WAEC 2020 ECONOMICS ANSWERS – EXPO RUNS
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ECONOMICS OBJ:
1-10 CAAACBBAAD
11-20 DCCAAACBBB
21-30 CDACCBBADA
31-40 DACCADACAD
41-50 BDDACCAADD
INSTRUCTIONS:
(SECTION A)
ATTEND ONE QUESTION
EITHER NO 1 or No2
(SECTION B)
ATTEND THREE QUESTIONS ONLY
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(1a)
(I)
(i)At output 3
AR=TR/TQ
TR=12,TQ=3,
AR=12/3
=$4
(ii)At output 6
AR=TR/TQ
AR=24/6
=$4
(II)
(i)At output 3
MR=DTR/DTQ
=12-8/3-1
=4/1=$4
(ii)At output 6
MC-DTR/DTQ
=24-20/6-5
=4/1=$4
(III)
(i)At output 3
MC-DTC/DTQ
=12-10/3-2
=2/1=$2
(ii)At output 6
Mc=DTC/DTQ
=9-10/6-1
=-1/1
=$-1
(1bi)
A bag of maize cost $4
(1bii)
At output level 2
Profit | loss = TR-TC
=20-10=$10 (profit)
(1c)
The farmer is operating in a perfectly competitive market. In a perfectly competitive market price is determined by the force of the demand and supply
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(5)
(7a)
Export promotion are activities used by many countries and regions to promote the goods and services from their companies abroad.
(7b)
Currency depreciation is the loss of value of a country’s currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system in which no official currency value is maintained.
(7c)
Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports.
(7d)
Balance of Trade (BoT) is the difference between the total value of exports and the total value of imports of a country within a time period. It is also referred to as trade balance, commercial balance or net exports.
(7e)
Currency appreciation is an increase in the value of one currency in relation to another currency. Currencies appreciate against each other for a variety of reasons, including government policy, interest rates, trade balances and business cycles.
(6a)
Economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
(6bi)
Capitalism: is an economic system in which private individuals or businesses own capital goods. In other words The production of goods and services is based on supply and demand in the general market known as a market economy rather than through central planning known as a planned economy or command economy.
(6bii)
Socialism) is a populist economic and political system based on public ownership of the means of production. In other words Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.
(6biii)
Mixed economy: is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise
(6c)
(i)Producers, consumers and the workers all enjoy economic freedom and are free to work, as they like. Goods are produced according to the taste, preference and demand of consumers.
(ii)Capitalist system can make changes according to the needs and circumstances of the economy. It has inbuilt flexibility.
(iii)An automatic equilibrium is brought about by the operation of price mechanism and market forces. No central direction is required for the operation of the economy.
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