2014 - WAEC Economics Past Questions and Answers - page 2

Emigration; is the act of leaving one's own country to settle permanently in another; moving abroad.

A population decline (or depopulation) in humans is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.

A marketing board is an organization created by many producers to try to market their product and increase consumption and thus prices. It can also be defined as an organization set up by a government to regulate the buying and selling of a certain commodity within a specified area.

A change in supply will cause equilibrium price and output to change inopposite directions. a. An increase in supply will cause a reduction in the equilibrium price and an inase in the equilibrium quantity of a good.

A joint-stock company is a business owned by people called shareholders. Each shareholder owns company stock in proportion to the number of their shares (certificates of ownership). An example of a joint stock company today is a business type that is somewhere between a partnership and a corporation.

Common Characteristics of Developing Economies

• Low per capita real income. 
• High population growth rate/size.
• High rates of unemployment.
• Dependence on primary sector. 
• Dependence on exports of primary commodities.

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. 

The numerical values for the PED coefficient could range from zero to infinity. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than proportional effect on the quantity of the good demanded.

Total profit is determined by subtracting total costs from revenues. Total revenue is determined by multiplying the price received for each unit sold by the number of units sold.

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utility from an increase or decrease in the consumption of that good or service.