CIVIC EDUCATIONThis is actually the 2018 Waec Gce economics answers Answers as questions sent to our subscribers on WHATSAPP, if you are looking for 2020 WAEC/NECO Answers midnight before the exam, try contacting us.
Fixed cost $
Processing machine 2000
Manager's salary 1500
Factory rent. 1200
Electricity Bill 800
Variable cost of the firm:
Wages to causallabour 2500
Raw materials 1400
Average cost (AC) = Total cost/Unit produced
TC = TFC+TVC
= $5500 + $4500
AC = $10,000/3000
AC = $3.33
Total profit for the period formular
Profit = Total Revenue - Total cost
Total Revenue = PriceÃ—quantuty
Profit = $18,000 - $10,000
Tax paid by the firm
Tax paid = Tax rate Ã— taxable profit
= 10/100 Ã— $8000/1
Fixed cost is defined as the cost incurred by a firm which does not change or vary with the level of activity. Examples are salary, rent, electricity. Whereas variable cost are the cost incurred by a firm which vary or change with the level of activity. Examples are fuel, cost of raw materials, wages of workers.
Unemployment can be defined as an economic situation in which able body men and women who are willing and able to work can not secure any job in the country.
(i) Technological employment: This is caused as a result of company changes its technical ways of production which result in laying off of worker who cannot cope with the new method of production.
(ii) Cyclical Unemployment: This is caused as a result I down-swing in trade cycle ie a fall in a demand for a country's product.
(i) Industrialization: Government should many industries that can employ many worker.
(ii) Population control - Population should be controlled to obtain optimum level, so as to match the human population with available resources.
(iii) Proper Development plan: This should be put in places to cater for people who are unemployed.
(iv) Re-designing Educational system : The educational system should be redesigned to graduate people that are able to create employment.
Trade by barter can be defined as the exchange of goods for goods and services for services.
(i) Problem of double coincidence: This is a situation whereby a producer looks for another producer who has what he wants and want what he has.
(ii) Problem of storage: This problem occur because most of goods produced are perishable.
(i)Commodity Money: Is a commodity that is generally acceptable as a medium of exchange. Such a commodity has a money value as well as an intrinsic value of its own.
(ii) Token money: This is a form of money with a face value which is greater than the value of the metal content.
(iii) Bank deposits: The bank deposit is the process whereby an individual deposits his money in the bank and then uses cheques as a means of payment.
Primary production involves the extractive industry where the occupation of people is directed to the process of extracting raw materials from the soil or area
Primary production: Mining and Fishing
Secondary production: Manufacturing industries and Construction industries
Tertiary production: Financial institutions, schools
(i) Revenue: The primary industries like timber industry, cocoa industry, fishing industry, mining industry etc pay monies to the government in the form of taxes or levies. These monies are called revenues and they are used for developmental projects in the country.
(ii) Foreign exchange: Most of the the primary industries in such as timber industry, cocoa industry, mining industry etc., do not process or add value to their raw materials. Their raw materials are exported to other countries and this earns the country foreign exchange.
(iii) Employment: The primary industries together employ over 65% of the working population in a country. These various industries serve as employment and help people to earn income to improve their lives.
Majority of the people at the rural areas are farmers and fishermen.
(iv) Raw materials: Some of the industries process or add value to the raw materials from the primary industries.
For example, cocoa beans obtained from the Cocoa industries are processed by some companies such as Cocoa Processing Company into chocolates etc.
Private candidates can collect their certificates from WAEC directly at any of the WAEC offices nationwide. Applicants are required to present an application letter, a sworn affidavit from the High Court, the online result print- out, one passport-size photograph, photo card and identity card.
Is WAEC 2020 Timetable Out? Yes, WAEC official timetable for 2020/2021 exam is out. WAEC EXAM will commence on 30th March, 2020 and will end on 12th June, 2020. At every stage of human endeavor, there is always a need for promotion which is often preceded by an examination.
According to the timetable, the West African Senior School Certificate Examination (WASSCE) for school candidates, 2020, will commence on 6th April, 2020 and will end on 5th June, 2020.
A. Candidates are required to enter and sit for a minimum of eight (8) and a maximum of nine (9) subjects. (iv) At least one of Physics, Chemistry and Biology. (v) At least one of Literature-in-English, History and Geography.
The following are the approved fees for the examination and other related items: Registration fees ? 4,000.00 Naira (Mandatory fee) Late Registration ? 1,000.00 Naira per candidate ? (Mandatory fee) Re-Sit Exam ? 1,000.00 Naira per copy.
The fact is your O'level result; be it WAEC , NECO or NABTEB is valid for a life time and has no expiration date. The Examination conducted by these examination bodies is known as ?achievement test? and therefore the certificates awarded are valid forever.
Under the new WAEC grading system, A1 is Excellent, B2 Very Good, B3 Good, C4, C5 and C6 are interpreted as Credit, D7 and D8 are interpreted as Pass, while F9 is Fail. A1 and B2 in the WASSCE means Excellent, B3 is B (Very Good), C4 is C (Good), C5 and C6 are D (Credit), D7 and E8 are E (Pass) and F9 is F (Fail).
Ngozi Osarenren has said that the regional examination body WAEC (West African Examination Council) is better and more effective than its Nigerian counterpart, National Examination Council (NECO). ... ?What we should be talking about is the sanctity and credibility of our exams; not the duplicity of exam bodies.? Prof.
You can use WAEC GCE, NECO GCE, NABTEB GCE to gain admission into UNILAG. And any possible combination is acceptable by the university.