17/05/2019
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WAEC 2019 - ECONOMICS ANSWERS
Exam Time: Friday 17th May, 2019
Economics 2 (Essay) – 09:30 a.m. – 11:30am
Economics 1 (Objective) – 11:30am – 12:30 p.m.
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(3a)
Distribution of goods is a process of making a product being produced or service available for a consumer or business user who needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries.
(3b)
Consumers' cooperative society is a society owned and operated by a group of ultimate consumers who pull their resources together to purchase goods and services in large quantities and distribute them mainly to its members.
(3c)
(i) To meet the need of consumers in quality goods and services at an affordable price
(ii) To produce goods, to provide households and production services including credit and issuance.
(iii) To provide services to its members
(iv) To raise the standard of living in a particular area or country
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(5a)
Joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5b)
(i)Limited Liability
(ii)Restricted Trade of Shares
(iii)Separate Personality
(5c)
(i)private foreign finance (external borrowing)
(ii)local private finance from banks
(iii)direct government finance, in the form of equity, credit, or subsidy capital
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(8a)
Public debt refers to the debt of a country owes to its citizens or other countries or organization such as International Monetary Fund(IMF) and World Bank
(8b)
(i) To finance budget deficit
(ii) To provide employment opportunities
(iii) To finance huge capital projects such as railways,roads,electricity etc
(8c)
(i) A large domestic debt will limit influence the distribution of income of the people
(ii) It can reduce the availability of foreign exchange in the form of depleted foreign reserves
(iii) If a large internal debt is sustained by high rate of interest it will reduce private investment on capital goods
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