64

The extract from a country’s balance of payments account is shown below.

Item Import ($ million) Export ($ million)
Agricultural products —— 200
Mineral products —– 300
Consumer goods 250 —-
Capital goods 400 —-
Insurance 50 25
Banking 75 30
Transportation 85 25
Loans 150 60

Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.

 

View Answer & Discuss WAEC 2019
65

The diagram below represents the equilibrium position of a firm in a perfectly competitive industry. Study it and answer the questions that follow.

Explanation

(a)(i) Equilibrium output is 50kg and equilibrium price is $20.00

(ii) Firm’s party    = TR – TC

          TR =  50kg x $20.00 = $1000.00
          TC = 50kg x $12.00 = $600.00

profit = $1000.00 – $600.00 = $400.00

OR

Profit   = (AR – AC) * Q
          = ($20.00 – $12.00) * 5
          = $8.00 x 50
         =  $400.00

(iii) Abnormal/economic/supernormal profit. This is because the profit is earned at a point where price (AR) is greater than AC.  
           

(b) The average revenue function is horizontal because in perfect competition, AR which is also the price is constant/fixed.                                          

(c) (i) When MC  is less than ATC, ATC is falling.

(ii) When MC is equal to ATC, ATC is at its minimum.

(iii) When MC is greater than ATC, ATC is rising.                                                                         

Contributions ({{ comment_count }})


Please wait…

{{ settings.no_comment_msg ? settings.no_comment_msg : ‘There are no comments’ }}

`, props: ['data'], created() { let num_pages = (this.data.total > this.data.per_page) ? Math.ceil(parseFloat(this.data.total)/parseFloat(this.data.per_page)) : 0;

for(let i = 1; i <= num_pages; i++){ this.elements.push({ page_num: i, isActive: i === this.data.current_page, disabled: i === this.data.current_page }) } }, data() { return { elements: [], } }, methods: { onPageSelect(num){ let url = this.data.path + '?c_page=' + num; this.navigate(url); }, navigate(url){ window.bus.$emit('comment_nav', url); } }, computed: { hasPages(){ return this.data.total > this.data.per_page; } } });

if(this.is_busy) return; this.is_busy = true;

let action = (this.selection && (this.selection === type)) ? '' : type;

if(action) { if (action === 'like') this.comment.like_ratings_count++; else this.comment.dislike_ratings_count++; }

if(this.selection){ if (this.selection === 'like') this.comment.like_ratings_count--; else this.comment.dislike_ratings_count--; }

this.selection = action; let formData = new FormData(); formData.append( 'comment_id', this.comment.id); formData.append( 'rate', type); formData.append( '_token', this.token);

fetch(`${BASE_URL}api/comments/rate_post`, { method: 'post', body: formData, }) .then(res => { if(res.status !== 200) { res.json().then(response => { console.log(response); }); } else { res.json().then(response => {

}); } }) .catch(err => console.log(err)) .finally(() => { this.is_busy = false; }); }, fetchRatings(type){ if(this.is_busy) return; this.is_busy = true;

fetch(`${BASE_URL}api/comments/ratings/${this.comment.id}/${type}`, { method: 'GET' }) .then(response => response.json()) .then(data => { window.bus.$emit('ratings', {ratings: data, type}); }) .catch(err => console.log(err)) .finally(() => { this.is_busy = false}); }, } })

`, props: ['comment'], data() { return {} }, methods: {} })

  {{ reply.created_at }}

`, props: ['comment', 'reply', 'rate_selection', 'token', 'current_user'], data() { return {} }, methods: {} })

{{ comment.posted_by.display_name }}
{{ comment.created_at }}
{{ comment.quote.posted_by.display_name }}

