WAEC GCE Economics Obj And Essay/Theory Solution Questions and Answer – JAN/FEB 2018 Expo Runz.
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4a)
The net migration rate 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. When
the number of immigrants is larger than the number of emigrants, a positive net migration
rate occurs. A positive net migration rates indicates that there are more people entering than leaving an area
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)
Choose 2
i)The establishment of industries and project to absorb the rural working population
ii)Establishment of educational institutions in rural areas
iii)provision of adequate social amenities in rural areas
6a)
Economies of scale is an economics term that describes a competitive advantage that large entities have over smaller entities. It means that the larger the business, non-profit or government, the lower its costs. For example, the cost of producing one unit is less when many units are produced at ones.
6bi)
Managerial economics is the “application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions”.
6bii)
Technical economies Lower costs per unit of output explained by expansion of all factors of production
6c)
i) Less Supervision:
A large-scale producer cannot pay full attention to every detail. Costs often rise on account of the dishonesty of employees or waste of material by them.
ii) Individual Tastes Ignored:
Large-scale production is a mass production or standardised production. Goods of uniform quality are turned out irrespective of the requirements of individual customers.
iii) Absence of Personal Element:
A large scale business is generally managed by paid employees. The owner is usually absent. The sympathy and personal touch, which ought to exist between the master
iv)Possibility of Depression:
Large-scale production may result in overproduction. Production may exceed demand and cause depression and unemployment.
7a)
A tax is a mandatory financial charge or some other type of levy imposed upon a tax payer by a governmental organization in order to fund various public expenditures.
7b)
Tax evasion is the illegal evasion of taxes by individuals, corporations, and trusts while tax avoidance is the legal use of tax laws to reduce one’s tax burden
7c)
i)National Security
ii)Protecting Consumers
iii)Infant Industries
iv)Protecting Domestic Employment
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