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Economics (Essay & Objective) Waec 2017 Free Expo Answers

Economics OBJ:
1-10: DCBCBBCCBA
11-20: CDDCCCCCDB
21-30: BBBABCDDCB
31-40: AABCBADBDD
41-50: BDCABADABA
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ECONOMICS THEORY:
Section A:

(1)
Tabulate
Price:-450 ,500
Weekly sales:- 800, 600

(1ai)
% change in demand= (800-600)*100/800
=200/800*100
=25%

%change in price=500-450*100%/450
=50/450*100%
=11.11%

% elasiticy of demand =%change in demand /% change in price 
=25%/11.11%
=2.25%

(1aii) 
It is an elastic demand because price elasticity is greater than 1

(1bi) 
Total weekly revenue before price increase = #450*800=#360,000
Total weekly revenue after price increase = #500*600=#300,000

(1bii)
Change in total weekly revenue = #360,000-#300,000
=60,000

…More Answers Loading in this no 1

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(2a)
Qd = 30 – P
Qs = 15 + 2 P

PLS TABULATE
Demand and Supply schedule for the market:
Price ($): 2 ,4 ,7
Qd: 28 ,26 ,23
Qs: 19 , 23 , 29

Qd = 30 – P when P = 2
Qd = 30 – 2 = 28
Qd = 30 – P when P = 4
Qd = 30 – 4 = 26
Qd = 30 – P when P = 7
Qd = 30 – 7 = 23

PLS TABULTE
Supply schedule:
Price($) : 2 ,4 ,7
Qd: 28 ,26 ,23
Qs: 19 , 23 , 29

Qs = 15 + 2 P when P = 2
Qs = 15 + 2 (2)
= 15 + 4 = 19
Qs = 15 + 2 P when P = 4
Qs = 15 + 2 (4)
= 15 + 8 = 23
Qs = 15 + 2 P when P = 7
Qs = 15 + 2 (7)
= 15 + 14 = 29

(2bi)
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25

(2bii)
At P =$ 3
Qd =30 – p
Qd =30 – 3
Qs =15 + 2 p
= 15 + 2 (3)
= 15 + 6
= 21 apples
excess demand = 27 -21
= 6 apples

(2ci)
Tabulate
Qd =40 – p
Price ($) : 2 ,4 ,7
Qd : 38 ,36 ,33

(2cii )
It represent an increase in demand

(2ciii)
The two schedules show that there is a corresponding increase in demand for apples for ten (10) at each price

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Section B:

(3a)
Land is any natural resource used to produce goods and services. This includes
not just land, but anything that comes from the land

(3b)
(i)Land is a Primary Factor of Production
(ii)Land is a Passive Factor of Production
(iii)Land has some Original Indestructible
Powers

(3c)
(i) Land is the original sources of all material wealth: The economic
prosperity of a country is closely linked with the richness of her natural resources. 
(ii) The quality and quantity of agricultural wealth a country depends on nature of soil, climate, rainfall. The agricultural products are the form the basis of trade and industry.
(iii) Industry also depends upon availability raw materials and sources of power e.g coal-mines or waterfall for electricity product which are gotten from soil. 
iv)Land provides employment : land help people of a citizen to get jobs such as farming, fishing, lumbering among others and this help to develop a nation

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(4a)
Subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only

(4b)
crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowpea. 
WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc 

(4c)
(i) Credit facilities 
(ii) Extension of workers
(iii) Construction of good road 
(iv) Provision of social ameninites

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(6a)
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.

(6bi)
(i)growing economy 
(ii)expectation of inflation 
(iii)discretionary fiscal

(6bii)
(i) monopoly
(ii) wage inflation 
(iii) exchange rates

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