   Reply    Quote    Follow    Unfollow

`, props: ['comment', 'is_alt', 'is_opera_mini', 'current_user', 'settings', 'user_ratings', 'user_follows', 'type', 'post_id', 'token'], data() { return { images: [] } }, methods: { user_rating(comment){ comment = (comment === undefined) ? this.comment : comment; let rating = (comment && (comment.id in this.user_ratings)) ? this.user_ratings[comment.id] : ''; return rating; }, show_reply_box(){ if(!IS_LOGGED_ON){ this.comment.show_reply_box = false; window.bus.$emit('show_login', ''); return; }

this.comment.show_reply_box = !this.comment.show_reply_box;

if(this.comment.show_reply_box && !this.is_opera_mini) { setTimeout(function(){ $('textarea.emojionearea').emojioneArea(); }, 500); } }, save(submitEvent){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

if(this.comment.is_saving) return;

let formElements = submitEvent.target.elements; let message = formElements.message.value;

if(!message && this.images.length < 1) { this.comment.notification.error('No comment message or image specified'); return; } this.comment.is_saving = true; let formData = new FormData(); formData.append('comment', message); formData.append('parent_id', this.comment.id); formData.append( '_token', this.token); this.images.forEach((image) => { formData.append('images[]', image); });

fetch(`${BASE_URL}api/comments/${this.type}/${this.post_id}`, { method: 'post', body: formData, }) .then(res => { if(res.status !== 200) { res.json().then(response => { this.comment.notification.error(response.join()); }); } else { res.json().then(response => { this.comment.notification.success('Comment was successfully added.'); this.$emit('save', response);

//Clear form formElements.message.value = ''; let d = submitEvent.target.querySelector('.emojionearea-editor'); if(d) d.innerHTML = ""; this.images = []; formElements.image.value = ''; }); } }) .catch(err => console.log(err)) .finally(() => { this.comment.is_saving = false; }); }, onImageSelect(event, index){ this.images[index] = event.target.files[0]; }, quote(){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

window.bus.$emit('quote', this.comment); let elem = document.getElementById("comment_form"); if(elem) elem.scrollIntoView(); }, updateFollowStatus(status){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

if(this.comment.is_saving) return; this.comment.is_saving = true;

let formData = new FormData(); formData.append( 'comment_id', this.comment.id); formData.append( 'status', status); formData.append( '_token', this.token);

fetch(`${BASE_URL}api/comments/follow_status`, { method: 'post', body: formData, }) .then(res => { if(res.status !== 200) { res.json().then(response => { console.log(response); }); } else { res.json().then(response => { if(status === 'follow') { if(!this.user_follows.includes(this.comment.id)) this.user_follows.push(this.comment.id); } else{ if(this.user_follows.includes(this.comment.id)) { let index = this.user_follows.indexOf(this.comment.id); this.user_follows.splice(index, 1); } } }); } }) .catch(err => console.log(err)) .finally(() => { this.comment.is_saving = false; }); } }, computed: { is_following(){ return (this.comment && this.user_follows.includes(this.comment.id)); } } })

{{ comment.posted_by.display_name }}
{{ comment.created_at }}
{{ comment.quote.posted_by.display_name }}

   Reply    Quote    Follow    Unfollow

`, props: ['comment', 'is_alt', 'is_opera_mini', 'current_user', 'settings', 'user_ratings', 'user_follows', 'type', 'post_id', 'token'], data() { return { images: [] } }, methods: { user_rating(comment){ comment = (comment === undefined) ? this.comment : comment; let rating = (comment && (comment.id in this.user_ratings)) ? this.user_ratings[comment.id] : ''; return rating; }, show_reply_box(){ if(!IS_LOGGED_ON){ this.comment.show_reply_box = false; window.bus.$emit('show_login', ''); return; }

this.comment.show_reply_box = !this.comment.show_reply_box;

if(this.comment.show_reply_box && !this.is_opera_mini) { setTimeout(function(){ $('textarea.emojionearea').emojioneArea(); }, 500); } }, save(submitEvent){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

if(this.comment.is_saving) return;

let formElements = submitEvent.target.elements; let message = formElements.message.value;

if(!message && this.images.length < 1) { this.comment.notification.error('No comment message or image specified'); return; } this.comment.is_saving = true; let formData = new FormData(); formData.append('comment', message); formData.append('parent_id', this.comment.id); formData.append( '_token', this.token); this.images.forEach((image) => { formData.append('images[]', image); });

fetch(`${BASE_URL}api/comments/${this.type}/${this.post_id}`, { method: 'post', body: formData, }) .then(res => { if(res.status !== 200) { res.json().then(response => { this.comment.notification.error(response.join()); }); } else { res.json().then(response => { this.comment.notification.success('Comment was successfully added.'); this.$emit('save', response);

