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*2018 WAEC ECONOMIC ANSWERS*
3a) 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
3b)- 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,
3c) – 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
*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
7a) 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.
8 a )
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.
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