Waec

2018 waec economics theory and obj answers (may/june exam)

2018 Waec Practical Agric Answers

Economic-Ans

 

 

ECONOMICS OBJ:
1-10: CBCACDADDC
11-20: DACADBACCD
21-30: BDCBCAABCD
31-40: CCACDDACBD
41-50: ADBADDCACA

 

6a)
Commodity money is money whose value comes from a commodity of which it is made.
6b)
i) determining the exchange rate among goods;
ii) barter economy also faced the problem of indivisibility i.e. where one party to the exchange has an indivisible item such as sheep;
iii) some goods to be exchanged were not easily portable;
6c)
i)as a medium of exchange it breaks transactions into
sale and purchase thus there is no need for double coincidence of wants;
ii) as a unit of account it allows rate of exchange to be easily determined;
iii) modern money has several units and facilities exchange in small and large units;
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8a)
Tax is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.
8bi)
progressive tax is a tax in which the tax rate increases as the taxable amount increases.
8bii)
proportional tax is a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases.
8biii)
regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
8ci)
Equality every person should pay to the Government according to his ability to pay, that is in proportion of the income or revenue he et jove onder the protection of the State.
8cii)
Convenience
Is the sum, time and/manner of payment of a tax should not only be certain but the time and manner of its payment should also be convenient to the contributor.
8ciii)
Economy: The Government has to spend money on collecting taxes levied by it- Since collection costs of taxes add nothing to the national product, they should be minimized as far as possible.
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3a)
Optimum population may be defined as that population which is neither too small nor too large, but when combined with the available resources and given the level of existing technology secure a maximum return per head
3b)
i)It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population
ii)Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases
iii)It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,
3c)
i)Family planning; Family planning which involves giving birth to controllable number of children, adopted in a country will help to check of control both growth and over population
ii)Sex education; Through this, people are taught the implications of involving in any type of sex and how to do it without having unwanted pregnancy
iii)Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control

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