Friday, 22 April 2016

Economic Waec 2016

41-50: BCACACCACC (2b)F
airly elastic because the
coefficient is greater than one
(2bii)Competitive supply.
(2d) (i) increase in demand (ii)fall in the cost of production
(iii)favourable climate condition
(iv)increase in government
grants and subsidy
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(3a) occupational mobility of labour br /> it refers to free movement of
labour from one occupation,
work place and geographical area to another.
-promotion -climate
-bad management (3c)
-Educational and training
(5ai) Public limited liability company is owned by
minimum member of
persons without maximum
numbers whereas ownership of
private limited liability company
range from minimum number of two to maximum number of 50. (5aii)The
shares of a public
limited liability company is issued
to the members of the public
directly on the floor of the
stock market,whereas the shares of a private limited liability company is
issued to
selected persons.
(5aiii) public limited liability
company are required to publish
their financial statement for public view ,whereas private limited company
are not allowed
to public their financial
(5aiv)The name of the public
PLLC must end with plc whereas the private LLC must end with Ltd.
(5bi) Legal entity :limited liability
company has a separate legal
entity from its owners which
entitles them to sue and be
sued. (5bii) large capital formation. The fund is raised through the
issuance of shares to the public.
(5biii) Limited liability:- The
member of the company enjoys
limited liability which entitle them to only loss
their shares in the events of liquidation.
(5biv) Access to loan from
bank:- LLC stand a better
chance to operate credit facility
from the financial institution.
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(6a)Gross National Income: Gross
national income is the total
monetary value of goods and
services produced by the nationals of a
country in a given period of time usually one
National Income; This is the national income at
current price, whereas real income is
national income on based price
(i)National income is used to
estimate Gdp per head i.e per capital income
(ii)it is used for comparison purpose between countries
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