waec economics essay questions 2022

WAEC Economics Questions and Answers 2022/2023 (Essay and Objectives)

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

The West Africa Examinations Council (WAEC) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in May/June and November/December respectively.

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

WAEC Economics Objectives and Essay answers 2022

Today’s WAEC Economics answers loading…

2022 WAEC Economics answers will be posted here on 7th June 2022 during the exam.

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Note: The answers below are for 2021

(1a) Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(1b) (i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100% = 12.5/170 × 100% = 25%

(ii) Secondary sector ==> Shoe production + Fish processing + Baking

% of secondary sector = (30+19+19)/170 × 100% = 40%

(iii) Tertiary (%) = 100% – (40+25)% = 35%

(1c) Ratio = 16.1/30 = 161:300

(1d) % Warehousing = 12.2/170 × 100% = 7.2%

(1e) (i) Mixed economy (ii) Government and individuals can feature in the three sectors

(4a) Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b) (i) Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.

(ii) Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods. (iii) Information dissemination: Since the Wholesaler is more closer 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 is not standardized. This may result in damage or loss in transit.

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

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably. (5a) Price elasticity of demand may be defined as the degree of responsiveness of the quantity demanded of a commodity to change in the price of a commodity. In order words, it is the degree of responsiveness of quantity 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 greater change in the quantity 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 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

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

(iii) Buyers and sellers in domestic trade use the same type of currency While In external trade,buyers and sellers 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 is 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 sold and bought by a country during a given period , usually a year. When visible exports equal visible imports in monetary terms ,we have balance of trade.

(8c) (Pick Any Four) (i) Low level of agricultural production: This makes Nigeria dependent on food imports and exported inputs for her agro-allied industries.

(ii) Low level of technological development: Low level of technological development makes the country’s a greater importer of advance technology

(iii) inadequacies in export promotion strategies: Export promotion strategies to encourage more earnings for the country are grossly inadequate

(iv) Excessive government expenditure: This attitude encourage the government to engage in massive importation of all kinds of goods into the country

(v)poor social and economic infrastructure: Poor social and economic infrastructure contribute greatly to low capacity utilisation in the industries section eg bad roads, irregular supply of electricity,water and poor telecommunication

(vi)Existence of import-dependent industries: These industries reduce the country’s earnings a they demand for the scarce foreign exchange to enable them to procure machines and raw materials from abroad.

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

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 A. 0.33 B. 0.0001 C. 1 D.10000

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)

More WAEC Economics Questions and Answers Loading…

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:-

(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: (i) Production; (ii) Distribution; (iii) Consumption.

3. (a) With the aid of a diagram, explain a minimum price. (b) State any five measures by which a minimum price for an agricultural produce can be made effective.

4. (a) Describe the output method of measuring the gross domestic product of a country. (b) How is the net national product at factor cost obtained from gross domestic product? (c) State two problems associated with the output method.

WAEC Economics Essay and Objective 2022 (EXPO)

The above questions are not exactly 2022 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.

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

Note: The 2021 WAEC Economics answers will be posted here during the WAEC Economics examination. Keep checking and reloading this page to know when the answers are posted. Do not forget to reload this page in order to see the answers.

Be patient while waiting 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) Increasing returns ( level 0 to 2) (ii) Decreasing reruns ( level 3 to level 6) (iii) Negative returns (level 6)

(1c) 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

(1d) (i) Diagram (ii)

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 expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on operations, wages and salaries, purchases of goods and services, and current grants and subsidies.

(4aii) Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy

(4b) (i)General Administrative Purposes The administrative machinery of a country may collapse if there is no money to maintain it; tax therefore forms one of the sources of such money.

(ii)Defence Purposes Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.

(8a) (i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.

(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.

(iii) Commercial farms are very large while that of the subsistence farming are quite small.

(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.

(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(iii) The machineries which are used for the farming process usually primitive.

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

(8c) -Positive effects- (i)It serves as source of revenue for the government (ii)It creates job opportunities for people in the area.

-Negative effects- (i)It causes loss of valuable lands

(ii)It causes environmental pollution and pose health hazards

(3a) Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.

(3bi) fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

-Example- (i)plant (ii)machinery (iii)vehicles and equipment

(3bii) Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

Examples- (i)when someone opens a door for someone (ii)returns a lost item to a stranger (iii)gives someone directions or loans

(3biii) Circulating capital is money being used for core operations of a company.

-Example- (i)operating expenses (ii)inventory in process (iii)Raw material

(3c) (i)The level of the real interest rate and the level of per capita GDP. (ii)The proportion of labor remuneration in national income and Fiscal policy.

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

(6a) Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. … Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies.

(6bi) value of money, then, is the quantity of goods in general that will be exchanged for one unit of money. The value of money is its purchasing power, i.e., the quantity of goods and services it can purchase.

(6bii) demand for money is the desired holding of financial assets in the form of money. 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 related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.

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

WAEC Economics OBJ loading…

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 2020 Loading…

Tips on How to Pass WAEC Economics Questions

The following tips will help you to pass the upcoming WAEC Economics examination.

Have a Target and Work Towards Actualizing it

You have decided to pass WAEC Economics 2021 and I am sure of that. Now, the next thing you should do is set targets.

You have told yourself, “I will score A in WAEC Economics 2021”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.

Get the Recommended Textbook on Economics for 2021 NECO Examination

Normally, Neco recommends books for the examination. Apart from WAEC Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2020 exam.

Some textbooks are more difficult to understand. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you.

Do not Skip Economics Examples and Exercise you Will Come Across While Reading:

Many candidates are fond of skipping exercises and even examples while studying textbooks. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass WAEC Economics 2021?” Don’t be scared of attempting exercises in Economics. Face the challenges.

If you have any questions abouta the WAEC Economics Questions and Answers 2021, kindly drop your question in the comment box.

Also Read: Questions and Answers for WAEC CRK/CRS 2022/2023

Question and Answers for WAEC Chemistry 2022/2023

Question and answers for waec chemistry 2022/2023 (theory and objectives), the most common errors students make when writing exams, waec literature in english questions and answers 2022/2023 (theory and objective), about author.

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FREE WAEC Economics Past Questions and Answers (DOWNLOAD PDF)

If you are preparing to write the West African Examinations Council (WAEC) Economics exam, you may be wondering how to best prepare for the test. One way to improve your chances of success is to review past questions and answers. By studying previous exams , you can gain insight into the types of questions that may be asked and familiarize yourself with the exam format.

WAEC Economics past questions and answers are available for download online. These resources are often free and can be found on various websites. You can also purchase past questions and answers in book form . By using these resources, you can practice answering questions and assess your knowledge of the subject matter. This can help you identify areas where you may need to focus your studies and improve your overall understanding of Economics.

In addition to reviewing past questions and answers, it is also important to understand the exam format and structure. The WAEC Economics exam typically consists of multiple-choice questions and essay questions. The exam may cover a range of topics, including microeconomics, macroeconomics, and international trade. By understanding the exam format and content, you can better prepare for the exam and increase your chances of success.

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Table of Contents

Understanding WAEC Economics

If you’re planning to take the WAEC Economics exam, it’s important to have a good understanding of what the exam entails. Economics is a social science that studies the production, distribution, and consumption of goods and services. The WAEC Economics exam is designed to test your understanding of these concepts, as well as your ability to apply them to real-world situations.

The exam consists of two papers: Paper 1 and Paper 2. Paper 1 is an objective test that consists of 50 multiple-choice questions. You will have 1 hour and 30 minutes to complete this paper. Paper 2 is a theory test that consists of eight essay questions. You will have 3 hours to complete this paper.

The WAEC Economics exam covers a wide range of topics, including microeconomics, macroeconomics, international trade, and economic development. Some of the key topics that you should be familiar with include:

Demand and supply
Market structures
National income accounting
Inflation and deflation
Balance of payments
Economic growth and development

To prepare for the WAEC Economics exam, it’s important to review past questions and answers. This will give you an idea of the types of questions that are likely to appear on the exam, as well as the format of the questions. You can find past questions and answers online or in textbooks.

In addition to reviewing past questions and answers, it’s also important to study key concepts and theories. Make sure you understand the basic principles of economics, as well as how to apply them to real-world situations. You should also practice writing essays, as this will help you to develop your writing skills and prepare for Paper 2 of the exam.

Overall, the WAEC Economics exam is a challenging but rewarding experience. With the right preparation and study, you can achieve success on the exam and gain a deeper understanding of the principles of economics.

