2024/2024 WAEC/NECO Answers: WAEC 2024 - ECONOMICS ANSWERS

BONUS.......

(1ai)
Price = $20
Quatity = 50kg

(1aii)
The firm's profit = Total revenue - total cost = TR - TC
TR = price x quatinty sold
= $20 x 50
= $1000
TC = $12 x 50
= $600
Profit = $(1000-600)
= $400

(1aiii)
Normal profit

(1b)
Because it is equal to demand curve of a firm and demand of perfectly elastic
OR
AR = MR = MC = Demand & supply Curve

(1c)
(i) Both are falling at initial stage
(ii) Both of them are rising after they intersect at price of $10 and quantity of 40kg

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No 2
(2a)
Balance of trade = Total visible
Export – total visible = Import
Visible Exports = $m
Agriculture = 200
Minefal produce –
Capital goods –
Total $500

Visible Import: - $m
Agriculture –
Mineral produces –
Consumer goods 250
Capital goods 400
Total $650

Therefore Balance of trade = $500 - $650
Balance of trade = $150
It is unfavourable Balance of Trade because total visible export is less than the total visible import

(2b)
Invisible Trade Balance = Total Invisible Export – total
Visible Import –
Invisible Export - $m
Insurance – 25
Banking – 30
Transportation – 25
Total $80

Invisible Import - $m
Insurance - 50
Banking – 75
Transportation – 85
Total = $210
Therefore invisible Trade balance = $80 - $ 210
= -$130
i.e - $130
it is an unfavourable invisible trade balance total invisible import is more than total invisible export

(2c)
Balance of current Balance = value of total Export – Value of total Import
Total Export - $m
Agriculture – 200
Mineral produce – 300
Consumers goods –
Capital goods –
Insurance - 25
Banking – 30
Transportation – 25
Total = $580

Total Imports: - $m
Agriculture –
Mineral produce –
Consumer goods 250
Capital goods - 400
Insurance - 50
Banking - 75
Transport - 85
Total = $860
Therefore 580 – 860 = $280
It is a deficit current Account balance
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SECTION B ANSWERS ONLY THREE (3) BIKO.

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(3a)
Distribution of goods is a process of making a product being produced or service available for a consumer or business user who needs it. This can be done directly by the producer or service perovider or using indirect channels with distributors or intermediaries.
(3b)
Consumers' cooperative society is a society owned and operated by a grouo of ultimate consumers who pull teir resources together to purchase goods and services in large quantities and distribute them mainly to its members.
(3c)
(i) To meet the need of consumers in quality goods and services at an affordable price
(ii) To produce goods, to provide households and production services including credit and issuance.
(iii) To provide services to its members
(iv) To raise the standard of living in a particular area or country

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(4a)
industry is the production of goods or related services within an economy. In other words The major source of revenue of a group or company is the indicator of its relevant industry.
(4bi)
division of labour is the separation of tasks in any system so that participants may specialize. In other words they motive for trade and the source of economic interdependence.
(4bii)
economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
(4c)
(i)Internal economic of scale are the unit cost advantages from expanding the scale of production in the long run.
(ii)These lower costs represent an improvement in long run productive efficiency and can give a business a significant competitive advantage in a market.
(iii)They also lead to lower prices and higher profits
(iv)If long run average total cost curve (LRAC) is declining, then internal economies of scale are being exploited

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(5a)
joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5b)
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(5c)
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital

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(7ai)
Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population's standard of living.
(7b)
(i)Pressure of Population on Land
(ii)Low Per Capita Income
(iii)Low Per Capita Availability of Essential Articles
(iv)Burden of Unproductive Consumers

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(8a)
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as International Monetary Fund(IMF) and World Bank
(8b)
(i)To finance budget deficit.
(ii) To provide employment opportunity
(iii) To reduce economic burden on tax payers
(8c)
(i)A large domestic debt will limit influence the distribution of the income of the people.
(ii)it can reduce the availability of foreign exchange in the form of depleted foreign resistor.
(iii)A large external debit can make a country to be suspectable to the force
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