WAEC SSCE 2016 EXPO: Friday 22nd April 2016
ECONOMICS 2(ESSAY) 9.30AM – 11.30PM
ECONOMICS (OBJ & ESSAY) 11.30AM – 12.30PM
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1. What's the law of demand.
Using specific examples, distinguish between joint demand and competitive demand.
Explain four exceptions to the law of demand.
2. What is fiscal policy. Explain the following:
i. custom duty
ii. excise duty
iii. ad-valorem tax
Explain four objectives of public expenditure in Ghana
3. define monopoly Three characteristics of monopoly.
show how price elasticity of demand is useful to monopoly
4. Define balance of payment deficit?
Four causes of balance of payment deficit.
Identify 2 ways of financing balance of payment
Table 1 comprise these figures: revenue in Ghana cedis million in the form of company tax (50), excise duty (35) tax/expenditure (90) and table 2 is made up of expenditure including workers salary (150) and electrification project (120). .
How much does the country collect from
i. Indirect tax
ii. Direct tax
iii. non tax revenue Calculate
i. government expenditure
ii. Capital expenditure.
iii. Government surplus
What is the 'Law Of Demand'The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.The law of demandsays that the higher the price, the lower the quantity demanded, because consumers’opportunity costto acquire that good or service increases, and they must make moretradeoffs to acquire the more expensive product.
Fiscal policyis the means by which agovernment adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy tomonetary policythrough which a central bank influences a nation's money supply. These two policies are used in various combinations to direct a country's economic goals. Here we look athow fiscal policy works, how it must be monitored and how its implementation may affect different people in an economy.
Free packages ends here: reflesh after 20 minutes to see more Answers
ECONS OBJ
1DBACABADCC
11AABBAAABAB
21CADCCDADCC
31CCCBDACCAA
41ABDBBBBCDB
================================
1)
a) Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 = 420
b) Recurrent expenditure = 150+200+220+180+70
= 820
c) Total revenue = 860
Indirect tax = 460
% indirect tax = 460/860 x 100 = 53.49%
d) Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180
Budget deflicit because expenditure is higher than
the revenue collected
================================
4a)
i)Peasant Farming is the cultivation of crops and
rearing of animals on a small scale.
ii)Cooperative farming : it is defined as a system
in which individual farmers pool their resources
(excluding land) to buy commodities such as
seeds and fertilizers, and services such as
marketing.
4b)
- Provision of avail credit
-Provision of some sort of mechanisition
- Provision of agricultural knowledge through
extension etc
-provision of good roads for transportation
- provision of fertilizers to enhance productivity
================================
5a)
Elasticity of supply is the degree of
responsiveness of the supply to little change in
the price of commodity.
5b)
i)In Joint supply two or more commodities are
produced and supplied from one or more sources,
while in competitive supply two or more
commodities are supplied to serve as substitute.
ii)In joint supply and increase in the production
and supply of one commodities will bring about
an increase in the production and supply of the
commodity, whereas in competitive supply a
commodity is supplied for d satisfaction of a
particular want
5c)
i)Cost of production: the cost of production
normally leads to elasticity
ii)Nature of commodity: perishable goods are
elastic in supply due to their nature
iii)Cost of storage: producers will supply all their
commodities to the market if the cost of storage
is high thereby leading to elasticity
iv)Market forces: this determines whether supply
will increase or not
================================
6)
BUILDING SOCIETY
These institutions are now major competitors of
banks in the U.K. and
are the equivalent of U.S. savings and loan
institutions. Building
societies can also be found in other countries,
such as Australia,
Ireland and Jamaica.
ii)CENTRAL BANK
A central bank is an entity responsible for
overseeing the
monetary system for a nation (or group of
nations).
Central banks have a wide range of
responsibilities, from
overseeing monetary policy to implementing
specific goals such as
currency stability, low inflation and full
employment.
================================
8a)
Gross domestic product measures the value of
total production attributable to all factors of
production that are located in the territory of a
given country
8b)
Gross National product -- When necessary
adjustment for the surplus of a nation on its
current account with the rest of the world has
been made, the resulting figure is called the
Gross national product (GNP)
8c)
Cost of living is the aggregate amount of
money which a person spends to provide himself
the needs usually over a period of one year.
8d)
Per Capita Income is obtained by dividing the
total national income by the total population.
8e)
Standard of living --- When Per Capita Income
is calculated, what u get determines whether the
standard of living is high or low. The higher the
quotient, the higher the standard of living, all
things being equal.
