Welcome to Waec 2021 Economics Answer
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Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million
(i) Primary sector ==> Mining + Fish farming + food crop production
% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
(ii) Secondary sector ==> Shoe production + Fish processing + Baking
% of primary sector = (30+19+19)/170 × 100%
(iii) Tertiary (%) = 100% – (40+25)%
Ratio = 16.1/30 = 161:300
% Warehousing = 12.2/170 × 100%
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors
Economies of scale is the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced. A decrease in cost per unit of output enables an increase in scale.
(Pick Any Three)
(i) Technical Economies of Scale
(ii) Purchasing Economies of Scale
(iii) Managerial Economies of Scale
(iv) Financial Economies of Scale
(v) Diversifying Economies of Scale
(iii) Transport availability
Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.
(4b) (i)Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods
(ii)Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.
(iii)Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.
iv) Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods. This is another reason why the Wholesaler is indespensibel in the channel of distribution.
v) Warehousing: Another function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stock – biling at the production point. Goods are stored here until they are bought, hence it spurs the Manufacturer to keep on producing.
(i)Packaging problems: The packaging of goods is not standardized. This may result in damage or loss in transit.
(ii) Inadequate transport facilities: The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that commodities sustain great damage due to accidents.
(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably.
Price elasticity of demand may be defined as the degree of responsiveness of the quantity demanded of a commodity to change in the price of a commodity. In order words, it is the degree of responsiveness of quantity demanded to a small change in the price of the commodity.
(i) On elastic demand, Demand is said to be elastic if small change in price leads to a greater change in the quantity of goods demanded. While On inelastic demand, demand is said to be in elastic if a larger change in price leads to a small or slight change in the quantity of goods demanded.
(ii) On elastic demand , elasticity is greater than one or unitary , i.e E ==>1<infinity. While on inelastic demand , elasticity is less than one but greater than zero, i.e E ==>0<1
(8a) Domestic trade is the trade that is conducted between parties within the political and geographical boundaries of a nation, while external trade is the trade that is conducted between two parties that are outside the nation’s borders or between two countries.
(8b) Terms of trade (TOT) represent the ratio between a country’s export prices and its import prices, while Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.
(i) Rapid Economic Development
(ii) Political Disturbance
(iii) High rate of Inflation
(iv) Change in demand
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