)
Social capital basically comprises the value of social relationships and networks that complement the economic capital for the economic growth of an organization

-Examples-
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans

(3biii)
Circulating capital is money being used for core operations of a company.

-Example-
(i)operating expenses
(ii)inventory in process
(iii)Raw material


(3c)
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labour remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.

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(4ai)
Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.

(4aii)
Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue-raising (taxation) to impact a number of aspects of the economy

(4b)
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax, therefore, forms one of the sources of
such money.

(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.

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(6a)
Money is any commodity that is generally accepted in payment for goods and services or settlement of the debt. It is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy and at the same time acts as a measure and store of value.

(6bi)
Value of money: This simply means the number of goods and services that money can purchase at a particular time. Value of money refers to what money can buy. It depends on the purchasing power of money. There is an inverse relationship between the price and value of money. the higher the level of price, the lower the value of money and vice versa.

(6bii)
Demand for money: This is the desired holding of financial assets in the form of money. In other words, it is cash or bank deposits rather than investments. It is sometimes referred to as liquidity preference.

(6c)
(i) The price of the good or service.
(ii) The income of buyers.
(iii) Interest rates.
(iv) The tastes or preferences of consumers

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(8a)
(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.

(ii) Commercial farming is cultivated for-profits whereas subsistence farming is for the consumption of the farmer and his/her family.

(iii) Commercial farms are very large while that of the subsistence farming are quite small.

(iv) Commercial farming is not dependent much on manpower or animal power whereas subsistence farming is dependent.

(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(8b)
(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.

(iii) The machinery which is used for the farming process usually primitive.

(iv) A primitive form of irrigation or little irrigation is done for this type of farming.

(8c)
-Positive effects-
(i)It serves as a source of revenue for the government
(ii)It creates job opportunities for people in the area.

-Negative effects-
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and poses health hazards

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