GHANA WAEC Economics 2020 ANSWERS

GHANA WAEC Economics 2020 Answers

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4a) The optimum population is a concept where the human population is able to balance maintaining a maximum population size with optimal standards of living for all people.4a) The optimum population is a concept where the human population is able to balance maintaining a maximum population size with optimal standards of living for all people.

1C)
Diminishing returns, also called law of diminishing returns or principle of diminishing marginal productivity, economic law stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield …

3. a. Consumer goods are tangible goods that are purchased for direct consumption to satisfy a human need or want. This is in contrast to producer goods, which are purchased as an input to produce another good.

B. Fixed capital is the money invested for longer than one production cycle (typically one year). Circulating capital typically includes current assets, while fixed capital can include fixed and long-term assets.

C. Features of Labour as a Factor of Production
1] Perishable in Nature. …
2] Labour is Inseparable from the Labourer
3] Human Effort.
4] Labour is Heterogeneous. …
5] Labour has Poor Bargaining Power. …
6] Not Easily Mobile. …
7] Supply of Labour is relatively Inelastic.

4a. The optimum population is a concept where the human population is able to balance maintaining a maximum population size with optimal standards of living for all people.

Bi. *migration* is the movement of people from one place to another with the intentions of settling, permanently or temporarily, at a new location (geographic region)

II *immigration* describes the movement of people into one country from another.
III. *Emigration* is the act of leaving a resident country or place of residence with the intent to settle elsewhere.

4c.
Negative effects of rural urban migration
1. Natural resource depletion
2. environmental pollution
3. earning disparities
4. redundancy
5. urban expansion
6. social unrest
7. population crowding
(explain your points )
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(1a)
X -80=-9.8
X= 80-9.8
X=70.2

80-70=Y
Y=10

Z=50/2
Z=25

(1b)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)

(1c)
The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other’s in production,a point is reached from which each extra variable factor added yields loss and less addition to the total output

(1d)
(i)
Diagram
(ii)
– The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
– The MP is zero at the point where TP is maximum
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(4ai)
Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.

(4aii)
Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy

(4b)
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
such money.

(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to

be progressive in nature.

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(8a)
(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.

(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.

(iii) Commercial farms are very large while that of the subsistence farming are quite small.

(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.

(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(8b)
(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.

(iii) The machineries which are used for the farming process usually primitive.

(iv) Primitive form of irrigation or little irrigation is done for this type of farming.

(8c)
-Positive effects-
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.

-Negative effects-
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards
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(3a)
Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.

(3bi)
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

-Example-
(i)plant
(ii)machinery
(iii)vehicles and equipment

(3bii)
Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

-Examples-
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans

(3biii)
Circulating capital is money being used for core operations of a company.

-Example-
(i)operating expenses
(ii)inventory in process
(iii)Raw material

(3c)
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.
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