100% Sure Waec Gce Economics (Obj and Essay) Answers Here

.1-10 = DCCBDACDBA
11-20 = AAADACBDCD
21-30 = ACBBDCBBCC
31-40 = DDDACCADDC
41-50 = CBBBBBCDCA
Economics theory answers :-
(2)
C=24+3q
(ai)Total cost of producing 12 units
C=24+3q
24+3(12)
24+36 =60
(2aii)
36 units C=24+3q 24+108 =132
(2b)
Average cost when 48 is produced 24+3q 24+3(4
24+144 168 Average cost=c/q 168/48=3.5
(2bii) 58 units were produced 24+3q 24+3(5
24+174 198 Average cost=c/q 198/58 3.4
(2c) Marginal cost when 23 units were produced
Total cost of 12 units C=24+3q 24+3(12) 24+36 60
Total cost of 23 units 24+3q 24+3(23) 24+69 =93
MC=93-60 =33
(ii)
36 units were produced Total cost of 23 units=93
Total cost of 36 units=132 MC=132-93=39
(2d)
Profit when 23 units are produced =TR-TC TR
Q=5*23=115 TC=60 Profit=115-60=55
(ii) 48 units are produced TR=5*48=240 TC=168
Profit=240-168 =72
(4a) Industrialization is define as the process of
transforming an economy based on extraction
activities into one based on manufacturing
(Trustnaija.com).
(4b)
(i) shortage of raw materials
(ii) poor quality of industrial labour.
(iii) competition with foreign goods.
(iv) insufficient capital.
(4c)
(i) Import substitution: it involves deliberate
attempt by government aimed at encouraging the
growth of industries within the country which
produces goods and services which would have
been imported.
(ii) Export promotion: it involves deliberate attempt
by the government at encouraging the production
of (Trustnaija.com) commodities for export. it is
done through granting of tax concessions reducing
export duties etc
(7a) International trade refers to the exchange
goods and services that place across international
boundaries.
(7bi) Embargo: this the total ban on the
importation of goods into the country for example a
government. Country can place embargo on the
importation of rice .this means would not be
imported to that country.
(7bii) Quota: this is another term used in barrier to
trade. Trustnaija.com. It is the limitation on
import . their is certain prescribed number or
quantity of goods to be imported to the of the
country. Dis prescribed quantities must not be
exceeded.
(8a)
(i) free trade area: This is defined as the type of
integration in which members countries agree to
remove all barriers to trade among them.
(ii) Custom unions: This is defined as an
agreement among nations to remove trade barriers
and set a common barrier to import from non
member countries
(iii) Common Market: This is described as an
economic community in which there is a common
internal and external tarrif policy
(iv) Economic Union: This is a form of integration
which takes the form of total integration.
(8b)
(i) Inadequate capital
(ii) Political instability
(iii) Inadequate infrastructural facility
(iv) Differences in fiscal and monetary policy
Trustnaija.com.
(6a)
Central bank:this is the highest financial institution
in a country (i.e the apex bank) which carries out
the monetary policy of the government
(6b) The major difference between the banking and
the non-banking financial institution is that the
liabilities of the banking institutions are counted as
part of the total supply of money while those of the
non-banking institution are exclude from money
supply.... Also ,banking ,financial institution
include,commercial,merchant,d banks while non-
banking financial institution include, insurance
companies,hire purchase
companies,building,societies.
(6c)
(i)provision of loan and overdraft to their customer
who which to engage in business.
(ii) provision of documentary credit: this is one of
the function of commercial banks which help to
provide commercial credit facilities to
exporters,which help them in payment of goods.
(iii) provision of financial advice:commercial bank
encourage and advise businessman on the type of
project they should invest their money in.
(iv)another contribution is that commercial bank
help to facilities international trade by providing
credit to exporter,and this facilitate payment in
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