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WAEC Economics Questions and Answers 2023 OBJECTIVES (OBJ) ANSWERS Loading
Donprosper: _*QUESTION 7*_
(a) National income refers to the sum total of all the income earned by individuals and organizations within a country’s borders in a certain period (usually a year). It includes wages, salaries, profits, rent, interest, and other forms of income.
b(i) Transfer payment refers to a payment made by the government to an individual or organization for which no goods or services are exchanged. Examples of transfer payment include social security benefits, unemployment benefits, and welfare payments.
(ii) Net factor income from abroad measures the income earned by a country’s residents from investments and employment abroad minus the income earned by foreign residents within the country. It is calculated as the difference between the total income earned by residents abroad and the income earned by foreign residents within the country.
(iii) Double counting is a situation where the same product or service is counted multiple times in the calculation of national income. This can occur in the case of intermediate goods, which are used in the production of other goods and services. To avoid double counting, only the value of the final goods and services produced is counted in the calculation of GDP.
[6/6, 8:26 AM] Donprosper: SECTION B
5. (a) Differentiation between partnership and joint-stock company:
– Partnership is a form of business organization where two or more individuals come together to carry out a business venture.
– In a partnership, the partners share the profits, losses, and responsibilities of the business.
– The liability of partners in a partnership is unlimited, which means they are personally responsible for the debts and obligations of the partnership.
– Partnerships are generally formed through a partnership agreement, which outlines the rights, duties, and responsibilities of each partner.
II. Joint-Stock Company:
– A joint-stock company is a form of business organization where ownership is divided into shares of stock.
– The ownership of a joint-stock company is represented by shares, which can be bought and sold by individuals known as shareholders.
– Shareholders in a joint-stock company have limited liability, meaning their personal assets are not at risk beyond the value of their shares.
– Joint-stock companies are governed by the Companies Act or similar legislation in different countries, which provides regulations and rules for their formation and operation.
II. Preference Share and Ordinary Share:
– Preference Shares: Preference shares are a type of share that gives certain preferential rights and privileges to the shareholders.
– Preference shareholders have a priority claim over ordinary shareholders when it comes to receiving dividends and assets in the event of liquidation.
– They usually have a fixed dividend rate, which means they receive a fixed amount of dividend before any dividend is paid to ordinary shareholders.
– In case of liquidation, preference shareholders have a higher claim on the company’s assets compared to ordinary shareholders.
– Ordinary Shares (also known as Common Shares): Ordinary shares are the most common type of shares issued by a company.
– Ordinary shareholders have voting rights and can participate in the decision-making process of the company.
– They receive dividends after the preference shareholders have been paid their fixed dividend.
– In case of liquidation, ordinary shareholders have a residual claim on the company’s assets after all debts and obligations, including those of preference shareholders, have been settled.
(b) Advantages of a private joint-stock company over a partnership:
1. Limited Liability: Shareholders in a private joint-stock company have limited liability, which means their personal assets are not at risk beyond the value of their shares. In a partnership, partners have unlimited liability, making their personal assets vulnerable to business debts.
2. Easy Transferability of Ownership: Shares in a private joint-stock company can be easily bought or sold, allowing for easy transfer of ownership. In a partnership, the transfer of ownership requires the consent and agreement of all partners, making it more complex and cumbersome.
3. Continuity of Existence: A private joint-stock company has a separate legal entity from its shareholders. This means that the company’s existence is not affected by the death, retirement, or withdrawal of any individual shareholder. In a partnership, the death, retirement, or withdrawal of a partner can lead to the dissolution of the partnership.
4. Access to Capital: Private joint-stock companies have the advantage of accessing capital from a large number of shareholders through the sale of shares. This allows for the company to raise substantial funds for expansion and growth. Partnerships, on the other hand, rely on the capital contributed by the partners and may have limited access to external sources of capital.
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