WAEC Economics Questions and Answers2022/2023 ( Essay and Objects) Related Questions.

 WAEC Economics Questions and Answers2022/ 2023 ( Essay and Objects) 

 

 WAEC Economics Questions and Answers 2022. I will be showing you Economics objects and proposition repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them. 

 

 waec Economics questions and answers 

The West Africa Examinations Council (WAEC) is an

examination body in Nigeria that conducts the Elderly Secondary Certificate Examination and the General Certificate in Education in May/ June and November/ December singly. 

The questions below are the WAEC formerly questions and answers that will help you in your 2022 WAEC Economics Questions.

 Contents ( hide) 

 

 1 WAEC Economics Objects and Essay answers 2022 

 2 WAEC Economics Essay ( proposition) 

 3 WAEC Economics Essay and Objective 2022 ( Exhibit) 

 4 Tips on How to Pass WAEC Economics Questions 

4.0.1 Have a Target and Work Towards Appearing it 

4.0.2 Get the Recommended Textbook on Economics for 2021 NECO Examination 

4.0.3 Don't Skip Economics Exemplifications and Exercise you Will Come Across While Reading 

 WAEC Economics Objects and Essay answers 2022 

 Moment’s WAEC Economics answers loa 

 

 2022 WAEC Economics Obj 

 

 1-10 BCCBDDCCBC 

 11-20 CBABABAAAB 

 21-30 BBCBABAABB 

 

 31-40 BCDDDBDAAB 

 

 (1a) 

 Entire labour force = 30 37 1912.216.110.815.6 1910.3 = 170million 

 

 (1b) 

 (i) Primary sector == > Mining Fish husbandry food crop product 

 

 

 

 of primary sector = (16.110.815.6)/ 170 × 100 

 = 12.5/ 170 × 100 

 = 25 

 

 (ii) Secondary sector == > Shoe product Fish processing Baking 

 

 of secondary sector = (30 19 19)/ 170 × 100 

 = 40 

 

 (iii) Tertiary () = 100 – (40 25) 

 = 35 

 

 (1c) 

 Rate = 16.1/ 30 = 161300 

 

 (1d) 

 Warehousing = 12.2/ 170 × 100 

 = 7.2 

 

 (1e) 

 (i) Mixed frugality 

 (ii) Government and individualities can feature in the three sectors 

 

 

 

 

 (4a) 

 Product merchandising is the process when the haggling are grounded on palpable goods and generally a relationship with the buyer develops overtime when the buyer visits the product retailer constantly over a period of time. 

 

 (4b) 

 (i) Breaking of bulk The Wholesaler serves as a bulk swell to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a lower unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution. 

 (ii) Backing In the absence of Wholesaler the manufacturer might face fiscal challenges in his business because he wo n’t be suitable to get back the capital invested in the product of the goods. 

 

 (iii) Information dispersion Since the Wholesaler is more near to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer. 

 (4c) 

 (i) Packaging problems The packaging of goods isn't formalized. This may affect in damage or loss in conveyance. 

 

 (ii) Shy transport installations The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that goods sustain great damage due to accidents. 

 

 

 

 

 (iii) Long chain of distribution There are too numerous mediators. The multitudinous links along the chain of distribution make the price of goods to increase vastly. (5a) 

 Price pliantness of demand may be defined as the degree of responsiveness of the volume demanded of a commodity to change in the price of a commodity. In order words, it's the degree of responsiveness of volume demanded to a small change in the price of the commodity. 

 

 

 

 (5b) 

 (i) On elastic demand, Demand is said to be elastic if small change in price leads to a lesser change in the volume of goods demanded. While On inelastic demand, demand is said to be in elastic if a larger change in price leads to a small or slight change in the volume of goods demanded. 

 

 (ii) On elastic demand, pliantness is lesser than one or unitary,i.e E == > 10 

( 5c) 

 Diagram 

 

 

 

 (8a) 

 (i) Domestic trade involves the exchange of goods within the borders of a country While External trade involves the exchange of goods and services across public borders 

 (ii) In domestic trade, a common language is used While Extern trade requires knowledge of new languages and interpretation. 

 

 

 (iii) Buyers and merchandisers in domestic trade use the same type of currency While In external trade, buyers and merchandisers use different currencies. 

 

 (iv) In domestic trade, the legal system are the same While in external trade, there are differences in legal systems and culture 

. 

 (8b) 

 Term of trade is the rate at which country’s exports exchange for it’s import. It's expressed as a relationship between the prices a country recieves for it’s exports and the price it pay for import WHILE Balance of trade is the total value of goods vended and bought by a country during a given period, generally a time. When visible exports equal visible significances in financial terms, we have balance of trade. 

 

 (8c) 

 ( Pick Any Four) 

 (i) Low position of agrarian product This makes Nigeria dependent on food significances and exported inputs for heragro-allied diligence. 