//Clear form formElements.message.value = ''; let d = submitEvent.target.querySelector('.emojionearea-editor'); if(d) d.innerHTML = ""; this.images = []; formElements.image.value = ''; }); } }) .catch(err => console.log(err)) .finally(() => { this.comment.is_saving = false; }); }, onImageSelect(event, index){ this.images[index] = event.target.files[0]; }, quote(){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

window.bus.$emit('quote', this.comment); let elem = document.getElementById("comment_form"); if(elem) elem.scrollIntoView(); }, updateFollowStatus(status){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

if(this.comment.is_saving) return; this.comment.is_saving = true;

let formData = new FormData(); formData.append( 'comment_id', this.comment.id); formData.append( 'status', status); formData.append( '_token', this.token);

fetch(`${BASE_URL}api/comments/follow_status`, { method: 'post', body: formData, }) .then(res => { if(res.status !== 200) { res.json().then(response => { console.log(response); }); } else { res.json().then(response => { if(status === 'follow') { if(!this.user_follows.includes(this.comment.id)) this.user_follows.push(this.comment.id); } else{ if(this.user_follows.includes(this.comment.id)) { let index = this.user_follows.indexOf(this.comment.id); this.user_follows.splice(index, 1); } } }); } }) .catch(err => console.log(err)) .finally(() => { this.comment.is_saving = false; }); } }, computed: { is_following(){ return (this.comment && this.user_follows.includes(this.comment.id)); } } })

`, props: ['comment', 'token', 'current_user'], data() { return { is_busy: false } }, methods: { reportComment(event){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

$('#report_modal').find('.modal-body #comment_id').val(this.comment.id);

$('#report_modal').modal('show') }, blockUser(){ if(!IS_LOGGED_ON){ window.bus.$emit('show_login', ''); return; }

let myPromise = new Promise((resolve, reject) => { let content = `Are you sure you want to block ${this.comment.posted_by.display_name}? You will not be able to view comments from this user.`; window.bus.$emit('open_confirm_dialog', { resolve, content }); });

myPromise.then(() => { if (this.is_busy) return; this.is_busy = true;

let formData = new FormData(); formData.append('user_id', this.comment.user_id); formData.append('_token', this.token);

fetch(`${BASE_URL}api/comments/block_user`, { method: 'post', body: formData, }) .then(res => { if (res.status === 200) { res.json().then(response => { window.bus.$emit('fetch_comments', ''); let content = this.comment.posted_by.display_name + ' was successfully blocked.'; window.bus.$emit('feedback_dialog', { content, title: "Success" }); }); } }) .catch(err => console.log(err)) .finally(() => { this.is_busy = false; }); }); },

} })

window.bus.$on('fetch_comments', (data) => { this.fetch(); });

window.bus.$on('comment_nav', (url) => { this.fetch(url); });

window.bus.$on('open_confirm_dialog', (data) => { this.confirm_modal_data = data; $('#user_block_confirm_dialog').modal('show'); });

window.bus.$on('feedback_dialog', (data) => { this.feedback_modal_data = data; $('#feedback_modal').modal('show'); });

window.bus.$on('show_login', (data) => { $('#member_login_modal').modal('show'); });

window.bus.$on('ratings', (data) => { this.ratings = data.ratings; let modalBox = $('#friendListModal'); if (modalBox.length) { var title = (data.type === 'like') ? 'Like' : 'Dislike'; title += (data.ratings.length > 1) ? 's' : ''; modalBox.find('.modal-title').html(data.ratings.length + ' ' + title); modalBox.modal('show'); } });

let comments = {"user_ratings":[],"user_follows":[],"comment_count":0,"current_page":1,"data":[],"first_page_url":"https:\/\/myschool.ng\/api\/comments\/classroom\/56408?c_page=1","from":null,"last_page":1,"last_page_url":"https:\/\/myschool.ng\/api\/comments\/classroom\/56408?c_page=1","next_page_url":null,"path":"https:\/\/myschool.ng\/api\/comments\/classroom\/56408","per_page":15,"prev_page_url":null,"to":null,"total":0}; this.setComments(comments);

let comments_achieved = []; this.setAComments(comments_achieved);

