Verified WAEC 2018 Economics Answer (OBJ & Essay) May/June Expo - Naijaray
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Verified WAEC 2018 Economics Answer (OBJ & Essay) May/June Expo

WAEC 2018 History ANSWER

Verified WAEC 2018 Economics ANSWER


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Economics Theory
Answer Only One question between 1 and 2

Calculate The Value Of Visible Exports
120,000,000 + 40,000,000,+80,0000
Calculate The Balance Of Trade For The Country
visible export
visible import
Total=240,000,000 – 270,000,000
= -30,000,000
List The Items Of Invisible Exports And Import
ii)shipping and insurance
i)bank services
Calculate The Current Account balance of the country
120,000,000+40,000,00+45,000,000+60,000,000+80,000,000 / 140,000,000+80,000,000+50,000,000+60,000,000+40,000,000
=345,000,000 – 370,000,000
= -25,000,000
Is the country developed or developing? Give one reason for it.
the country is developy because the value of import is greater than the value of exports

Pls put in a tabular form:

Under Output(kg):
0, 15, 35, 60, 85

Under variable cost($):
0, 30, 55, 75, 90

Under Total cost ($):
15, 45, 70, 90, 105

Under Total revenue($):
0, 30, 70, 120, 170

at output 0; marginal revenue (M. R)
= $0.00

at output 15; M.R = TR2-TR1
=30 – 0 = $30.0

at output 35; M.R = TR3 – TR2
70 – 30 = $40.0

at output 60; M.R = TR4 – TR3
=120 – 70 = $50.0

at output 85; M.R = TR5 – TR4
= 170 – 120 = $50.0

at output 0, marginal cost (mc) = $0.00

at output 15, mc = TC2 – TC1
= 45 – 15 = $30.00

at output 35, mc = TC3 – TC2 = 70 – 45 = $25.0

at output 60, mc = TC4 – TC3
= 90 – 70 = $20.0

at output 85, mc = TC5 – TC4
= 85 – 60 = $25.0

(i) The firm broke even at output 60kg.
(ii) The firm made the highest profit at output level 85kg.
(iii) The firm attained equilibrium at output 35kg.

The firm operates on a project market structure.
Optimum population may be defined as that population which is neither too small nor too large, but when combined with the available resources and given the level of existing technology secure a maximum return per head

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– It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population

– Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases

– It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,

– Family planning; Family planning which involves giving birth to controllable number of children, adopted in a country will help to check of control both growth and over population

– Sex education; Through this, people are taught the implications of involving in any type of sex and how to do it without having unwanted pregnancy

– Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control



State owned enterprises are public companies established by the act of parliament and control by the board of directors in order to produce essential services for the citizens. Some state owned enterprises are owned by the state government é.g 05BC while others are owned by the federal government e.g NPA, NRC etc.


Huge capital outlay :- Public corporations exist because of the huge capital involved.

Welfarism :- Government set up state owned enterprises in order to enhance the well being of the citizens.

Equitable distribution of wealth public corporations are established in order to ensure even distribution of resources.


Inefficient management :- poor management affect the effectiveness of public corporation.

Corruption :- political interference in the management of state owned enterprises promote corruption in the system.

Lack of willingness on the part of staff of public corporations affect the efficiency of the enterprises.


6a Commodity money is money whose value comes from a commodity of which it is made. Commodity moneyconsists of objects that have value in themselves (intrinsic value) as well as value in their use as money.

I.Double Coincidence of Wants:
Ii.Absence of Common Measure of Value
Iii .Lack of Divisibility



The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.

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7b) The law of demand states that the higher the price the lower the quantity demanded and the low the price the higher the quantity demanded

7c)(I) Competitive demand; Demand is said to be competitive when a commodity is wanted to satisfy a want in place of another similar commodity

(Ii) Derived demand; This is a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity

(Iii) Joint Demand; When two or more commodities are wanted to satisfy one want at the same time

(Iv) Composite demand; Demand is said to be composite when a commodity is wanted to satisfy different wants for instance, palm oil may be demanded for cooking food,manufacturing of soap and pomade



Tax is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.