 

 (ii) Low position of technological development Low position of technological development makes the country’s a lesser importer of advance technology 

 

 

 (iii) crunches in import creation strategies Export creation strategies to encourage further earnings for the country are grossly shy 

 

 

 

 

 (iv) Inordinate government expenditure This station encourage the government to engage in massive importation of all kinds of goods into the country 

 

 (v) poor social and profitable structure Poor social and profitable structure contribute greatly to low capacity utilisation in the diligence section eg bad roads, irregular force of electricity, water and poor telecommunication 

. 

 (vi) Actuality of import-dependent diligence These diligence reduce the country’s earnings a they demand for the scarce foreign exchange to enable them to land machines and raw accoutrements from abroad. 

 

 The questions below are the WAEC 2021 Economics Practice Questions. Go through them and be ready to score grandly in your WAEC 2021 Economics Examination. 

 

 1. Developments outside a given establishment which reduce the establishment’s costs are called 

A. internal economics 

B. external economics 

C. external diseconomies 

D. optimum goods 

 

 ANSWER B ( external economics) 

 

 2. Still, 1000 kg of yam were bought, the attendant point pliantness of demand is 

, If at 10K perkg.A.0.33 

B.0.0001 

C. 1 

D. 10000 

 

 ANSWER C (1) 

 

 3. A situation in which all inputs are doubled and affair also doubles is known as 

A. constant proportions 

B. adding returns to gauge 

C. constant returns 

D. constant returns to gauge. 

 

 ANSWER D ( constant returns to gauge) 

 

 More WAEC Economics Questions and Answers Loading … 

 

 See 

 

 WAEC English Questions and Answers 

 WAEC Marketing Questions and Answers 

 WAEC Civic Education Questions and Answers 

 WAEC Economics Essay ( proposition) 

 1. The table below represents a rubberneck’s consumption of bottles of Coca-Cola. Study it precisely and answer the questions that follow-

 

 No. of Bottles Total Mileage Borderline Mileage 

 1. 15 15 

2. 29 F 

 3. 42 13 

 4. D 12 

 5. 65 G 

 6. 75 H 

 7. E 0 

 (a) Determine the missing numbers D, E, F, G andH. 

 (b) Draw the demand wind for the rubberneck’s consumption of Coca-Coca. 

 (c) Explain the law of dwindling borderline mileage as the base for the pitch of the rubberneck’s demand wind. 

 

 

 2. (a) Distinguish between profitable conditioning and an profitable system. 

 (b) Explain the following terms 

 (i) Product; 

 (ii) Distribution; 

 (iii) Consumption. 

 

 

 

 3. (a) With the aid of a illustration, explain a minimal price. 

 (b) State any five measures by which a minimal price for an agrarian yield can be made effective. 

 

 4. (a) Describe the affair system of measuring the gross domestic product of a country. 

 (b) How is the net public product at factor cost attained from gross domestic product? 

 (c) State two problems associated with the affair system. 

 

 WAEC Economics 

WAEC Economics Essay and Objective 2022 ( Exhibit) 

 The below questions aren't exactly 2022 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers. 

 

 These questions are for practice. The 2021 WAEC Economics exhibit will be posted on this runner 30 twinkles before the WAEC Economics examination starts. Keep checking and refreshing this runner for the answers. 

 

 Note The 2021 WAEC Economics answers will be posted then during the WAEC Economics examination. Keep checking and reloading this runner to know when the answers are posted. Don't forget to reload this runner in order to see the answers. 

 

 Be patient while staying in case the answers come late 

 

 (2020 Answers) 

 X-80 = -9.8 

 X = 80-9.8 

 X = 70.2 

 

 80-70 = Y 

 Y = 10 

 

 Z = 50/2 

 Z = 25 

 

 (1b) 

 (i) Adding returns ( position 0 to 2) 

 (ii) Dwindling repeats ( position 3 to position 6) 

 (iii) Negative returns ( position 6) 

 

 (1c) 

 The law of dwindling returns states that F adding amounts of one factor are combined with fixed force of other’s in product, a point is reached from which each redundant variable factor added yields loss and lower addition to the total affair 

. 

 (1d) 

 (i) 

 Diagram 

 (ii) 

 

 The total product at any given position of labour input is equal to the sum of all the borderline product up to that position 

 – The MP is zero at the point where TP is maximum 

 

 (4ai) 

 Capital expenditure is primarily expenditure on the creation of fixed means and on the accession of land, structures and impalpable means. While Intermittent expenditure refers substantially to expenditure on 

 operations, stipend and hires, purchases of goods and 

. services, and current subventions and subventions. 

 

 (4aii) 

 Monetary policy refers to government conditioning that are directed toward impacting the volume of plutocrat and credit in an frugality. While Financial policy involves the use of government spending and profit caregiving (taxation) to impact a number of aspects of the frugality 

 

 (4b) 

 (i) General Administrative Purposes The executive ministry of a country may collapse if there is 

 no plutocrat to maintain it; duty thus forms one of the sources of 

 similar plutocrat. 