}, mounted() { let that = this; $('#report_modal').on('show.bs.modal', function(event) { var modal = $(this); modal.find('.modal-body select').val(''); modal.find('.modal-body textarea').val(''); that.report_form_feedback = null; }); }, methods: { fetch(url) { if (this.is_loading) return; this.is_loading = true; const achive = false; url = (url !== undefined) ? url + '&' : `${BASE_URL}api/comments/${this.type}/${this.post_id}` + '?'; url += $.param({ filter: this.selectedSort, achieved_at: achive, });

let elem = document.getElementById("commentsApp"); if (elem) elem.scrollIntoView();

fetch(url, { method: 'GET' }) .then(response => response.json()) .then(data => { const ach = false; if (this.active == 'latest' && ach) { this.setComments(data.comments); } else if (this.active == 'achieved' && ach) { this.setAComments(data.comments_achieved); setTimeout(() => { let tabElem = document.getElementById('old-tab'); tabElem.click() }, 1000)

} else { this.setComments(data.comments); } }) .catch(err => console.log(err)) .finally(() => { this.is_loading = false

}); }, onSortByChange(sort) { this.selectedSort = sort; this.fetch(); }, attachData(comment) { comment.show_reply_box = (IS_LOGGED_ON && comment.replies.length >= 5); comment.is_saving = false; comment.message = ''; if (!('images' in comment)) comment.images = []; comment.notification = this.notification_obj(); if (!('like_ratings_count' in comment)) comment.like_ratings_count = 0; if (!('dislike_ratings_count' in comment)) comment.dislike_ratings_count = 0; }, setComments(comments) { comments.data.forEach((comment) => { this.attachData(comment); }); this.comments = comments; this.user_ratings = comments.user_ratings; this.user_follows = comments.user_follows; this.comment_count = comments.comment_count;

$(document).ready(function() { setTimeout(function() { $('.lazy').lazy() }, 500);

if (!this.is_opera_mini) { setTimeout(function() { $('textarea.emojionearea').emojioneArea(); }, 500); } }); }, setAComments(comments) { comments.data.forEach((comment) => { this.attachData(comment); }); this.comments_achieved = comments; this.user_ratings = comments.user_ratings; this.user_follows = comments.user_follows; this.comment_count = comments.comment_count;

$(document).ready(function() { setTimeout(function() { $('.lazy').lazy() }, 500);

if (!this.is_opera_mini) { setTimeout(function() { $('textarea.emojionearea').emojioneArea(); }, 500); } }); }, newReplyHandler(comment, reply) { this.attachData(reply); comment.replies.push(reply); this.comment_count++; }, notification_obj() { return { type: 'error', message: '', class_name: function() { return this.type === 'success' ? 'alert-success' : 'alert-danger'; }, error: function(message) { this.type = 'error'; this.message = message; }, success: function(message) { this.type = 'success'; this.message = message; } }; }, sendReport() { if (!IS_LOGGED_ON) { window.bus.$emit('show_login', ''); return; }

this.report_form_feedback = null;

if (this.is_busy) return; this.is_busy = true;

const formElement = document.querySelector("#report_modal form"); let formData = new FormData(formElement); formData.append('_token', this.token);

fetch(`${BASE_URL}api/comments/report`, { method: 'post', body: formData, }) .then(res => { if (res.status === 200) { res.json().then(response => { this.report_form_feedback = { status: 'success' }

/*let index = this.comments.data.findIndex(x => { return x.id === parseInt(response.comment_id); }); console.log(index);*/ }); } else if (res.status === 400) { res.json().then(response => { this.report_form_feedback = { status: 'error', message: response[0] }; }); } }) .catch(err => console.log(err)) .finally(() => { this.is_busy = false;

setTimeout(() => { this.report_form_feedback = null; }, 2000) }); }, yesAction() { $('#user_block_confirm_dialog').modal('hide'); this.confirm_modal_data.resolve(); } }, watch: { comment_count: function(count) { $('.comment-count-d').html(count); } } });