Tips for Answering WAEC Economics Questions

When it comes to answering WAEC Economics questions, it is important to have a strategy in place to help you tackle the questions effectively and efficiently. Here are some tips to help you:

Read the Question Carefully: The first step to answering any question is to read it carefully. Make sure you understand what the question is asking before you start writing your answer.
Plan Your Answer: Before you start writing, take a few minutes to plan your answer. Identify the key points you want to make and the examples you want to use to support your argument.
Use Relevant Examples: Using relevant examples is a great way to show that you understand the concepts being tested. Make sure the examples you use are relevant to the question being asked.
Be Concise: It is important to be concise when answering WAEC Economics questions. Stick to the point and avoid unnecessary details that do not add value to your answer.
Use Proper Terminology: Use proper economic terminology when answering the questions. This shows that you understand the concepts being tested and can communicate your ideas effectively.
Show Your Workings: When answering calculation questions, make sure you show your workings. This will help you get partial credit even if your final answer is incorrect.
Manage Your Time: Time management is crucial when answering WAEC Economics questions. Make sure you allocate your time wisely so that you have enough time to answer all the questions.

By following these tips, you can improve your chances of getting a good grade on your WAEC Economics exam.

How To Get The WAEC ECONOMICS Past Questions

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Frequently Asked Questions(FAQ’s)

What are the topics covered in the waec economics syllabus.

The WAEC Economics syllabus covers various topics such as demand and supply, production, distribution, exchange, market structure, national income, inflation, money and banking, economic growth, international trade, economic integration, and economic planning.

How can I access WAEC Economics past questions and answers?

You can access WAEC Economics past questions and answers online through various websites such as Myschool.ng, Prepstage.com, Edupadi.com, and Ghstudents.com. These websites offer free and downloadable WAEC Economics past questions and answers in PDF format.

What is the format of the WAEC Economics objective answer section?

The WAEC Economics objective answer section consists of 50 multiple-choice questions. Each question has four options, and you are required to choose the correct answer. The objective answer section carries 50% of the total marks for the Economics paper.

Where can I find JAMB past questions and answers on Economics in PDF format?

You can find JAMB past questions and answers on Economics in PDF format online through various websites such as myschool.ng, jamb.org.ng, and flashlearners.com. These websites offer free and downloadable JAMB past questions and answers on Economics.

What are some common topics covered in Economics past questions and answers for SS1 First Term?

Some common topics covered in Economics past questions and answers for SS1 First Term include the basic concepts of Economics, the law of demand and supply, factors of production, types of market, national income, inflation, and economic growth.

How can I improve my understanding of Economics through WAEC e-learning?

You can improve your understanding of Economics through WAEC e-learning by accessing the Economics course materials and resources on the WAEC e-learning portal. The portal offers various learning resources such as interactive videos, animations, quizzes, and e-books that can help you understand Economics better.

WAEC Economics 2022 Answers & Questions

ECONOMICS OBJ: 1-10: DBCDCDBCCD 11-20: BAABABDBDB 21-30: BCBDBCCACC 31-40: CBBDDBCDBA 41-50: BBCBDCCACC

Waec Economics 2022 Answers, Waec Economics 2022 Answers, questions on Econs Waec 2022 Waec Economics Answers 2022. Waec 2022 Economics obj, 2022 Waec Economics Obj and essay answer, Waec Economics 2022 Many Waec candidates have difficulty to solve questions on the Waec 2022 Economics obj and Essay questions and answers properly due to a lack of understanding the questions. I will guide you through how to solve Waec 2022 questions on Economics and get a great Waec score on your Computer test. Waec Economics answers 2022 for 2022 Waec Economics answers and answers, Economics theorems Waec 2022 Waec Economics Questions and Answers 2022 Waec 2022 Economics Answers

Waec Economics Questions and Answers 2022. For the National exam Council (June/July 2022. Economics Answers. This article will provide you with a variety of questions, as well as answers to the questions on your Waec Economics exam 2022. This article will help you to understand what you will be asked in the Waec Economics answers 2022.

Economics 2 (Essay) – 09:30am – 11:30am Economics 1 (Objective) – 11:30am – 12:30pm

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(7ai) Mortgage banks are financial institutions that specialise in granting loans to individuals and corporate bodies for building purposes. Such loans are repair by installment and can be spread over several years Example of Mortgage banks are Union Homes and Saving LTD, AG Homes and Savings LTD etc WHILE Marchant banks are financial institutions which perform specialized function, such as acceptance of bills of exchange , insurance of loans for foreign trade transaction,issuance of new shares and provision of medium and long term loans. Example of Merchant banks are ABC Merchant Bank, Merchant Banking corporation etc (7aii) Commercial banks are financial institutions which accept deposits and other valuables from the public for safekeeping. In other word s, commercial banks are financial institutions that perform the services of holding people’s money and accounts and using such money to make loans and other financial services available to customers Examples of commerical banks are First bank of Nigeria, Union bank of Nigeria etc WHILE Development banks are specialized financial institutions which provide long-term credit or loan to other enterprises for capital projects. They provide loans for projects in the area of agriculture,commerce and industry. Examples of development banks are Industrial development banks(N.I.D.B),Nigeria Bank of commerce and industry (N.B.C.I) etc

(7b) (PICK ANY FOUR) (i)Acceptance of deposit: Commercial banks accept deposits from the public for safe keeping. This is the oldest function of commercial banks, which helps in taking care of people’s money. Money can be kept in current, fixed and savings accounts.

(ii)Lending of money: This is perhaps the most profitable function of commercial banks. Deposits from different customers are pooled together and given out as loans and overdrafts with interest to people and firms for profitable investment.

(iii)Agent of payment: Commercial banks can act as agent of payment on behalf of their customers. They encourage and permit customers to have current accounts in which they can draw by cheque without notice. Money can also be transferred from one account to another e.g credit transfer.

(iv) Foreign exchange transaction: Commercial banks make foreign currencies available to their customers. They participate in foreign exchange market and help in solving any problem relating to foreign exchange.

(v) Discounting bill of exchange: Creditors can be paid by the bank immediately by Discounting bill of exchange for their customers. This enables the Creditors to be paid instantly and the debtors is allowed a period of credit.

(vi)Safe keeping of valuables: Commercial banks helps in the safe keeping of customers valuables: such valuables includes costly jewellery and important documents such as wills, share certificate and educational certificate. They are able to perform thus function effectively because they have facilities gir safe keeping such as safes and vaults.

(8a) Economic integration is a form of economic cooperation among countries with the aim of achieving higher economic growth and development. This economic cooperation includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.

(8b) (PICK ANY THREE) (i) Language barrier: Member states are polarized into English, French and Portuguese languages. This is seen as a barrier to the unity of the peoples of the sub-region; (ii) Fear of domination : Some of the smaller nations have great fear that big nations in the Community might dominate them. Hence, there is mutual suspicion among them. (iii) Influence of foreign powers and ex-colonial masters: Member states depend on them economically. (iv) Political Instability in member states: This results in different approach to ECOWAS issues by leaders of member states. (v) Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation of ECOWAS.

(8c) (PICK ANY THREE) (i) Road construction between big cities: The highways Lagos-Abidjan, Nouakchott-Lagos have made commuting much easier that it was before. The road network Elubo – Alflao – Lagos is one of the achievements. (ii) Relationship establishment between Anglophone and Francophone: The relations between the Anglophone and Francophone have been stabilized. It has been done through the ECOWAS passport. It has significantly eased the movement of people within those areas. (iii) Provision of Telephone network for the member states: Nowadays, interconnection is available for all countries of the African Union. (iv) No strict borders for nations and trades: ECOWAS has enabled West Africans to easily move among the West African countries. Also, the trade barrier has been removed. People, goods and services travel around the countries with ease. (v) Peace and security throughout the sub-region: The state of peace is kept by ECOWAS Monitoring Groups. The zones of conflicts are not so troublesome compared to what it used to be.

(4a) (i)Labour force: Labour force can be defined as the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.

(ii)Efficiency of labour: Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced.

(4b) (PICK ANY FIVE) (i)Age structure of the population: The structure of a country’s population is a significant determinant of the size of the labour force. The lower the dependant people, the higher the supply of labour and vice versa. In otherword, the labour force will increase in a country with a greater number of its people between the ages of 18 and 65 years.

(ii)Role of women in the society: In some societies, women are usually prevented from engaging in gainful employment because of religious belief, social and cultural factors and this affects the size of labour force.

(iii)Number of working hours and working days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.

(iv) The number of disabled: When the number of disabled persons is high especially within the working population, the supply for labour will be low.

