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WAEC GCE 2017 Economics Expo Answers (Nov/Dec Runs)

WAEC GCE 2017 Economics Expo Answers, West Africa Examination Council, November/December GCE ECONS Expo Answers For Free.

waec gce 2017 economics expo answers

ECONOMICS ANSWERS BELOW
2(a) (i) 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*

(aii) *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

b (i) Decreasing: Levels 1, 2 and 3
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

3a)

joint venture is a commercial enterprise undertaken jointly by two or more parties which otherwise retain their distinct identities.

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. 

– 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.

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.

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 countries exported goods.

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. 

– 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.

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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See Also -> WAEC GCE 2017 IRS Expo Answers (Nov/Dec Runs)

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