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       #Post#: 298--------------------------------------------------
       100% CORRECT WAEC GCE ECONOMICS ANSWERS AVAILABLE HERE
       By: Ebenezer Date: September 20, 2013, 5:40 pm
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       ( Economics Obj + Theory Live Answers) [br/]
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       THIS WAS POSTED FOR SUBSCRIBERS SINCE, WE DECIDED TO POST IT
       HERE VERY LATE SINCE YOU DONT WANT SUBSCRIBE, SO TRY AND
       SUBSCRIBE NEXT TIME BECAUSE WHEN WE SAY WE WONT POST, IT
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       Verified ECONS OBJ:
       1-10: CCBCACDABA
       11-20: BCCCDBBCBD
       21-30: ACABACCDDD
       31-40: CBCBAADCDA
       41-50: ABACBBCACD
       .
       .
       (2)
       QD=QS
       (2ai)
       10-2p=4p-8
       -2p-4p=-8-10
       -6p=-18
       p=-18/-6
       p=$3
       (2aii)
       equilibrium quantity=Qd=10-2p
       10-2*3
       =10-6
       =4kg
       (2b)
       Qs=4p-8
       =4*4-8
       =16-8
       =8kg
       (2c)
       Qd=10-2p
       =10-2*2
       10-4=6kg
       (2d)
       draw a graph of demand against supply.
       demand on the y axis with prices of $2,3,4,5 against
       supply on the x axis with demand of 2,4,,6,8,12. plot
       oyur graph and get the eqiuilibrium pont yourself
       (3a) Market Economy is an
       Economic system where the means of
       production and distribution are majorly
       controlled by the private sectors with out
       government interference.
       The price of goods and services are
       determined by the interaction of the market
       forces (demand & supply).
       (3b)
       (i) no government interference
       (ii) the means of production and distribution
       are majorly controlled by the private sectors
       (iii) price of goods and services are determined
       by the market forces.
       (iv) it improves consumer's right to choice
       that is sovereignty of the consumer.
       (3c)
       i- it may lead to market failure
       ii- unrivalry competition may
       (4a)
       -crop production
       -livestock farming
       -forestry
       -fish farming
       -animal husbandry
       (4b)
       -land tenure system: it discourages farmers
       from acquiring land for large scale farming
       -inadequate finance or credit facilities:farmers
       do not acess to loan facilities from bank
       -poor transportation services: bad roads makes
       distribution of goods to market very difficult
       and leads to wastage
       -natural disasters: this may occur and will
       reduce agricultural productivity e.g flood, etc
       -inadequate farm input:farm inputs are not
       easily available and expensive for poor farmers
       to afford e.g fertilezers.
       (6a)Tax may be defined as a compulsory levy
       imposed by the government or its agency on
       individuals and firms or on goods and services.
       While subsidy is the amount government paid
       on behalf of the citizens to make the price of a
       particular good to be affordable.
       .
       (11a) Difference between Central bank and
       Commercial Bank
       i. Central Bank does not accept deposit from public
       while commercial Banks accept Deposits from the
       public
       ii. Central bank formulates and executes monetary
       policies while commercial banks do not formulate
       monetary policies
       iii. Central banks is accountable to the federal
       goverment while commecial banks are accountable to
       shareholders
       iv. Central bank is not setup to make profit while
       Commercial banks is setup to make profit
       v. central bank is established by Act of parliament
       while commercial banks are establish by
       incorporation
       (11b)
       i. open market operation:it is the purchase or sale of
       government securities in the open market to expand
       or restrict the volume of money in circulation
       ii. Cash Ratio:The commercial banks are mandated
       by the government to keep special proportion ,e.g 25%
       of their total deposit with central bank in order to
       control the volume of credit
       iii. Bank Rate:This is the minimum rate of interest
       charged by the central bank for discounting bill of
       exchange
       iv. Special Directives:The central bank can issue
       directives or specific instructions to the commercial
       banks and other financial institution to restrict their
       lending or credit policy to which loaning should
       follow.
       v. Moral Suasion: The central bank can make an
       appeal to the commercial banks to restrict or expand
       the level of credit to the public.
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