(v) The number of people unwilling to work: There are certain number of able bodied people who are also between the age bracket of 18 and 65 years but are unwilling to work. If their population is high, it will affect the size of supply of labour

(vi) Migration: The rate of migration can also affect the size of labour force. If the rate at which the working population leaves a country is higher than the rate at which people come in, it will lead to reduction in the supply of labour.

(vii)Trade union activities: The activities of trade union may also affect the supply of supply. For example, when a long period of training is imposed on a certain trade, this may discourage people from engaging in such trade or profession leading to a reduction in supply of labour.

(viii)Government policies: Certain government policies can affect the supply of labour. E.g. specific laws are made to exclude children and women from working in ministries. This can reduce the supply of labour to that area or field.

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Waec Economics 2022 Answers

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Past Questions & Answer

2022 WAEC Economics Objectives and Essay Past Questions with Solutions

Are you an exam candidate seeking revision materials, this past questions with Solutions will help you prepare for your exams.

ORDER OF CONTENT

Objectives Questions

Essay Questions

Objectives solutions

Essay solutions.

2022 WAEC ECONOMICS OBJECTIVES QUESTIONS

1. Scale of preference shows A. incomes of consumers in order of size. B. utilities enjoyed by consumers. C. opportunity cost of goods consumed. D. consumers wants in order of priority.

2. There is unemployment of resources when production is A. within the production possibility curve. B. outside the production possibility curve. C. along the production possibility curve. D. adequate to meet market demand.

3. A major characteristic of natural re- sources is that they A. are unlimited in supply. B. have high cost of production C. are free gifts of nature. D. do not command any price.

4. A major disadvantage of a capitalist economy is that it A.. leads to low production of goods and services. B. requires large number of officials to operate C. considers individual con- sumers satisfaction. D. worsens in- come inequality among the citizens.

5. The mining sector of an economy contributes 60% to the Gross Domestic Product (GDP). If the GDP is $540, what is the contribution of the mining sector? A. $90.00 B. S180.00 C. S324.00 D. $350.00 6. The increase in the demand for a commodity may lead to a decrease in the demand for another if both are A. in complementary demand. B. of the Same quality. C. in composite demand. D. in competitive demand.

7. The demand curve for goods of ostentation is usually A. negatively sloped. B. positively sloped. C. vertical. D. horizontal.

8. Which of the following factors is not a cause of change in demand? A. Changes in taste and fashion B. income dis tribution C. price of the commodity D. the size of the population

9. If the quantity demanded of a comodity increases from 20 units to 30 mits when there is an increase in price trom S4.00 to S5.00, the elasticity of demand is A. 0.50. B. 0.65. C. 2.00. D. 2.50.

10. The supply curve of a locally-produced good may shift to the right if A. there is an increase in taxes on inputs. B. government increases subsidies. C. rural-urban migration is encouraged. D. the price of the commodity increases.

11. In perfectly elastic supply, the supply curve A. is vertical. B. is horizontal. C. slopes upward. D. slopes downward.

12. An increase in the price of commodity X led to a fall ‘in the supply of commédityY. coamodities X and Y are A. competitive goods. B. composite goods. C.jointly supplied. . derived goods.

13. The production of rice and yam on the same farmland is an example of A.

joint supply. B. composite supply. C. competitive supply. D. market supply.

14. A consumer of a single commodity is in equilibrium when A. he can equate his demand with price. B. he equates marginal utility and price. C. he can equate his marginal and total utilities. D. his marginal utility is equal to zero.

15. If the government imposes a mini- mum price on a commodity A. market surplus occurs. B. the market will be cleared in the short-run. C. excess demand occurs D. governthent regulation is no longer needed.

16. A minimum price legislation is also called A. price ceiling. B. price floor. C. price control. D. price mechanism.

17. Which of the following factors is not a cause of diminishing returns? A. Increase in variable inputs B. Land fragmentation C. Constant technology D. Technological innovations

18. In manufacturing, division of labour may be hindered by A. excessive demand for the product. B. low level of technology. C. excess supply of labour. D. increase in the export of goods.

19. The production cost that varies in- versely with output is the A. total fixed cost. B. marginal cost. C. average fixed cost. D. average cost.

20. A firm that closes down will still incur A. variable cost. B, fixed cost. C. total cost. D. marginal sost.

21. The sufficient condition for a firm to be in equilibrium is that the A. firm must show that it is profitable. B. mar- ginal cost must be equal to average revenue. C. marginal revenue curve is above the average revenue curve. D. marginal cost curve cuts the marginal revenue curve from below.

22. Cooperative societies are formed mainly to A. assist producers to maximize their profits. B. encourage thrift and credit among members. C. promote and maintain the welfare of members. D. break the monopolies of private companies.

23. A disadvantage of a joint-stock company is A. unlimited liability. B. limited liability. C. lack of continuity when a shareholder dies. D. limited control in management by shareholders.

24. The middleman is responsible for A. providing research facilities. B. pur- chasing raw materials. C. designing the product. D. breaking the bulk.

25. A major function of the retailer is to A. grant credit to the wholesaler. B. break bulk and sell products in small units. C. reduce cost of distribution. D. generate demand for products through advertisement.

26. A positive effect of a rapid population increase is A. an excessive budget deficit. B. a reduction in standard of living. C. a wider market for goods

and services. D. a higher dependency ratio.

27. Which of the following factors may not affect the efficiency of labour? A. education and training B. Provision of welfare service C. Race and colour of workforce D. Quality of other factor inputs

28. The type of unemployment found among workers who leave their jobs in search of other jobs is teried A. seasonal unemployment. B. structural unemployment. C. frictional unemployment. D. cyclical unemployment.

29. The main objective of marketing boards is to A. accumulate revenue for government. B. educate farmers on pricing of cash crops. C. stabilize the incomes of cash crop farmers. D. provide warehousing facilities.

30. The use of mass advertising media will enable a firm to enjoy A, managerial economies. B. financial economies. C. marketing cconomies. D. welfare economies.

31. Which of the following industries will add more value to primary products? A. Service industry B. Construction industry C. Mining industry D. Processing industry

32. Gross National Product (GNP) less the provision for the wear and tear of assets is the A. net present value. B. net national product. C. net factor in- come. D. net indirect taxes.

33. An example of transter paynments in national income accounting is A. money transferred to another countrv B unemployment allowance paid to the citizens. C. the amount paid to a worker on transfer. D. transfer of fuids from one bank to another.

34. Increasing national income without effective control of population size in a country can lead to A. higher per capita income. B. increase in poverty. C. increased outflow of aid. D. underutilization of resources.

35. An example of commodity money is A. currency note. B. mobile money. C. cheques. D. silver.

36. If inflation is anticipated, people may A. save more money. B. spend more money. C. give out more loans. D. spend less money.e

37. If the Central Bank increases its bank rate A. many banks will shut down their operations. B. customers will borrow more from banks. C. the supply of money may be reduced. D. interest charges by banks will fall.

38. Commercial banks are diferent from development banks in that the latter A. lend on short-term basis. B. pay interest on current accounts only. C. are mostly joint-stock companies. D. do not deal in foreign currencies.

39. The use of the bank rate, cash ratio

and open market operations constitute A. fiscal policy. B. monetary policy. C. import policy. D. export policy.

40. Fiscal policy measures imply a change in A. only taxation to control aggregate demand. B. bank rates to influence lending. C. only government expenditure to regulate an economy. D. government revenue and expenditure to regulate an economy

41. If demand is perfectly inelastic, a tax imposed A. is borne only by the producer. B. is borne only by the consumer C. will have greater impact on the seller. D. will have no impact on the buyer.

42. Deve’opment planning focuses mainly on A. illocation of resources by the entreprenurs. B. mapping out strategies by the government. C. developing some areas of the country by the government. D. deciding on which types of homes to build.

43. Political instability hinders economic growth because it A. scares many people from politics. B. prevents politicians from playing effective politics. C. discourages entrepreneurs generally. D. encourages urban-rural migration.

44. Foreign investment and long term securities in the balance of payments accounts are recorded as A. current account transaction. B capital account transaction. C. balance of trade ac- count transaction. D. invisible balance account transaction.

45. An argument for the use of commercial policy rest on the need to A, make imported goods affordable. B. reduce domestic unemployment. C. encourage the importation of non-essential goods. D. make a country enjoy absolute advantage in production of all goods.

46. Which of the following measures can lead to an increase in exports? A. Increase in export duties B. Increase in excise duties C. Depreciation of cur- rency D. Total ban on imports

47. Given that a country’s index of export price is 180 and that of import 200, the terms of trade is A. 0.09. B. 2.00. C. 90.00. D. 380.00.

