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WAEC GCE 2018 1ST SERIES - ECONOMICS ANSWER

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WAEC GCE 2018 1ST SERIES - ECONOMICS

Tuesday 6th February, 2018
Economics 2 (Essay) 9.30am – 11.30pm Economics 1 (Objectives) 11.30am – 12.30 am
Physics 3 (Alternative to Practical Work) 2.00pm-4.45pm
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ECONOMICS OBJ:
1-10: CCDDCABDAC
11-20: CAABCACCDC
21-30: BBBBCCCCBB
31-40: CBBACDBACB
41-50: DBAADCCAAA
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(2a)
MR = dTR/dOUTPUT

OUTPUT 1 = 6-0/1-0 = 6/1 = 6
OUTPUT 2 = 12-6/2-1 = 6/1 = 6
OUTPUT 3 = 18-12/3-2 = 6/1 = 6
OUTPUT 4 = 24-18/4-3 = 6/1 = 6
OUTPUT 5 = 30-24/5-4 = 6/1 = 6
OUTPUT 6 = 36-30/6-5 = 6/1 = 6

(2b)
The price of Maize is $6. This is because the average value of the whole output is 6.

(2c)
The farmer is operating in a perfectly competitive market. This is because his marginal cost(mc) is equal to his marginal revenue. also priceof the farmer is the same at each level of output

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(4a)
Net migration is the difference between the number of immigrants (people coming into an area) and the number of emigrants (people leaving an area) throughout the year.

(4b)
(i) Increased size of the Labour force in urban centres: The drift to the urban centres increase the number of people who are available for work in the companies, commercial institutions etc. 
(ii) Urban unemployment is aggravated: The migration of many people to urban centres increases the number of people seeking employment in these urban areas
(iii) Explosion of demand in urban centres for social service: Demand for social facilities such as housing, medical facilities, education facilities, electricity, pipe-borne water etc will be far I'm excess of their supplies 
(iv) Increased government Expenditure:it would necessitate the diversion of funds from productive investment to the provision of social amenities thereby altering priorities

(4c)
(i)The establishment of industries and project to absorb the rural working population
(ii)Establishment of educational institutions in rural areas

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(7a) 
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

(7b) 
Tax evasion is the illegal non-payment or underpayment of tax while tax avoidance is the the arrangement of one's financial affairs to minimize tax liability within the law.

(7c)
(i) Consumption Of Foreign Good Reduces to a considerable extent and the attraction for imported goods is brought down considerably.
(ii) Tariffs Give Substantial Revenue To The Government. In addition, it also creates employment opportunities as there is encouragement to domestic production.
(iii) Tariffs Remove Or At Least Reduce The Deficit in the balance of trade and balance of payments.
(iv) Tariffs Encourage Research And Development Activities within the country. They create favourable atmosphere for industrial development and generation of employment opportunities.


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(8a)
National resources are those material and non-material resources with which nature has endowed man,which may be utilized in production for his benefit and for the advantages of human society.

(8b)
(i) Source of livelihood: Many people make their living as hunter, tree loggers, saw miller's etc 
(ii) Source of raw materials for industry: paper and furniture are made from wood
(iii) Source of foreign exchange:This can be derived by boosting invisible imports from tourism and sale of forest products

(8c)
(i) Destruction of arable land: Many solid mineral mining areas have been turned into wastelands
(ii) Neglects of agricultural and others productive sectors: Agriculture has been abandoned by people in some area in search of greater income from the mining of precious metals
(iii) Exposure of erosion: Exposure of land makes it vulnerable to erosion












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