2024 WAEC ENGLISH: (5416)

Economic-Obj

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(5a)

public corporation is that form of public enterprise which is created as an autonomous unit, by a special Act of the Parliament or the State Legislature.

(5b)

(i)Autonomy: Public corporation is an autonomous set up. Therefore it enjoys considerable independence and flexibility in its operations. Initiatives can be taken to tap opportunities and to improve efficiency.

(ii)Protection of public interest: Public corporations can formulate and implement policies which promote public welfare. Policies of the corporation are subject to ministerial review and parliamentary scrutiny. Therefore it would be ensured that public interest is protected and promoted.

(iii)Red tapism minimized: In a public corporation red-tapism and bureaucratic delays are minimized to a great extent. A file need not pass through different levels of bureaucracy as in a departmental undertaking.

(iv)Speedier decisions: Since bureaucracy and red-tapism are reduced to a considerable extent in public corporations, quick decisions can be taken. Delays in decision making is avoided and therefore problems can be solved faster, opportunities can be tapped in a better manner and overall functioning of the organization is improved

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(1)

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(12i)
A perfect market is market that is structured to have no anomalies that would otherwise interfere with the best prices being obtained.

(12ii)
(i) All producers contribute insignificantly to the market. Their own production levels do not change the supply curve.

(ii) All producers are price takers. They cannot influence the market. If a firm tries to raise its price consumers would buy from a competitor with a lower price instead.

(iii) Products are homogeneous. The characteristics of a good or service do not vary between suppliers.

(iv) Both buyers and sellers have perfect information about the price, utility, quality, and production methods of products.

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(9a)

A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.

(9b)

(i)Fairnessor equity: It means that everybody should pay a fair share of taxes.

(ii) Simplicity: It means that taxpayers can avoid a maze of taxes, forms and filing requirements.

(iii) Adequacy: It means that taxes must provide enough revenue to meet the basic needs of society.

(iv) Transparency: It means that taxpayers and leaders can easily find information about the tax system and how tax money is used.

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(6i)

The supply of labour is defined as the amount of labour, measured in person-hours, offered for hire during a given time-period.

(6ii)

(a) Participation Rate as Labour Force:

Normally the number of labourers is based on the population. How much percentage does really work. 

(b) Number of Hours the Labourers is Willing to Work:

The second aspect of supply of labour is hours of work or time. Supply of labour cannot be determined without knowing that how many hours the work is done.

(c) Speed or Intensity of Work:

Speed of work controls the quantity of labour. One labour who works at a double speed completes the supply of other labourer.

(d) Efficiency or Skill of Work:

Skill of work is related with the kind of work that how much wastage is done, how many accidents are committed and many other factors are considered to know the efficiency of work.

(e) Utility Maximisation Tendency Solution:

On OM axis the utility received from market work is shown and on ON axis the utility received from non-market work is shown.

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