48. A benefit that is present in all forms of economic integration is that A. factors of production are free to move and be moved. B. Common currency is in use. C. common agricultural policy is in place. D. the size of the market is widened.

49. The main function of the African Development Bank (ADB) is to A. promote free trade and development among members. B. provide loans to finance balance of payments problems. C. provide loans to members to finance viable projects. D. help members overcome their internal problems.

50. If petrol is no longer needed to produce energy, then demand for crude oil A. will increase. B. will remain constant. C. may be limited to chemical industries. D. will make producing countries richer.

2022 WAEC ECONOMICS THEORY QUESTIONS

SECTION A 1. A hypothetical national income data for a country in a particular year is presented below.

From the data above, answer the following questions. Calculate the: (a) Gross Domestic Product (GDP): (b) Gross National Product (GNP): (c) Net National Product (NNP). The diagram below shows the effects of the introduction of a subsidy on the production of maize. Study the diagramn and answer the questions that follow.

2a(i) Identify the curves labelled X, Y and Z. (ii) State the direction of change in price 2 and quantity with the introduction of subsidy. (b) Calculate the total revenue of the producers: (i) before the introduction of subsidy; (ii) after the introduction of subsidy. (c) Calculate the percentage increase or decrease in the total revenue of the producers with the introduction of subsidy: (d) If the quantity demanded of maize increases from 20 to 40 bags as a result of a fall in price from S15 to S10, calculate the price elasticity of demand. (e) State the type of elasticity of demand in 2 (d).

SECTION B 3(a)Define the term limited liability. (b) Describe four differences between a public joint-stock company and a private joint-stock company.

4(a)Distinguish between labour force and efficiency of labour (b) Describe five factors which determine the size of the labour force in a country efficiency of labour.

5(a)What is a demand schedule? (b) Explain each of the following terms: (i) effective demand; (ii) composite demand; (ii) derived demand. (c) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its: (i) substitute; (ii) complement.

6(a)Explain the following types of taxes: (i) specific tax; (ii) value-added tax. (b) With the aid of diagramns, describe the effects of an indirect tax on a commodity when demand is: (i) perfectly inelastic; (ii) perfectly elastic,

7(a)Distinguish between a: (i) mortgage bank and a merchant bank (ii) commercial bank and a development bank. (b) Explain any four functions of commercial banks.

8(a) What is economic integration? (b) Outline any three short-comings of the Bconomic Community of West Af- rican States (ECOWAS). (c) Highlight any three achievements of the Economic Community of West African States (ECOWAS).

2022 WAEC ECONOMICS OBJECTIVES SOLUTIONS

1. D: scale of preference is a list of consumer’s wants in order of priority

2. A: a point within the production possibility curve indicates that there is under-utilization of resources

3. C: natural resources are free gifts of natures because they are not invented by anyone 5. C: 4. D: in a capitalist economy, the rich get richer because exploitation of the poor is the order of the day Contribution of mining sector =60% x $540 = $324

6. D: when the increase in demand for one good lead to decrease in demand for another goods, then, it can be said that the goods are competitive

7. B: ostentation goods are goods that people demand more of it when their prices rise, Thus, it will have a positive gradient

8. B: income distribıtion does not de- termine the demani for goods but income does. 9. C: Price elasticity of demand

10. B: a rightward shift in supply curve is an increase in supply. One of the factors that can lead to increase in supply is when government increase subsidy. This is because the supplier will have more resources to increase his/her production.

11. B: when demand/supply is perfectly elastic, the curve will be horizontal because the price is fixed

12. C: since an increase in price of X wil lead to decrease in demand for X, thus, there will be decrease in supply of goods jointly produced with X such as good Y

13. B: a composite supply is a type of supply when a single factory can produce more than one output

14. B: a single consumer is aid to be at equilibrium when MU, = P, where MU, = marginal utility for good X while P,= price of X

13. C: minimum price is usually set above the equilibrium price. Thus, excess supply will first occur in the market

16. A: minimum price regulation, since it occurs above the equilibrium price is referred to as price ceiling

17. B: if land is fragmented, it means it is fixed, Thus, will not lead to diminishing return

18. B: technology aid division of labour. Thus, low level of technology may hinder division of labour.

19. C: as output increases, average fixed cost decreases. Thus, number of out-put and average fixed cost have in-verse relationship

20. B: fixed cost will be incurred whether a firm produce or not. But some of the fixed cost can be eliminated when a firm shutdown

21. D: the sufficient condition for equi- librium of a firmn is for the marginal cost curve to cut the marginal revenue curve from below

22. C: cooperative society is aimed at promoting the welfare of its members

23. D: in joint stock company, the owners have limited control of the company since the affairs of the company is entrusted to hired personnel

24. D: the middlemen break large quantities into smaller units for consumers

25. B: the retailer break bulk so as to sell to final consumers in units.

26. C: an increasing population will make the market of the economy to be wider

27. C: race and colour of labour does not determine the efficiency of the labour

28. C; frictional unemployment is those unemployed as a result of search for new job

29. D: one of the major objectives of marketing board is to provide storage facilities for farmers. Through this, the income of the farmers can be stabilised

30. C: mass advertising media will marke the product of the firm. Thus, enjoying marketing economies of scale.

31. D: processing industry, having col- lected the primary products from the mining firms, will process it to make it more valuable

32. B: GNP- depreciation = NNP

33. B: transfer payments are all payment made without a tangible economy value for it such as unemployment benefits

34. B: if the national income is increasing and the population is not checked, the increasing population will outweigh the effect of the increasing national income and that will lead to poverty

35. D: a commodity money is an object that has intrinsic value and which can also serve as money

36. B: if inflation is anticipated such as hike in price of fuel, people will buy more now.

37. C: if the central bank increases the bank rate, commercial banks will give lesser loan, thus, that will reduce cre- ation of money

38. B: development banks do not operate savings account

39. B: monetary policies are tools used by the monetary authority such as the central bank to regulate the volume of cash in the economy

40. D: iscal policy refers to all govern- ment tools of spending and revenue used to regulate the economy

41. B: if demand is perfectly inelastic, the) demand curve will be vertical. That means the consumers are ready to buy at any price. Thus, the producer feel relax to transfer all taxes to the consumer

42. B: development planning involves mapping out strategies to be used by the government to boost development of the state

43. B: political instability discourages politicians from putting in the best policies because they are not assured of the future.

44. B: foreign investment and long-term securities are recorded in the capital account because they do not occur regularly

46. C: when a country’s currency is depreciated in relation to other currency, the export become cheaper. Thus, that can lead to increase in export.

47. No answer. Term of Trade = export price index/import price index = 180/200 = 0.90

48. D: Economic integration creates the opportunity of wider markets for citizens 49. C: A/DB aims at providing loans for members to execute viable projects such as roads 50. C:

2022 WAEC ECONOMICS THEORY SOLUTIONS

1(a)Gross Domestic Product = wages and Salaries + Income from self-empioyment + Interest + Rent + Profits and dividends + Royalties – Stock appreciation =S[(250+120+10+25+35+2)-5] million =$ (442-5) million =$ 437 million

(b) Gross National Product = Gross Domestic Product + Income from abroad – Income paid abroad =$ (437 +50-75) million = $412 million

c) Net National Product = Gross National Product – Depreciation allowance =S(412 – 3) million =$ 409 million

2a(i)X = Demand curve Y= Old/Original/Initial supply curve/ Supply curve before subsidy/S1 Z= New supply curve/supply curve after subsidy/final supply curve/S1

(ii) Price decreases from S 15 to $ 10. Quantity ifereases from 20 bags to 40 bag

b (i) Total revenue before the subsidy: TR = P xQ =$15 x 20 =$ 300.00 (ii) Total revenue after the subsidy: TR =P x0 =S 10 x 40 =$ 400.00

(e) Demand is elastic.

SECTION B 3(a) Limited liability exists where the financial obligations of a firm’s owners, in case it fails, is limited to the amount of capital invested in the enterprise.

b (i) Ownership: A private joint-stock company is made up of between 2 and 50 members while a public Joint-stock company is made up of between 7 and infinity. (ii) Finance: The private company raises shares privately while the public company raises capital through the stock market.

OR Shares for the private conpany are not quoted on the Stock exchange but public companies have their shares listed on the Stock exchange.

(iii) Publishing of accounts: Private companies are not mandated to publish their annual accounts, but public companies are compelled by law to publish their accounts.

(iv) List of directors: Private companies are not under obligation to submit the list of directors to the Registrar of Companies, but public ones are requested by law to do so.