 

 (ii) Defence Purposes 

 Taxation contributes part of the plutocrat used in maintaining a country’s fortified forces. 

 

 (iii) The Conservation of Law and Order For internal peace and stability of a country to be guaranteed, laws 

. must be made and executed, which bear plutocrat. 

 

 (iv) Redivision of Inflows To achieve this, income duty is made to be progressive in nature. 

 

 (8a) 

 (i) Marketable husbandry is substantially rehearsed in developed countries whereas subsistence husbandry in lower developed or developing countries. 

 

 

 

 (ii) Marketable husbandry is cultivated for gains whereas subsistence husbandry is for the consumption of the planter and his/ her family. 

 

 (iii) Marketable granges are veritably large while that of the subsistence husbandry are relatively small. 

 

 (iv) Marketable husbandry isn't dependent much on man power or beast power whereas subsistence husbandry is dependent. 

 

 (v) In marketable husbandry, there are proper irrigation installations whereas subsistence husbandry is generally dependent upon the thunderstorm. 

 

 (8b) 

 (i) It's generally grown in a piece of land where the land is relatively small in the area. 

 (ii) This type of husbandry is generally done for the food crop where the husbandry is done just to satisfy the demand of the growers family and not for the purpose of dealing it into the request. 

 

 (iii) The ministries which are used for the husbandry process generally primitive. 

 

 (iv) Primitive form of irrigation or little irrigation is done for this type of husbandry. 

 

 (8c) 

-Positive goods-

 (i) It serves as source of profit for the government 

 (ii) It creates job openings for people in the area. 

 

 

 

-Negative goods-

 (i) It causes loss of precious lands 

 

 (ii) It causes environmental pollution and pose health hazards 

 

 (3a) 

 Consumer goods are products bought for consumption by the average consumer. Alternately called final goods, consumer goods are the end result of product and manufacturing and are what a consumer will see grazed on the store shelf. 

 

 (3bi) 

 fixed capital is conventionally defined as the stock of palpable, durable fixed means possessed or used by resident enterprises for further than one time. 

 

- Illustration-

 (i) factory 

 (ii) ministry 

 (iii) vehicles and outfit 

 

 

 

 (3bii) 

 Social capital it principally comprises the value of social connections and networks that round the profitable capital for profitable growth of an association 

 

- Exemplifications-

 (i) when someone opens a door for someone 

 (ii) returns a lost item to a foreigner 

 (iii) gives someone directions or loans 

 

 (3biii) 

 Circulating capital is plutocrat being used for core operations of a company. 

 

- Illustration-

 (i) operating charges 

 (ii) force in process 

 (iii) Raw material 

 

 (3c) 

 (i) The position of the real interest rate and the position of per capita GDP. 

 (ii) The proportion of labor remuneration in public income and Financial policy. 

 

 (iii) The distribution of income and high effect of taxation. 

 

 

 

 (6a) 

 Plutocrat is an profitable unit that functions as a generally honored medium of exchange for transactional purposes in an frugality. … Plutocrat can be request- determined, officially issued legal tender or edict moneybags, plutocrat backups and fiduciary media, and electronic cryptocurrencies. 

 

 (6bi) 

 value of plutocrat, also, is the volume of goods in general that will be changed for one unit of plutocrat. The value of plutocrat is its purchasing power, i.e., the volume of goods and services it can buy. 

 

 (6bii) 

 demand for plutocrat is the asked holding of fiscal means in the form of plutocrat. In othet words that is, cash or bank deposits rather than investments. 

 

 (6c) 

 (i) The price of the good or service. 

 (ii) The income of buyers. 

 (iii) The prices of affiliated goods or services — either reciprocal and bought along with a particular item, or backups and bought rather of a product. 

 

 (iv) The tastes or preferences of consumers will drive demand. 

 

 WAEC Economics OBJ lading … 

 

 1 C 

 2 B 

 3 B 

 4 B 

5 A 

 6 B 

 7 C 

 8 C 

 9 C 

 10 B 

 11 B 

 12 D 

 13 A 

 14 D 

 15 B 

 16 D 

 17 C 

 18 B 

 19 B 

 20 B 

 21 A 

 22 C 

 23 C 

 24 C 

 25 A 

 26 D 

 27 D 

 28 A 

 29 C 

 30A 

 31B 

 32 A 

 33 B 

 34 C 

 35 C 

 36 C 

 37 B 

 38 C 

 39 D 

 40 B 

 41 C 

 42 D 

 43C 

 44 C 

 45 A 

 46 B 

 47 B 

 48 A 

 49 C 

 50 A 

 

 WAEC Economics Questions and Answers Do Well Check for More............