2020 WAEC ECONOMICS & AGRIC ANSWERS HERE!
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(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)
The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other’s in production,a point is reached from which each extra variable factor added yields loss and less addition to the total output
- The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
– The MP is zero at the point where TP is maximum
Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.
Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
Taxation contributes part of the money used in maintaining a country’s armed forces.
(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.
(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.
(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.
(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.
(iii) Commercial farms are very large while that of the subsistence farming are quite small.
(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.
(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.
(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.
(iii) The machineries which are used for the farming process usually primitive.
(iv) Primitive form of irrigation or little irrigation is done for this type of farming.
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards
Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.
(iii)vehicles and equipment
Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans
Circulating capital is money being used for core operations of a company.
(ii)inventory in process
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. … Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies.
value of money, then, is the quantity of goods in general that will be exchanged for one unit of money. The value of money is its purchasing power, i.e., the quantity of goods and services it can purchase.
demand for money is the desired holding of financial assets in the form of money. In othet words that is, cash or bank deposits rather than investments.
(i)The price of the good or service.
(ii)The income of buyers.
(iii)The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.
(iv)The tastes or preferences of consumers will drive demand.
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(i)construction of new feeder roads to open up the rural areas
(ii)construction of water ways to link up the riverine area
(i)Flooding should be avoided
(ii)soil erosion should be properly checked
(i)Government should subsidise the cost of farm input
(ii)Farm input should be supplied at the right time to farmers
(i) Do not overwork draught animals.
(ii) Keep them in a healthy. environment.
(iii) Feed and provide them with adequate water.
(i)Avoid water at all times when working with electricity.
(ii)Never use equipment with frayed cords, damaged insulation or broken plugs.
(iii)If you are working on any receptacle at your home then always turn off the mains
(i) To increase durability.
(ii) To increase efficiency.
(iii) Reduce costs of replacement.
(iv) For safety of the user/avoid accidents.
(v) Avoid damage to the tool.
Soil texture refers to the proportion of sand, silt and clay sized particles that make up the mineral fraction of the soil.
Soil structure refers to the grouping of soil particles (sand, silt, clay, organic matter, and fertilizers) into porous compounds.
Soil profile is a vertical cross-section of the soil, made of layers running parallel to the surface. It allows you to examine the structure of soil. A soil profile is divided into layers called horizons
(i) It is used to rapidly increase the number of desirable cultivars
(ii) It is used to change plant form
(iii) I Used to repair damaged plant parts
(ii) Application of farmyard manure
(iii) Bush fallowing
(i) Storage in airtight bins helps maintaining insect free grains.
(ii) Before storing grains the go downs (store houses) should be disinfected. Following methods of disinfestations of store rooms are recommended
(iii) Threshing yard should be situated more than a mile away from the granaries so as to reduce the chance of pest reaching to granaries through migration.
(iv) For bag storage of grains, “pucca” cement concrete or brick made store houses are recommended.
Method of propagation:
Sexually (by seeds) and vegetative propagation
Spacing in the field:
7.0m × 7.0m
(i)The seedings are now replanted at 60cm × 60cm spacing
(ii)it is planted around April and May
(choose Any Two)
(choose Any two)
Disease |causal organism|Farm animal affected| symptoms|control|
Brucellosis | brucella specie| pig | dysentery and diarrhea | isolation of infected animal.
Aspergilloses. |Aspergillus fumigatus | sheep | skin irrigation | proper sanitation.
(i)it is used as labour as saving device
(ii)it saves space as the batteries are set up in tires
(iii)there are fever eggs with dirty shells
(iv)the poultry house is less noisy
(v)selection is made easier during culling.
(i)Farm or agriculture input are inadequate
(ii)the subject matter specialist are often not properly informed
(iii)there is inadequate transport facilities for extension staff
(iv)Extension agent are not sufficiently motivated
(v)target farmers are largely illiterate.
Balance sheet as at 31st December.
Loan payable to cooperation 250,000
Debit payable to feed Miller’s 100,000
Capital outlay 600,000
Closing valuation 600,000
Cash in bank 250,000
Debit received from egg seller 100,000
(i)to know the financial position of the farm business
(ii)it reveal the assest and liabilities of the farm business
(ii)government agruculral grant
(iv)agricultural credits scheme
(v)agricultural cooperation societies
(i)woodshaving is durable
(ii)woodshaving do not cake up easily
(iii)it does not harbours bacteria as that of saw dust.
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Also read: Waec 2020 Practical Specimens
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