(v) Transfer of shares/ownership: Members of private companies cannot easily transfer shares, but shareholders of public companies can easily do so through the stock market.

(vi) ln public companies ownership is separated from management, while in private companies ownership may not be separated from management.

(vii)The name of a public company must end with Plc’ and that of a private company “ltd”.

c (i) Personal savings. (ii) Borrowing from family and friends. (ii) Loans from financial institutions. (iv) Plough back profits. (v) Trade credit. (vi) Grants/loans from government. (vii)lnheritance. (vii)Sale of assets. (ix) Hire purchase. (x) Leasing of assets. (xi)A ssistance from family and friends.

4a (i) Labour force refers to the proportion of a couniry’s population in the working age group who are employed or are seeking employment, while Efficiency of labour refers to the ability of labour to achieve the highest output possible without compromising quality in a given period of time.

b (i) The total population of the country If the total population is large, labour force will be large and vice versa.

(ii) The age distribution of the couniry’s popuiation. If the population is youthful, labour force will be large and vice versa.

(iii) The officiał retirement age of workers. If this is low. labour force will be reduced and vice versa.

(iv) The number of women who take un paid jobs. If this is large, labour force will be also large and vice versa.

(v) Schooi leaving age of students. If this is low, labour force will be large and Vice versa.

(vi) The number of people pursuing further studies after the school leaving age. If this is large then labour force will be small.

(vii)Th number of people who retire voluntarily before the official retirement age. If more People retire before the official retirement age, labour force will be small and vice versa.

(vii)The number of disabled persons of working age. If this is quite large, labour force will be small and vice versa.

(viii) The number of disabled persons of working age. If this is quite large, labour force will be small and vice versa. (ix) The number of persons in voluntary unemployment. If this is large, labour force will be small and vice versa.

(x) The net migration. If the number of immigrants is higher than the number of emigrants the labour force will be large and vice versa.

5 (a) A demand schedule is a table showing the quantities of a commodity demanded at various prices.

b(i) Effective demand refers to the desire for a commodity backed by the ability to pay at a particular price and time.

(ii) Composite demand refers to the demand for a commnodity due to its various uses.

(iii) Derived demand refers to demand for a commodity, not for its own sake, but for the production of another commodity. ci) In the case where two commodities are substitutes e.g. Margarine and butter. When the price of margarine increases from P1 to P2, its quantity demanded will decrease from Q1 to Q2. When this happens, consumers being rational will switch increasing the demand for butter shown by a rightward shift of the demand curve from D1D1 to D2D2:

C(ii) In the case where the commodities are complement, e.g Torch and batteries

When the price of torch increases from P1 to P2, the quantity demanded will fall from Q1 to Q2. When this happens, the demand for batteries will fall. Shown by a leftward shift of the demand curve from D1 D1 to D2D2.

6a (i) Specific tax is an levied per unit of an output irrespective of its value.

ii. Value added tax is an indirect tax levied on value added to a good or service produced. It is levied on the difference between sales revenue and the cost of producing an output.

b(i) demand is perfectly inelastic if at every price level, quantity demanded remains the same. The market price of the commodity Will rise by the full amount of the tax and the whole burden of the tax rest on the consumer.

OP1 was the price before the imposi tion of an indirect tax and the initial supply curve was SoSo. When the tax was imposed, the suppły curve shifted from SoSo, to S1S1 forcing the price to rise from 0P1 to 0P2. The full amount of the tax is P1E1E2P2, above and is borne by the consumer.

(ii) Demand is perfectly elastic if at a given price, consumers are willing to buy all the commodities that are available and none at any price above the market price. Since the producer cannot increase the price of the commodity, price remains the same and the entire burden of the tax rests on the producer.

The impositionof an indirect tax results in a leftward shift of the initial supply curve SoSo to a new supply curve S1S1. Pice remains the same a OP1 and the whole burden of the tax P1E1E2P2 rests on the producer.

7ai) A mortgage bank is a fnancial institution that specializes in granting loans to individuals and corporate bodies for building purposes. Such loans are repaid by instalments spread over several years. While a merchant bank is a financial institution that provides specialized services like acceptance of bills of exchange, coporate finance, portfolio managenent, equipment leasing and acceptance of deposits.

ii) Commercial banks are financial institutions that perform the services of accepting deposits and using such money to nmake loans and other financial services available to customers. The loans are usually for short and medium terms.

While a development bank is a financial institution set up to provide long term loans to group of individuals and governments for development projects. They provide financial assistance in high risk, low profit and long gestation period inyestments which are unattractive to commercial banks.

b(i)Acceptance of deposit- Customers’ money can be kept in any of the different of commercial banks’ accounts Savings, current or demand deposit and time or fixed deposit accounts etc. (ii) Lending of money-Commercial Banks make available loans and over-draft. iii) Commercial banks provide facilities for the safe keeping of valuables. (iv) Commercial banks provide facilities for domestic and foreign remittance (v) Commercial banks provide trust services for individuals and organiza- tions. Trust services include the management of trust funds. vi) Commercial banks act as agents for their customers in the purchase and sale of securities. vii)Money creation – Deposit received can be given out as credits to customers which in turn creates further deposits. vii)Commercial banks offer advisory services to custoners. ix) Commercial banks discount bills of exchange for their customers. Comnnercial banks act as execntors of will for their customers. (xi) Commercial banks belp the Central Bank to implement governments nonetary policy (xii)Commercial banks seil foreign ex- change to their customers.

8a(i)Economic integration is a form of international cooperation among nations to achieve a greater efficiency in the production of goods and services for the social and economic welfare of their counries.

b (i) Divided loyalty of member states. (ii) Ideological differences. iii) Inability to create a common curency. (iv) Differences in levels of development among member states/ fear of domination of small countries by big countries. (v) Political/social sub-region. (vi) Inability to differentiate her products. Members produce similar primary products. (vii)Inadequate infrastructurai facilities in the sub-region. (Viii)Lack of political will to implement the policies/agreements of the union. (ix) Non-payment of dues by some member states. (x) Negative attitude towards member countries because of language differences. (xi) Differences in trade policies in member countries.

c(i) Removal of custom duties. ii) Reduced administrative restrictions e.g. on investment. iii) Establishment of common fund for co-operation, compensation and development. iv) Mediation among member states. v) Fornation of the Economic Community of West African States Monitoring Group (ECOMOG). vi) Growth and expansion of markets. vii)Unity in the sub-region. vii)Cooperation in culture and sports. ix) Free movement of labour.

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WASSCE / WAEC Economics Past Questions

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WAEC Questions and Answers for Economics 2021/2022

Firstly, the Economics exam is one of the subjects that you will be writing on this exam. The exam has 50 multiple choice objective questions to be answered along with other theory questions within the assigned time.

WAEC Economics Questions and Answers OBJ & Theory solution Expo for Paper 1 and Paper 2.

Download WAEC Timetable

Here are some common rules that you should apply when taking this exam.

Start answering easy questions first.
Skip any questions that seem to take your time.
Do not spend more than a minute on any question
Endeavor to recheck your work before submitting it.
Make sure you don’t leave a question blank. If you don’t know what to take, just choose any option that enters your mind instead of leaving it blank.

Back to the business of the day, below are the possible WAEC Economics questions and answers 2020 samples to study with.

Samples OBJ and Theory Expo

We have taken a long time to run some analysis and we have found out the possible WAEC Economics Questions 2021 that will likely come up in this year’s exam.

Below is a WAEC Economics answers 2021 sample to take note of.

1. A situation where the government increases the supply of money so as to meet with the country’s expenditure is known as___

Circulation
Deflationary
Exchange rate
Inflationary

Inflationary is the correct answer.

2. Which of the following performs the function of buying and selling of shares?

Share companies
insurance companies
Public Limited companies
stock exchanges
Entrepreneurs

Stock exchanges is the correct answer.

3. Which of the following policies can be used to easily solve an inflation problem:

Increase the supply of currency
Increasing the supply of commodities
Reducing the salaries of workers
Printing enough money
Stop foreign exchange

Increasing the supply of commodities is the correct answer

4. A fall in price occurs when the ____?

Quality of product falls
Cost of production reduces
Quantity of a product increases above the quantity of demand.
Value of the product is diminishes
Demand for a product increases

Quantity of a product increases above the quantity of demand is the correct answer.

