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2020 JAN/FEB WAEC GCE ECONOMICS VERIFIED ANSWER
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*2020 JAN/FEB WAEC GCE ECONOMICS VERIFIED ANSWER*
(7a)
tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
(7bi)
Direct Taxes; as the name suggests, are taxes that are directly paid to the government by the taxpayer. It is a tax applied on individuals and organizations directly by the government.
Examples; income tax, corporation tax, wealth tax etc.
(7bii)
Indirect Taxes; are applied on the manufacture or sale of goods and services. In other words these are initially paid to the government by an intermediary, who then adds the amount of the tax paid to the value of the goods / services and passes on the total amount to the end user.
Examples; sales tax, service tax, excise duty, etc.
*5a*
A price floor is the lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low.
7c
Source # 1. Tax:
A tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority.
Source # 2. Rates:
Rates refer to local taxation, i.e., taxation levied by (or for) local rather than central government. Normally rates are proportional to the estimated rentable value of business and domestic properties. Rates are often criticised as being unrelated to income.
Source # 3. Fees:
Fee is a payment to defray the cost of each recurring service undertaken by the government, primarily in the public interest.
Source # 4. Licence fee:
A licence fee is paid in those instances in which the government authority is invoked simply to confer a permission or a privilege.
Source # 5. Surplus of the public sector units:
The government acts like a business- person and the public acts like its customers. The government may either sell goods or render services like train, city bus, electricity, transport, posts and telegraphs, water supply, etc. The government also earns revenue from the production of commodities like steel, oil, life-saving drugs, etc.
Source # 6. Fine and penalties:
They are the charges imposed on persons as a punishment for contravention of a law. The main purpose of these is not to raise revenue from the public but to force them to follow law and order of the country.
*4bii*
*Competitive Demand* is a state of affairs observed between the markets for goods that can readily be substituted for one another. For example, in a competitive demand situation faced by a business, a prospective buyer could choose either of the two competing products and still receive roughly the same level of satisfaction.
(3a)
(i)
(ii) Shares can be define as the individual portion of the companys capital owned by shareholders. While A debenture may be define as a bond, acknowledging a loan, generally under the companys seal and bearing a fixed rate of interest
(3b)
(i) Political Instability:- As a result of frequent change in government, there are also corresponding changes in the board of directors and officials and this does not encourage effectiveness and continuity in the management of public corporation
(ii)lack of qualified personnel:- inefficient and unqualified personnel are always employed to work in public cooperations because such appointments are based on political rather than technical consideration
(iii)Negative attitude of workers:- majority of the workers in public cooperations have a negative attitude to work because they regard public cooperation as no man’s job.
(iv)High Level of embezzlement:- public cooperations are associated with high level of embezzlement on the part of board members who have to settle government official that appointed them and this will eventually lead to financial bankruptcy of the corporation
(8a)
Gross Domestic Product GDP: is the total monetary value of the final goods and services produced in a country in one year both by citizens and foreigners resident in a country
(8b) Net National Product at Market Prices: This is the GNP (m.p) less depreciation i.e
NNP(mp) = GNP (mp) – DP
= C + I + G + (X-M) – DP
(8c)
i) *Problem of unpaid services :* National income data are not very accurate. The reason is that personal services such as driving oneself, cleaning one’s house etc are excluded. It’s only goods and services paid for that are recorded
ii) *Inadequate information :* Information about some payment of goods and services during the year are sometimes not available eg record of wages, salaries paid to workers by private business men
iii) *Effect of changes in general price level:* changes in general price level affects national income data. Increase in price may lead to increase in national income figures which may not be associated with actual increase in the volume of goods and services produced during the year
iv) *Problem of double counting :* The value added method is often used. This involves excluding cost of intermediate materials from the value of output
Posted by admin on 28th January 2020.
Tags: 2020 JAN/FEB WAEC GCE ECONOMICS, 2020 JAN/FEB WAEC GCE ECONOMICS ANSWER, 2020 JAN/FEB WAEC GCE ECONOMICS VERIFIED, 2020 JAN/FEB WAEC GCE ECONOMICS VERIFIED ANSWER
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