Quick Questions

  • 1 Answers   Β·  
      Β·  
    11 hours ago
  • 0 Answers   Β·  
      Β·  
    10 hours ago
  • 3 Answers   Β·  
    1 day ago

Post your Contribution

Please don’t post or ask to join a “Group” or “Whatsapp Group” as a comment. It
will be deleted. To join or start a group, please

{{ quote.posted_by.display_name }}
{{ settings.form_textarea_description }}


if (this.is_saving) return;

let comment = this.$refs['comment'].value;

if (!comment && this.images.length < 1) { this.notification.error('No comment message or image specified'); return; } this.is_saving = true; let formData = new FormData(); formData.append('comment', comment); formData.append('_token', this.token); // formData.append('rc_token', // rc_token); if (this.quote) formData.append('qtid', this.quote.id); this.images.forEach((image) => { formData.append('images[]', image); });

fetch(`${BASE_URL}api/comments/${this.type}/${this.post_id}`, { method: 'post', body: formData, }) .then(res => { if (res.status !== 200) { res.json().then(response => { console.log(response); this.notification.error(response.join()); }); } else { res.json().then(response => { this.$refs['comment'].value = ''; $('.emojionearea-editor').html(''); this.images = []; $('input[type=file]').val(''); window.bus.$emit('new_comment', response); this.notification.success('Comment was successfully added.'); }); } }) .catch(err => console.log(err)) .finally(() => { this.is_saving = false; }); }, onImageSelect(event, index) { this.images[index] = event.target.files[0]; }, notification_obj() { return { type: 'error', message: '', class_name: function() { return this.type === 'success' ? 'alert-success' : 'alert-danger'; }, error: function(message) { this.type = 'error'; this.message = message; }, success: function(message) { this.type = 'success'; this.message = message; } }; } } });

 
View Answer & Discuss WAEC 2019
66

(a) What is economic integration?

(b) Distinguish between a free trade area and a customs union.

(c) Describe two advantages and two disadvantages of free trade area

View Answer & Discuss WAEC 2019
67

(a) Explain any four causes of demand-pull inflation.

(b) Outline any four undesirable effects of inflation.

View Answer & Discuss WAEC 2019
68

(a) What is unemployment of labour?.

(b) With an example each, explain the following types of unemployment:
(i) frictional unemployment;
(ii)  structural unemployment;
(iii)  seasonal unemployment.

(c)  Outline any four causes of unemployment in a country.

View Answer & Discuss WAEC 2019
69

(a) What is money?

(b) Outline any three characteristics of money.

(c) Explain an effect of inflation on each of the functions of money.

View Answer & Discuss WAEC 2019
70

(a) Define labour force.

(b) Explain the following concepts with an example each:
(i) occupational mobility of labour;
(ii)  geographical mobility of labour.

(c) Outline four factors that can influence the size of the labour force in a country

View Answer & Discuss WAEC 2019
71

(a) State Professor Robbins’ definition of Economics.

(b) Explain the following concepts:

 (i) opportunity cost;
(ii)  scale of preference;
(iii) production possibility curve.

(c) Outline three reasons for the study of Economics as a Subject.

View Answer & Discuss WAEC 2019
72

The table below shows the percentage age distribution of population of country Y in 2010. The population was 200,000. Use the information in the table to answer the questions that follow.

Age group (year) 0 – 18 19 – 40 41 – 60 60 and above
percentage distribution pf population 30% 35% 25% 10%

(a) Calculate the size of the
  i. working population
ii. dependent population

(b) If the population (0 -18) years is increased by 2% and 0.5% of the ages 61 years and above have died, what is the natural increase in the population.

(c) How will you describe the age distribution of the population? Give a reason for your answer..

View Answer & Discuss WAEC 2019
73

The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. Use the information to answer the questions that follow.

Maize (bags)  Total Variables ($) Total cost ($) Total Revenue ($)
0 0 10 0
1 8 w 20
2 10 x 40
3 u 25 y
4 v 32 z
5 28 38 100

a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.

View Answer & Discuss WAEC 2019