5. Inflation occurs when ___ rises and ___ drops

Price and Value
Dollar and Naira
Production and Purchase
Economic and Supply
Needs and Capital

Price and Value is the correct answer

6. Goods whose demand falls as income increase are known as__?

Fall in price
Short-term goods
Inferior goods
Fluctuation goods
Imitation goods

Inferior goods is the correct answer

Download WAEC Syllabus for economics

Repeated Past Questions and Answers For Economics

To add value to this, I have also made some research to figure out the most repeated Economics Past Questions and Answers for WAEC 2021. So use them for study and reference purposes only.

1. The effect of a growing population include the following, except?

Unnecessary Rise in demand
Increased rate of Unemployment
Sudden Fall in the standard of living
High level of “per capita income”

2. Which of this is a cause of low personal savings in West Africa?

The low income of the people.
Commercial Banks refusal to give loans.
Overpopulation.
cheaper foreign currencies.

3. The benefit of the petroleum industry including the following, except?

Increment in the foreign exchange rate
Establishment of more companies, refineries & industries
Provision of Employment to a greater proportion of the population
Advancement and Development of social infrastructure

4. Which of this method could be used to resolve disputes between employees effectively?

co-operation.
collective bargaining.
display of placards.
legal action.

5. Which of these definitions well describes the term “Peasant agriculture” in West Africa?

specialization in the production of one crop.
It involves the use of small farm holdings.
Peasant agriculture is a capital-intensive system of farming.
It’s mostly associated with tree crops.

6. Which of the following is an advantage of large scale production?

there is a rise in the cost of administration.
consumers sacrifice their individual tastes.
the firm can use labor-saving machinery.
the demand for a firm’s products becomes localized.

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The resources below on Economics have been provided by WAEC to assist you understand the required standards expected in Economics final Examination. Students performance in examination under review was done by the Chief examiner, this you will see while exploring links like General Comment, Performance, Weaknesses, Strength and Observation on respective Questions.

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Waec Economics Questions and Answers 2022 – 7th June 2022

Waec Economics Questions and Answers 2022: I know you really want to pass and get an A in your Waec 2022 economics examination? then follow the below to subscribe to our Waec economics exam runz/expo, we promise to send you both questions and answers at least 2 hours before the Waec economics 2022 examination set to start by 9:30 am on Tuesday 7th day of June 2022:

Welcome to the Expobite answer page where you will get verified and 100% authentic and correct Waec Economics Answers 2022 for Tuesday 7th June 2022 both objective and essay (theory).

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WAEC ECONOMICS 2022 QUESTIONS AND ANSWERS

Tuesday, 7th June 2022

Economics 2 (Essay) 09:30am – 11:30am
Economics 1 (Objective) 11:30am – 12:30pm

=====================

ECONOMICS OBJ: 1DBCDCDBCCD 11BAABABDBDB 21BCBDBCCACC 31CBBDDBCDBA 41BBCBDCCACC

COMPLETED!!!

======================

ECONOMICS ESSAY:

(2ai) X is demand curve Y is supply curve Z is supply curve

(2aii) The supply curve shift from Y to Z

(2bi) Before the introduction of subsidy $15×20 = $300

(2bii) After the introduction of subsidy $10×40 = $400

(2c) Percentage increase = $400-$300 = $100 100/300 × 100/1 = 33.3%

(2di) % change in quantity demanded/ % change in price = 100/33.3 = 3.0

% change in quantity demanded= change/old × 100/1 = 20/20 × 100/1 = 100%

% change in price = change/old × 100/1 = 5/15 × 100/1 = 33.3%

(2dii) It is elastic because the coefficient is greater than 1

===========================

(5a) Demand schedule is the table that shows the relationship between quantity demanded and price of goods.

It can be defined as the list showing the number of quantities of a commodity demanded at various prices.

(5b) (i). Effective demand: this is the type of demand which is supported with the ability and willingness to pay.

(ii). Composite Demand: Demand is composite when a commodity can be used for more than one purpose

(iii). Derived Demand: It occurs when a commodity is wanted not for the satisfaction it yields but for the reason that they are useful in producing another commodity.

=======================

(iii)Number of working hours and working days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.

(iv) The number of disabled: When the number of disabled persons is high especially within the working population, the supply for labour will be low.

i. Specific tax A specific tax is a fixed amount of tax placed on a particular good. It is also referred to as a per-unit tax, and the tax will depend on the quantity sold (not price).

ii. Value-added tax (VAT) : is a flat tax levied on an item. It is similar to a sales tax in some respects, except that with a sales tax, the full amount owed to the government is paid by the consumer at the point of sale. With a VAT, portions of the tax amount are paid by different parties to a transaction.

(7a) (i) A Merchant Bank is that Mortgage is a bank or company which offers a loan with their own funds or from warehouse lenders WHILE A merchant bank is an institution which provides the services of finance, underwriting, offering business loan and advice or consultancy on finance.

(ii) Commercial Bank is the bank organized to perform public utility banking services, such as accepting deposits, lending money, etc. On the other hand, development bank refers to a multi-purpose financial undertaking set up to provide financial aid to the industrial and agricultural sector, to encourage development.

(7b) (i) Agency functions: commercial banks are already agents of the banking system, but they can also be personal agents to their customers. An agent is an individual or institution that carries out activities, in this case, financial operations, on behalf of the principal (who is the customer) for a few known as a commission.

(ii) Credit Creation: commercial banks are perhaps the only financial institutions with this unique function. Commercial banks create credit through accepting deposits and providing loans, pushing money into the economy.

(iii) Transfer of funds: the transfer of funds from a customer’s account to another account is another vital function of banks. Fund transfer is a valid means of paying for transactions, as well as other financial activities. Transfer of funds can be carried out through several ways such as drafts, standing orders, cheques, USSD platforms, and electronic banking.

(iv) Provision of loans: besides accepting deposits, another function of commercial banks is the provision of loans. The provision of funds to those who require them for transactions is a vital role commercial banks play. Nowadays, customers can now have access to instant loans from commercial banks.

==================

(8a) Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.

(8b) (i)Political Instability in member states; This results in different approach to ECOWAS issues by leaders of member states.

(ii)Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation of ECOWAS.

(iii)Colonial linkage to erstwhile master; is another factor affecting ECOWAS. Francophone nations that are members of ECOWAS may not lend their weight to matters of the organisation that will negatively affects France.

(8c) (i)Road construction between big cities. The highways Lagos-Abidjan, Nouakchott-Lagos have made commuting much easier that it was before. The road network Elubo – Alflao – Lagos is one of the achievements.

(iii)The relations between the Anglophone and Francophone have been stabilized. It has been done thanks to the ECOWAS passport. It has significantly eased the movement of people within those areas.

(iii)Telephone network for the member states. Nowadays, interconnection is available for all countries of the African Union.

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WAEC 2022 Economics Questions & Answers [AUTHENTIC]

Table of Contents

Waec Economics Answers 2022

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How to Pass Neco Economics 2022 Examination

Ask your instructor for an exam outline and what to expect on the exam.
Create an overview. Review your notes and any assignments you had.
Review the course’s main ideas.
For each big idea, review its sub-topics and supporting details.
Practice. Use old exams to get a feel for the style of questions you might be asked.
Be realistic. No one can study for 8 hours a day.
Make sure you get plenty of food, sleep, and relaxation.
Try to study in the same place at the same time every day.
At the beginning of each study, period review the last thing you studied for 10 minutes.
Rewrite your notes. It can help you retain information.
Read your notes out loud.
If you don’t complete a particular task, don’t worry just carry it over to your next session.
Don’t simply memorize facts. Ask yourself broad open-ended questions about the material that’s been covered.

The Night Before the Exam

Try to stick to the review. Don’t try to learn anything new.
Picture yourself succeeding. One of the key elements for many world-class performers is visualization.

The Day of the Exam

Eat. Don’t skip the meal before your exam because not eating can result in tiredness and poor concentration.
Arrive just a few minutes before your exam to avoid the usual widespread and contagious panic

During the Exam

Use a cheat sheet even if you’re not allowed to bring one into the exam. Make a cheat sheet of the material you are certain will help. Take it to the exam; throw it out before you sit down, then recopy it from memory, somewhere on the exam booklet, as soon as you can.
Read all of the questions (except multiple choice) before beginning, and write notes on the paper for anything important that occurs to you as you read.
If you’re having a problem with one question move on and return to the problem question if you have time left at the end.
Watch the clock.