– A progressive tax is a tax in which the tax rate increase as the taxable amount increase
– A proportion tax is a tax imposed so that the tax rate is fixed with no change as the taxable base amount increase or decrease
– A Regressive tax is a tax imposed in such a manner that the tax rate decrease as the amount subject to taxation increase

Equality every person should pay to the Government according to his ability to pay, that is in proportion of the income or revenue he et jove onder the protection of the State.
Is the sum, time and/manner of payment of a tax should not only be certain but the time and manner of its payment should also be convenient to the contributor.
Economy: The Government has to spend money on collecting taxes levied by it- Since collection costs of taxes add nothing to the national product, they should be minimized as far as possible.

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1 Comment

1 Comment

  1. omo West

    18/04/2018 at 3:00 am

    But sir nt all us HV 600 to subscribe

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Doyin Okupe: EFCC accused of trying to silence ex-Jonathan’s aide 

Following the detention of Doyin Okupe, former aide to immediate past President Goodluck Jonathan, by the Economic and Financial Crimes Commission, EFCC, a group known as Patriotic Nigerians, has described his continuous detention as an allege attempt to silence the PDP chieftain.

A statement signed by the group’s coordinator, Musa Muhammad, stated that despite willingly honouring the invitation of EFFC, Okupe who is the Media Adviser to the Director General of the PDP Presidential campaign has continued to be detained, which according to the group has a political undertone.

The statement reads, “Dr. Doyin Okupe yesterday (Monday) honoured the invitation of the Economic and Financial Crimes Commission, EFCC at the Abuja headquarters of the anti-graft body.

“Despite being patriotic and law-abiding enough to obey the invitation, it’s seems there is more to the invitation than meets the eye.

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“It is beginning to look like the anti-graft agency is on a political witch-hunt to silence the vociferous former presidential spokesperson, as it has been doing to every other active opposition figures in the nation.

The group also accused the EFCC of inconsistency in the charges put up against Okupe, adding that his case has not been assigned to any of the commission’s lawyers for prosecution as required by the law.

“Initially, EFCC claimed its invitation was based on cyber crime, but it has since shifted the goalpost in the middle of the game, changing the charges to misappropriation of arms fund claimed to have been released to him by former NSA, Colonel Sambo Dasuki.

“Agreed that the EFCC has a case against Okupe, but it’s quite surprising that since his arrival at the EFCC headquarters, the agency has refused to assign his case to a lawyer for prosecution at the court.

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“It is obvious that the EFCC is deploying a delay tactics to keep Okupe in detention as it goes on Christmas break and keep him there till the New Year.

“The nation is waiting for the abracadabra of EFCC,” the statement read.

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Stormy Daniels ordered to pay Donald Trump $293k in legal fees

Porn star, Stormy Daniels was on Tuesday ordered by a federal judge to pay President Donald Trump hundreds of thousands of dollars in legal fees for her failed defamation lawsuit against him.

Judge James Otero, who threw out Daniels’ suit against Trump, asked her to pay the US President $293,052.33 in attorney fees.

He wrote:

Based on the unique nature of this litigation and the Court’s familiarity with the fees charged in this jurisdiction, the Court concludes that Defendant’s rate requests are reasonable.
Ms Daniels, real name Stephanie Clifford, who allegedly had an affair with Trump in 2016 when his wife just had their son, said last April that she had been threatened by a man in a car park to keep quiet about the alleged affair.

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She shared a sketch of the man who she claimed had threatened her and her child.

Mr Trump retweeted the image, calling it a “total con job”, and describing the image as being of a “non-existent man”.

With the help of her attorney Michael Avenatti she took Trump to court. She sued arguing that the president’s tweet was defamatory as it accused Ms Daniels of “committing a serious crime” – namely, falsely accusing a person of threatening her.

But Judge Otero dismissed the suit in October and said Trump’s tweet was a “hyperbolic statement” against a political foe.

Avenatti quickly denounced the president and his lawyers and downplayed the judge’s order on Twitter.

Avenatti tweeted:

Stormy will never have to pay the felon Cohen or Trump a single dime in attorney’s fees, costs or sanctions. The award is dwarfed by the $1.5 million award to be issued in NDA case – the main case where Cohen and Trump have been lying to the court and the public. #Criminals.
Avenatti is representing Daniels in another lawsuit against Trump and his former attorney Michael Cohen. Through litigation, the adult film actress is seeking to void a nondisclosure agreement (NDA) about her alleged 2006 affair with the president.

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