2018 Waec Gce Economics Objective and Essay Questions and Answers | Waec Gce Runs/Expo

ESSAY ANSWER NUMBER 1



ESSAY ANSWER NUMBER 4 and 6






Section (a) anser only one question
(1)
(i) Total fixed cost of the firm
Processing machine $2,000
 
Manager's salary $1,500

factory rent $1,200
  
Electricity bills $800 
              Total=$5,500
(ii) Total variable cost of the firm.
Wages of casual labour $2,500   

Fuel $600

Raw materials $1,400
               Total=$4,500
(iii) Average Cost (AC).
Formula= 
AC= TC/Q
Tc=Tfc+Tvc
   = $5500+$4500
   =$10000
Ac=$10000/3000
Ac=$3.33

(1b)
Total Profit For The Period.
Formula:
profit(Ts)=Total revenue-Total cost
Total revenue(TR)=Price*quantity
     =$6.00*3000
     = $18,000
Profit(Ts)=$18,000-$10,000 
               =$8,000
(1c)
Taxed paid by the firm.
Formula:
Tax paid=Tax rate* Taxable profit
              =10/100*8000/1
              =$800Section (a) anser only one question
(1)
(i) Total fixed cost of the firm
Processing machine $2,000
 
Manager's salary $1,500

factory rent $1,200
  
Electricity bills $800 
              Total=$5,500
(ii) Total variable cost of the firm.
Wages of casual labour $2,500   

Fuel $600

Raw materials $1,400
               Total=$4,500
(iii) Average Cost (AC).
Formula= 
AC= TC/Q
Tc=Tfc+Tvc
   = $5500+$4500
   =$10000
Ac=$10000/3000
Ac=$3.33

(1b)
Total Profit For The Period.
Formula:
profit(Ts)=Total revenue-Total cost
Total revenue(TR)=Price*quantity
     =$6.00*3000
     = $18,000
Profit(Ts)=$18,000-$10,000 
               =$8,000
(1c)
Taxed paid by the firm.
Formula:
Tax paid=Tax rate* Taxable profit
              =10/100*8000/1
              =$800

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(6a)
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. 

(6b) 
(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. 

(6c) 
(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.

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(4a) 
Trade by barter can be defined as the exchange of goods for goods and services for services. 

(4b)
(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. 

(4c) 
(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.

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Last edited by Emmi on Sat Sep 15, 2018 11:39 am; edited 4 times in total

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