The Best Way to Study If Your Economics Exam Is Tomorrow

While no one really recommends cramming, sometimes that’s what you have to do. So here are some hints to get you through it:

Pick the most important subjects in your study material.
Look over your lecture notes, or someone else’s if you don’t have any, and see what the lecturer focused on. Concentrate your cramming on these broad areas. You don’t have time to learn specifics.
The key to cramming is memorization, so it only works for “knowledge” questions. Focus on material that can be memorized.
Spend 25% of your time cramming and 75% drilling yourself. Recite and repeat the information.
Relax: being upset at yourself for not studying earlier won’t help and may hurt your performance in the class
Remember how you felt while studying and while writing the exam and plan to study earlier next time!
Be realistic. No one can study for 8 hours a day
Make sure you get plenty of food and sleep
Try to study in a quiet place
Rewrite your notes. It can help you retain information
Read your notes out loud
Use a cheat sheet even if you’re not allowed to bring one into the exam. Make a cheat sheet of the material you are certain will help; take it to the exam; throw it out before you sit down, then recopy it from memory, somewhere on the exam booklet, as soon as you can.
Read all of the questions (except multiple choice) before beginning, and write notes on the paper for anything important that occurs to you as you read.

2022 WAEC Economics Expo/Runs OBJ & Theory ( Questions

Past Waec Economics 2022 Answers

(3bi) fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

-Example- (i)plant (ii)machinery (iii)vehicles and equipment

(3bii) Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

-Examples- (i)when someone opens a door for someone (ii)returns a lost item to a stranger (iii)gives someone directions or loans

(3biii) Circulating capital is money being used for core operations of a company.

-Example- (i)operating expenses (ii)inventory in process (iii)Raw material

(3c) (i)The level of the real interest rate and the level of per capita GDP. (ii)The proportion of labor remuneration in national income and Fiscal policy. (iii)The distribution of income and high effect of taxation. ==========================

WAEC Economics Questions and Answers 2022 Free Expo

(4b) (i)General Administrative Purposes The administrative machinery of a country may collapse if there is no money to maintain it; tax therefore forms one of the sources of such money.

(ii)Defence Purposes Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature. =========================

(6a) Money is any commodity that is generally accepted in payment for goods and services or settlement of debt. It is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy and at the same time acts as a measure and store of value.

2022/2023 WAEC EXPO ON ECONOMICS QUESTIONS

(6bi) Value of money: This simply means the quantity of goods and services that money can purchase at a particular time. Value of money refers to what money can buy. It depends on the purchasing power of money. There is an inverse relationship between price and value of money. the higher the level of price, the lower the value of money and vice versa.

(6bii) Demand for money: This is the desired holding of financial assets in the form of money. In other words, it is cash or bank deposits rather than investments. It is sometimes referred to as liquidity preference.

(6c) (i) The price of the good or service. (ii) The income of buyers. (iii) Interest rates. (iv) The tastes or preferences of consumers. ====================

(8a) (i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries. (ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family. (iii) Commercial farms are very large while that of the subsistence farming are quite small. (iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent. (v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(8b) (i) It is usually grown in a piece of land where the land is quite small in the area. (ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market. (iii) The machineries which are used for the farming process usually primitive. (iv) Primitive form of irrigation or little irrigation is done for this type of farming.

Waec 2022 Economics Questions And Answers Economics

(8c) -Positive effects- (i)It serves as source of revenue for the government (ii)It creates job opportunities for people in the area.

-Negative effects- (i)It causes loss of valuable lands (ii)It causes environmental pollution and pose health hazards ===========================+

2021 NABTEB ECONOMICS ANSWERS

ECONOMICS OBJ 1-10: CBDADCCACA 11-20: DCDCBACDDB 21-30: BCCAACBACD 31-40: CDDCACABBD 41-50: DDCBABDDCA

(2a) 10,000-3,000+7,000-4,000 Total population= 104,000+10,000+7,000 =111,000

(2b) New – Old population/Old population *100/1%

111000-104000/104,000 * 100/1%

7000/104000*100/1%=6.7%

(2c) Birth Rate; 10,000

(2d) Death Rate; 3,000

(2e) Net migration; B.R-D.R +(I-E) 10,000-3,000+(7,000-4,000) 7,000+3,000=10,000

Natural Growth Rate; B.R – D.R 10,000-3,000 =7,000

(3a) Revenue allocation is defined as the division of available resources within an organisation or company. At a broader level, it is the process of assigning a cost to the amount of services and products generated. Government revenue is obtained from taxes, licenses and fees and allocated to public facilities.

(3b) (i)Licence fee: is paid in those instances in which the government authority is invoked simply to confer a permission or a privilege.

(ii)Fee; is a payment to defray the cost of each recurring service undertaken by the government, primarily in the public interest.

(iii)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.

(iv)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.

(4a) Unemployment is a situation where people who are able and willing to work at the existing wage rate are unable to find work OR a situation where factors of production such as capital lie idle or cannot be put to productive use

(4b) (i)Poor Quality of Education (ii)Lack of Skills (iii)Negligence of Agriculture and Other Natural Resources (iv)Corruption

(4c) (i)Poor Quality of Education; Every year, many graduates come out from the universities and colleges of education in Nigeria with little or nothing to contribute to the society. In other words the graduates come out of school half-baked, without practical background to make good impact to the society, neither are they able to defend the certificates which they are holding

(ii)Lack of Skills; Another problem that is closely related to that of poor quality education, as a cause of unemployment in Nigeria, is of lack of skills. For many years running, most Nigerian youths have disdained acquisition of skills, thinking that the time spent on such is wasted, and opting for so-called ‘clean-shirt’ and ‘easy’ ways of making money.

WAEC Economics 2022 Answers for OBJ-Essay Questions

(iii)Negligence of Agriculture and Other Natural Resources; Nigeria, as a country, is blessed with many un-utilized resources which are enough to gainfully engage every un-employed person. But the craze for quick ‘oil money’ has made both government and individuals to direct all attention to only the oil industry.

(iv)Corruption; is a cause of unemployment Nigeria because when those in government who are to use public money for building more industries are busy embezzling the funds for their selfish use, the result is massive increase in unemployment rate.

(7a) Monopoly; is a market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

(7b) (ii)Control over Prices: Monopoly will always try to fix the highest possible price which it can obtain from the customers, so as to earn minimum profit. The state can control the monopoly by fixing the profits and the prices and ensure that the industry does not earn undue profit.

(ii)Effective Publicity: Monopoly works with some serious irregularities, which usually do not come to the notice of the people. It is therefore, desirable that proper publicity should be given to these defects. There should be provision for public supervision of monopoly houses.

(iii)Anti Trust Legislation: One of the measures which is adopted by the monopoly is to form trusts. These trusts are of course voluntary, but all the evils of monopoly more or less creep into it, with the result that the State is forced to take legislative measures.

(iv)Organised Consumer’s Associations: The monopoly fixes high prices because it knows it fully well that the consumer is not well organised and will take time to organise himself and till then suffer. One effective method of checking and controlling monopoly is that the Government should help in the formation of consumers associations.

(8a) Location of industry is the siting of a firm of an industry in a particular place while localization of industry is the concentration of firms producing similar products in an area.

(8b) (i)Variety of Materials; Concentration of similar type of industries enables increase in variety of materials that can be offered by the suppliers.

WAEC Economics Questions and Answers 2022 Verified

(ii)Improvement of Labour Market; Localization of industry helps to improve the labour market for both the employer and employees.

2022 WAEC Economics Essay & OBJ Answers [7th June]

(iii)Banking Facilities; In the modern world, the entire business community requires the services of banks. This enables the banks to gather full information about the industrial establishments located in its area.

(iv)Repair Facilities; Concentration of industries in a particular area attracts the establishment of the necessary repair plants say foundries, tool makers, machine shops, mill stores suppliers etc. In addition, other supply houses will also set up their establishments nearer to the industrial area

(v)Prestige to the Firms; A group of similar industrial establishments located in a particular region serves to perfect the local market reputation of each establishment supplement to that of others. Thereby, a firm enjoys prestige from the mere fact of its location in the specified place.

ECONOMICS OBJ 1BCCBDBCCBA 11CBBABBBAAB 21AACACBAABB 31ACDDDCDAAB 41BCCCCDBBCD Completed!!!!

WAEC Economics Questions and Answers for 2022 (Essay

ECONOMICS ESSAY (1a) Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(1b) (i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100% = 12.5/170 × 100% = 25%

(ii) Secondary sector ==> Shoe production + Fish processing + Baking

% of primary sector = (30+19+19)/170 × 100% = 40%

(iii) Tertiary (%) = 100% – (40+25)% = 35%

(1c) Ratio = 16.1/30 = 161:300

(1d) % Warehousing = 12.2/170 × 100% = 7.2%

WAEC Economics Questions 2022 Answers [100% Sure

(1e) (i) Mixed economy (ii) Government and individuals can feature in the three sectors °°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°° (3a) Economies of scale is the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced. A decrease in cost per unit of output enables an increase in scale.

