WAEC Economics Questions and Answers 2022. In this post, I will provide you with free examples of Economics objectives and theoretical problems. You’ll also learn how WAEC Economics questions are constructed and how to respond to them.
The West Africa Examinations Council (WAEC) is a Nigerian examination organization that holds exams in May/June and November/December for the Senior Secondary Certificate Examination and the General Certificate in Education, respectively.
The WAEC past questions and answers listed below will aid you in your 2022 WAEC Economics Questions.
WAEC Economics Objectives and Essay answers 2022
Today’s WAEC Economics answers loa
2022 WAEC Economics Obj
Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million
(i) Primary sector ==> Mining + Fish farming + food crop production
% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
(ii) Secondary sector ==> Shoe production + Fish processing + Baking
% of secondary sector = (30+19+19)/170 × 100%
(iii) Tertiary (%) = 100% – (40+25)%
Ratio = 16.1/30 = 161:300
% Warehousing = 12.2/170 × 100%
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors
(4a) Product retailing is the practice of dealing with tangible things, and it usually involves the development of a connection with the customer over time as the consumer visits the product retailer frequently.
(4b) I Bulk Breaking: The Wholesaler acts as a bulk breaker for the manufacturer, allowing the retailer to purchase the items. The Wholesaler assists in ensuring that the items are distributed through the channels of distribution by purchasing the goods from the manufacturer and selling them in smaller units to the retailers.
(ii) Financing: Without a wholesaler, the manufacturer may suffer financial difficulties in his firm because he will not be able to recoup the money invested in the manufacturing of the items.
(iii) Dissemination of information: Because the wholesaler is closer to the retailers and consumers, he understands what they want and the complaints that have been made about the manufacturer’s goods.
(4c) I Problems with packaging: Goods packaging is not standardized. This could lead to damage or loss during shipment.
(ii) Inadequate transportation facilities: The country’s weak transportation system has an impact on product distribution and marketing. Because of the poor state of the roads, goods suffer significant damage as a result of accidents.
(iii) A long distribution chain: There are far too many middlemen. The multiple linkages in the distribution system cause the price of commodities to rise dramatically. (5a) Price elasticity of demand can be defined as the degree to which the quantity desired of a commodity responds to changes in its price. In other words, it is the degree to which the amount required responds to a modest change in the commodity‘s price.
(5b) I Elastic demand occurs when a slight change in price results in a larger change in the amount of items demanded. While demand is considered to be inelastic if a bigger change in price leads to a small or slight change in the quantity of goods desired, demand is said to be inelastic if a larger variation in price leads to a small or slight change in the quantity of goods demanded.
(ii) On elastic demand , elasticity is greater than one or unitary , i.e E ==>1<infinity. While on inelastic demand , elasticity is less than one but greater than zero, i.e E ==>0<1
(8a) I Domestic trade refers to the exchange of goods within a country’s borders. While international trade entails the interchange of products and services across national borders, domestic trade involves the usage of a common language. While international trade necessitates the learning of new languages as well as interpretation.
(iii) In internal trade, both buyers and sellers use the same currency. Buyers and sellers in international trade utilize various currencies.
(iv) The legal system in domestic trade is the same. While there are variations in legal systems and cultures in international trade, there are similarities in internal trade.
(8b) The rate at which a country’s exports are exchanged for its imports is known as the term of trade. It is defined as the difference between the prices that a country receives for its exports and the prices that it pays for imports. WHILE The total value of products sold and bought by a country over a specific period, generally a year, is known as the balance of commerce. We have a balance of commerce when visible exports equal visible imports in monetary terms.
(eighth) (Pick Any Four)
I Low agricultural production: As a result, Nigeria’s agro-allied industries are reliant on food imports and imported inputs.
(ii) Low technical development: A country with a low degree of technological development is more likely to import advanced technology.
Inadequacies in export promotion techniques (iii): Export promotion initiatives to boost the country’s earnings are woefully inadequate.
(iv) Excessive government spending: This mindset encourages the government to import a large amount of commodities from all over the world.
(v)inadequate social and economic infrastructure: Inadequate social and economic infrastructure, such as terrible roads, irregular electricity, water, and telecommunications, contributes significantly to low capacity utilization in the industries segment.
(vi)The existence of import-dependent businesses: These industries lower the country’s earnings since they require scarce foreign exchange to buy machines and raw materials from other countries.
The WAEC 2021 Economics Practice Questions are listed below. Go over them and prepare to do well on your WAEC Economics Exam in 2021.
1. Developments outside a given firm which reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
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WAEC Economics Essay (theory)
1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-
|No. of Bottles||Total Utility||Marginal Utility|
(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.
2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
3. a) Explain a minimum price with the help of a diagram.
(a) Describe any five methods for implementing a minimum price for agricultural products.
4. a) Describe the output technique for calculating a country’s gross domestic product.
(a) How is gross domestic product converted into net national product at factor cost?
(c) Identify two flaws with the output technique.
WAEC Economics Essay and Objective 2022 (EXPO)
The above questions are likely WAEC Economics repeated questions and answers, rather than 2022 WAEC Economics questions and answers.
