Waec Gce 2021 Second series Economic Answer








(i)At output 3





(ii)At output 6





(i)At output 3




(ii)At output 6





(i)At output 3




(ii)At output 6






A bag of maize cost $4


At output level 2

Profit | loss = TR-TC

=20-10=$10 (profit)


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




Occupational mobility of labour is the ease with which labour moves from one job to another e.g. banking to teaching.


Geographical mobility is the ease with which labour moves from one
location to another e.g. A teacher moving from Banjul to Monrovia


Labour force may be explained as the proportion of the total population
of a country who are currently employed or are actively seeking


supply of labour is the amount of labour, measured in person-hours,
offered for hire during a given time-period. In other words is the
taking population as given, the quantity of labour supplied depends on
two main factors.


(i)Agricultural Development: In a developed agricultural area or where

there is agricultural development labour

moves from high population to low

population areas during busy seasons.

(ii)Education and Training: The mobility of labour depends on the
extent to which Labour is educated and trained. Higher or more a person
is educated and skilled. The greater are his chances of moving from one
occupations or place to another. Geographical and vertical mobility is
very much dependent on education and training.

(iii) Urge to Rise in Life: The inner urge of the workers to rise in
life determines the mobility. If workers are optimist and broad minded,
they will move to other jobs and places. Differences in language,
habits, religion caste etc. will not be hindrances in their mobility.

(iv)Means of Transport and Communication: Well-developed means of
transport and communications encourage mobility of labour. The worker
knows that in case of emergency at home we can easily communicate with
his family on phone or travel back by train within the country or by
aero-plane if he is abroad.

Export promotion are activities used by many countries and regions to
promote the goods and services from their companies abroad.


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.


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.


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.


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.


economic system is a system of production, resource allocation and
distribution of goods and services within a society or a given
geographic area.


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.


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.


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


(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


(i)Low Per Capita Income

(ii)Excessive Dependence on Agriculture

(iii)Low Level of Capital Formation

(iv)Dualistic Structure of the Underdeveloped Economies

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Source: Olive

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