+L
Administrator NaijaComms.com
Smart tags: Complete 2016 WAEC SSCE expo questions and answers, free 2016 WAEC expo run runz for CIVIC EDUCATION (OBJ & ESSAY PHYSICS PRACTICALLITERATURE IN ENGLISH (OBJ ) LITERATURE IN ENGLISH (PROSE ) GEOGRAPHY (OBJ & ESSAY )PHYSICS (OBJ & ESSAY) GEOGRAPHY 3 ( PRACTICAL and PHYSICAL GEOGRAPHY )CHEMISTRY PRACTICALGOVERNMENT (OBJ & ESSAY )ENGLISH LANGUAGE (ESSAY)ENGLISH LANGUAGE (OBJ) ENGLISH LANGUAGE (TEST OF ORAL )CHRISTIAN RELIGIOUS STUDIES ( OBJ & ESSAY) 9ISLAMIC STUDIES ( OBJ & ESSAY ) CHEMISTRY(OBJ & ESSAY)FINACIAL ACCOUNTING ( OBJ & ESSAY) BIOLOGY (OBJ & ESSAY )AGRIC PRACTICAL GENERAL MATHEMATICS (ESSAY) MATHEMATICS (OBJ) ECONOMIES (OBJ & ESSAY) BOOK KEEPING PAPER III&II (OBJ & ESSAY) BIOLOGY PRATICALLITERATURE IN ENGLISH (DRAMA& POETRY) OFFICE PRACTICE ( EASSY & OBJ ) AGRICULTURAL SCIENCE ( OBJ & ESSAY ) COMMERCE (OBJ & ESSAY)MARKETING FURTHER MATHEMATICS ( ESSAY ) ( OBJ )
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ECONOMICS 2(ESSAY) 9.30AM – 11.30PM
ECONOMICS (OBJ & ESSAY) 11.30AM – 12.30PM
At Naijacomms.com
Keep refleshing this page for the answers to appear
Content (protected)
This is for paid package
How to subscribe
Direct Mobile: N400 MTN CARD.
Or Pay a one-time fees of N1200 for all subjects To Our bank Account below
Forward Your Name, MTN PIN, Subject Name, Phone number to: 07061837436
we will send the Obj & Essay directly to your submitted phone numbers 9hours before the exam day
Note that for those who can't afford to pay you are advice to go for the free packages, Answers are pasted here 10 minutes after the exam begins,
For content: ECONOMICS STUDIES
Questions & Answers to appear, you have to share this page to 10 friends on WhatsApp, using the WhatsApp button below this post, and share to Facebook just once using the Facebook button below this post. After doing this the ECONOMICS STUDIES Questions & Answers would automatically appear.
1. What's the law of demand.
Using specific examples, distinguish between joint demand and competitive demand.
Explain four exceptions to the law of demand.
2. What is fiscal policy. Explain the following:
i. custom duty
ii. excise duty
iii. ad-valorem tax
Explain four objectives of public expenditure in Ghana
3. define monopoly Three characteristics of monopoly.
show how price elasticity of demand is useful to monopoly
4. Define balance of payment deficit?
Four causes of balance of payment deficit.
Identify 2 ways of financing balance of payment
Table 1 comprise these figures: revenue in Ghana cedis million in the form of company tax (50), excise duty (35) tax/expenditure (90) and table 2 is made up of expenditure including workers salary (150) and electrification project (120). .
How much does the country collect from
i. Indirect tax
ii. Direct tax
iii. non tax revenue Calculate
i. government expenditure
ii. Capital expenditure.
iii. Government surplus
What is the 'Law Of Demand'The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.The law of demandsays that the higher the price, the lower the quantity demanded, because consumers’opportunity costto acquire that good or service increases, and they must make moretradeoffs to acquire the more expensive product.
Fiscal policyis the means by which agovernment adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy tomonetary policythrough which a central bank influences a nation's money supply. These two policies are used in various combinations to direct a country's economic goals. Here we look athow fiscal policy works, how it must be monitored and how its implementation may affect different people in an economy.