These are just practice questions. The WAEC Economics expo for 2021 will be available on this page 30 minutes before the start of the WAEC Economics test. For the answers, keep checking and refreshing this page.
Note: During the WAEC Economics examination, the 2021 WAEC Economics solutions will be provided here. To find out when the answers are posted, keep checking and reloading this page. Please remember to reload this page to see the answers.
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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
(4ai) Capital expenditures are generally spent on the acquisition of land, buildings, and intangible assets, as well as the creation of fixed assets. While operating expenditures, wages and salaries, purchases of goods and services, and current grants and subsidies are referred to as recurrent expenditures.
(4aii) Monetary policy describes government actions aimed at affecting the amount of money and credit in a given economy. While fiscal policy entails the use of government expenditure and revenue generating (taxation) to influence a variety of economic factors,
(4b) (i)Administrative Purposes in General A country’s administrative machinery may collapse if there isn’t enough money to keep it running; taxes are one source of such money.
Part of the money necessary to support a country’s armed forces comes from taxes.
iii)The Preservation of Law and Order To ensure a country’s internal peace and stability, laws must be written and implemented, which costs money.
(iv)Income Redistribution To do this, income tax is designed to be progressive.
(8a) (i)Commercial agriculture is primarily practiced in developed countries, whereas subsistence farming is primarily practiced in less developed or developing countries.
(ii) Commercial farming is done for profit, whereas subsistence farming is done for the farmer’s and his family’s consumption.
(iii) Commercial farms are extremely large, but subsistence farms are quite modest.
(iv) Commercial agriculture is less reliant on manpower and animal power, whereas subsistence farming is.
(v) Commercial farming has enough irrigation, whereas subsistence farming is primarily dependent on the monsoon.
(8b) I It is often produced on a plot of land that is rather small in size.
(ii) This sort of farming is typically done for food crops, where the farming is done solely to meet the needs of the farmer’s family rather than to sell to the market.
(iii) Farming machinery is often crude.
(iv) Irrigation is done in a primitive or limited manner for this sort of farming.
(8c) -Beneficial effects- (i)It generates revenue for the government (ii)It provides job possibilities for local residents.
-Disadvantages- (i)It results in the loss of precious lands.
(ii)It pollutes the environment and poses health risks.
(3a) Consumer goods are items purchased by the ordinary person for personal consumption. Consumer products, also known as final goods, are the end product of production and manufacturing and are what a customer will see on the store shelf.
(3bi) Fixed capital is defined as the stock of physical, long-term fixed assets owned or used by resident businesses for more than a year.
(iii)vehicles and equipment
(3bii) Social capital is the value of social interactions and networks that supplement economic capital for an organization’s economic growth.
-Examples- (i)when someone opens a door for someone else (ii)when someone returns a lost item to a stranger (iii)when someone gives directions or lends money to someone else
(3biii) Circulating capital is money used for a company’s basic operations.
-For instance- (i)operational expenses (ii)inventory in progress (iii)raw material
(3c) (i)The rate of change in the real interest rate and the rate of change in per capita GDP.
(ii)Fiscal policy and the proportion of labor pay in national income.
(iii)Income distribution and taxation’s high impact.
(6a) In an economy, money is a unit of account that serves as a universally recognized medium of exchange for transactional purposes. … Market-determined legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies are all examples of money.
The number of things that will be exchanged for one unit of money is the (6bi) value of money. Money’s purchasing power, or the amount of goods and services it can buy, determines its value.
(6bii) The desire to hold financial assets in the form of money is known as demand for money. In other words, rather than investments, cash or bank deposits are preferred.
(6c) (i)The cost of a product or service.
(ii)The income of the purchasers.
(iii)The costs of associated items or services—whether complementary and acquired in conjunction with a certain item, or substitutes purchased in place of a product.
(iv)Demand will be driven by consumer tastes or preferences.
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Tips on How to Pass WAEC Economics Questions
The following suggestions will assist you in passing the next WAEC Economics exam.
Make a goal for yourself and work toward achieving it.
I am certain that you have opted to pass WAEC Economics 2021. The next step is to define goals for yourself.
“I will get an A in WAEC Economics 2021,” you’ve assured yourself, but that’s not all. You must devise a strategy for achieving your goal. Make a schedule and a master strategy to reach your objectives.
Get the Recommended Economics Textbook for the NECO Exam in 2021.
In most cases, Neco recommends literature for the exam. Apart from WAEC Literature, where specified books are required, any decent Economics textbook can be used to prepare for the NECO 2020 exam.
Some textbooks are more challenging to comprehend than others. If you’re having trouble understanding a topic, invest in a textbook that will help you learn the material and make your life easier.
Do not skip over the following economic examples and exercises that you will encounter while reading:
While studying textbooks, many candidates enjoy skipping exercises and even examples. We adore notebooks to the point where we would wonder, “Can I read my notebook and pass WAEC Economics 2021?” Don’t be afraid to tackle Economics exercises. Face the difficulties.
Please leave a comment here if you have any questions concerning the WAEC Economics Questions and Answers 2021.