Free packages ends here: reflesh after 20 minutes to see more Answers
ECONS OBJ
1DBACABADCC
11AABBAAABAB
21CADCCDADCC
31CCCBDACCAA
41ABDBBBBCDB
================================
1)
a) Direct taxes = 100 + 120 = 220
Indirect taxes = 80+100+150+90 = 420
b) Recurrent expenditure = 150+200+220+180+70
= 820
c) Total revenue = 860
Indirect tax = 460
% indirect tax = 460/860 x 100 = 53.49%
d) Total revenue = 860
Total expenditure = 1040
Budget deflecit = 180
Budget deflicit because expenditure is higher than
the revenue collected
================================
4a)
i)Peasant Farming is the cultivation of crops and
rearing of animals on a small scale.
ii)Cooperative farming : it is defined as a system
in which individual farmers pool their resources
(excluding land) to buy commodities such as
seeds and fertilizers, and services such as
marketing.
4b)
- Provision of avail credit
-Provision of some sort of mechanisition
- Provision of agricultural knowledge through
extension etc
-provision of good roads for transportation
- provision of fertilizers to enhance productivity
================================
5a)
Elasticity of supply is the degree of
responsiveness of the supply to little change in
the price of commodity.
5b)
i)In Joint supply two or more commodities are
produced and supplied from one or more sources,
while in competitive supply two or more
commodities are supplied to serve as substitute.
ii)In joint supply and increase in the production
and supply of one commodities will bring about
an increase in the production and supply of the
commodity, whereas in competitive supply a
commodity is supplied for d satisfaction of a
particular want
5c)
i)Cost of production: the cost of production
normally leads to elasticity
ii)Nature of commodity: perishable goods are
elastic in supply due to their nature
iii)Cost of storage: producers will supply all their
commodities to the market if the cost of storage
is high thereby leading to elasticity
iv)Market forces: this determines whether supply
will increase or not
================================
6)
BUILDING SOCIETY
These institutions are now major competitors of
banks in the U.K. and
are the equivalent of U.S. savings and loan
institutions. Building
societies can also be found in other countries,
such as Australia,
Ireland and Jamaica.
ii)CENTRAL BANK
A central bank is an entity responsible for
overseeing the
monetary system for a nation (or group of
nations).
Central banks have a wide range of
responsibilities, from
overseeing monetary policy to implementing
specific goals such as
currency stability, low inflation and full
employment.
================================
8a)
Gross domestic product measures the value of
total production attributable to all factors of
production that are located in the territory of a
given country
8b)
Gross National product -- When necessary
adjustment for the surplus of a nation on its
current account with the rest of the world has
been made, the resulting figure is called the
Gross national product (GNP)
8c)
Cost of living is the aggregate amount of
money which a person spends to provide himself
the needs usually over a period of one year.
8d)
Per Capita Income is obtained by dividing the
total national income by the total population.
8e)
Standard of living --- When Per Capita Income
is calculated, what u get determines whether the
standard of living is high or low. The higher the
quotient, the higher the standard of living, all
things being equal.
+L
Administrator NaijaComms.com
Smart tags: Complete 2016 WAEC SSCE expo questions and answers, free 2016 WAEC expo run runz for CIVIC EDUCATION (OBJ & ESSAY PHYSICS PRACTICALLITERATURE IN ENGLISH (OBJ ) LITERATURE IN ENGLISH (PROSE ) GEOGRAPHY (OBJ & ESSAY )PHYSICS (OBJ & ESSAY) GEOGRAPHY 3 ( PRACTICAL and PHYSICAL GEOGRAPHY )CHEMISTRY PRACTICALGOVERNMENT (OBJ & ESSAY )ENGLISH LANGUAGE (ESSAY)ENGLISH LANGUAGE (OBJ) ENGLISH LANGUAGE (TEST OF ORAL )CHRISTIAN RELIGIOUS STUDIES ( OBJ & ESSAY) 9ISLAMIC STUDIES ( OBJ & ESSAY ) CHEMISTRY(OBJ & ESSAY)FINACIAL ACCOUNTING ( OBJ & ESSAY) BIOLOGY (OBJ & ESSAY )AGRIC PRACTICAL GENERAL MATHEMATICS (ESSAY) MATHEMATICS (OBJ) ECONOMIES (OBJ & ESSAY) BOOK KEEPING PAPER III&II (OBJ & ESSAY) BIOLOGY PRATICALLITERATURE IN ENGLISH (DRAMA& POETRY) OFFICE PRACTICE ( EASSY & OBJ ) AGRICULTURAL SCIENCE ( OBJ & ESSAY ) COMMERCE (OBJ & ESSAY)MARKETING FURTHER MATHEMATICS ( ESSAY ) ( OBJ )
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CORRECT: 2016/2017 WAEC ECONOMICS STUDIES Prose OBJ Essay Questions And Answer Expo/Runs.
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