(3b) (i) Technical Economies of Scale (ii) Purchasing Economies of Scale (iii) Managerial Economies of Scale

(3c) (i) Competitors (ii) Workforce (iii) Transport availability °°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°

WAEC 2022 MAY/JUNE ECONOMICS ANSWERS (4a) Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b) (i)Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods (ii)Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded. (iii)Information dissemination: Since the Wholesaler is more closer 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 is not standardized. This may result in damage or loss in transit.

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably.

WAEC Economics Questions and Answers 2022/2023 (Essay °°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°′ (8a) Domestic trade refers to the exchange of goods or services within an individual country or territory. In this type of trade scenario, the market is constrained by the borders of that country, so that all products must be bought and sold by people living within the domestic market. WHILE External trade is the buying and selling of goods take place across the national boundaries of different countries. In other words It is also known as Foreign trade or International trade. On the basis of sale and purchase of goods and services.

(8b) Terms of trade is the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports. WHILE Balance of trade is the difference between the value of a country’s exports and the value of a country’s imports for a given period. In other words sometimes the balance of trade between a country’s goods and the balance of trade between its services are distinguished as two separate figures.

WAEC Economics Answers For 2022 7th June 2022

PLS TAKE NOTE NO 8C CORRECTED PLS TAKE NOTE

(8c) (i)Rapid Economic Development; High outflow of foreign exchange to meet import demands like technology, machines, and equipment can lead to balance of payment deficit.

(ii)Inflation; Sustained rise in a country’s prices can often make foreign products cheaper, leading to a high volume of imports.

(ii)Political Disturbance; Unstable tax structures, change in government, etc. can lead to a loss in foreign investment, and give way for Balance or payment deficit.

(iv)Demonstration effect; Most of the developing countries get influenced by developed nations and start adopting the foreign pattern of consumption. In other words this results in a sharp rise in imports leading to a deficit in the Balance of Payment.

WAEC Economics Questions and Answers 2022 (100Waec Economics Questions and Answers 2022 – 7th June 2022

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WAEC Economics Questions and Answers 2023/2024 (Essay and Objectives)

WAEC Economics Questions and Answers 2023. I will be showing you Economics objectives and theory repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them.

The questions below are the WAEC past questions and answers that will help you in your 2023 WAEC Economics Questions.

Table of Contents

WAEC Economics Objectives and Essay Answers 2023

2023 WAEC Economics answers will be posted here on Tuesday, 6th June during the exam.

Today’s WAEC Economics answers loading…

WAEC Economics OBJ Answers Loading…

1-10: BAADACDBBA 11-20: ACACDDCBDC 21-30: BDBCBBCBBC 31-40: AAACACACAC 41-50: BBDBCABBBC

Money cost refers to the actual monetary expenditure or price of a particular good, service, or resource, for example, if you purchase a smartphone for N50,000, the money cost is N50,000 WHILE Opportunity cost refers to the value of the next best alternative forgone when making a decision. For example, if you choose to buy the smartphone for N50,000, the opportunity cost could be the vacation you could have taken with that money or the other items you could have purchased.

Normal goods are goods for which demand increases as consumer income rises, and demand decreases as consumer income falls. Examples include luxury goods, such as high-end cars, designer clothing, or gourmet food WHILE Inferior goods are goods for which demand decreases as consumer income rises, and demand increases as consumer income falls. Examples of inferior goods include generic store-brand products, low-cost fast food, or public transportation.

INDIVIDUALS:

The scale of preference assist individuals in making efficient allocations of their resources by providing a framework for prioritization, resource allocation, considering opportunity costs, rational decision-making, and adaptability.

The scale of preference assists firms in making efficient resource allocation decisions by providing a systematic framework to identify preferences, allocate scarce resources, analyze opportunity costs, optimize returns on investment, and adapt to changing circumstances.

GOVERNMENT:

The scale of preference assists governments in making efficient allocations of their resources by considering the priorities, preferences, and needs of the population.

An economic system is a set of institutions, laws, and customs that determines how economic decisions are made, how goods and services are produced and distributed, and how resources are allocated in a society.

(i) Aim of production: In a capitalist economy, the aim of production is to maximize profit, while in a socialist economy, the aim of production is to meet the needs of society and ensure social welfare.

(ii) Consumer sovereignty: In a capitalist economy, consumer sovereignty is the principle that consumers determine what goods and services are produced through their purchasing decisions. In a socialist economy, the government determines what goods and services are produced based on the needs of society.

(iii) Competition: In a capitalist economy, competition is encouraged as a means of promoting innovation, efficiency, and consumer choice. In a socialist economy, competition is often discouraged or eliminated in favor of cooperation and collective ownership of the means of production.

(i) Land is a natural resource that is fixed in supply and cannot be created by human effort.

(ii) Land is heterogeneous, meaning that different parcels of land have different qualities, such as soil fertility, mineral deposits, and climate, that affect their productivity.

(iii) Land is subject to the law of diminishing returns, meaning that as more and more of the other factors of production (labor and capital) are applied to a given parcel of land, the marginal productivity of those factors will eventually decline.

A sole proprietorship is a business model where an individual is an owner as well as the operator of the business Whereas A partnership is a business model where two or more persons agree to carry on business and share profits and losses mutually.

(i) Sole owner of the business

(ii) Unlimited liability

(iii) No legal entity

(iv) Sole decision maker

(i) Generation of Income through Public Issue of Shares: One of the major channels through which Public Limited Companies generate capital is y selling shares to the public.

(ii) Security for Loan Advancement: Public Limited Companies can obtain and secure loans using the assets of the company as security as opposed to using the personal assets of the members.

(iii) Spreading Risks of Ownership: Because a Public Limited Company allows for public and unlimited membership, the risk of ownership is then spread amongst many people as opposed to being centered on a few as in the case of a Private Limited Company.

(iv) Separate Legal Identity: A duly incorporated Public Limited Company has an identity entirely different from that of the members. This means that the company is capable of independent existence and can enter into contractual transactions, acquire and own properties, and has the legal capacity to sue and be sued in its own name.

(PICK ANY ONE)

Location of industry may be defined simply as the sitting or establishment of a firm or industry in a particular place. An industry may be established either by individuals or government, either for economic or political reasons

Location of industry refers to the geographical distribution or placement of industrial activities or businesses within a region or country. It focuses on understanding the factors that influence the decisions made by firms when choosing where to establish their production facilities.

Raw materials: Cement producing industries should be located close to sources of raw materials to reduce cost of transportation. Perishable goods like fruits, palm oil industries, etc should be located near their raw materials

Market: There should be ready market for the products of any industry to be sited in a place. Fragile goods like glass, bulky goods like cement and other perishable goods should be located near the market. Such industries located or directed towards the market are called market- oriented industries.

Government policy: Government can encourage the location of industries through certain policies like: Direct participation in setting up of industries. Creation of industrial zones in the country Provision of infrastructures like electricity, pipe-borne water, roads and tele- communications.

(PICK ANY THREE)

(i)It encourages development: The growth of industries leads to an increase in production of goods and services.

(ii)Emergence of subsidiary firms: As major firms concentrate in one area, other subsidiary service firms that assist those major firms in the production of goods usually emerge.

(iii)Generation of employment: The concentration of many industries in an area leads to the creation of many job opportunities.

(iv)Emergence of organised market: Localisation of industries assists in the emergence of organised market for the products.

(v) Creation of competition: The existence of many industries leads to a healthy competition among them in order to excel or outsell one another.

(vi) Attraction of more people: A highly concentrated industries estates attracts different shades of people to such area for one reason or the other

An embargo refers to a government-imposed restriction or ban on the importation or exportation of certain goods or services to or from a particular country. It is a trade barrier that is typically implemented for political or economic reasons.

An embargo can be defined as a governmental action that prohibits or restricts trade activities between countries which involves the deliberate limitation or complete prohibition of imports or exports of goods, services, or specific products to or from a targeted country.

(i) Protecting Domestic Industries: Tariffs can be used to shield domestic industries from foreign competition by making imported goods more expensive. This protectionist measure aims to provide a competitive advantage to domestic producers, allowing them to grow and maintain employment levels.

(ii) Promoting National Security: Tariffs can be employed to safeguard industries that are considered vital for national security, such as defense or critical infrastructure. By discouraging reliance on foreign suppliers, tariffs can ensure a country’s self-sufficiency in essential goods and protect against potential disruptions in the global supply chain.

(iii) Correcting Trade Imbalances: Countries may impose tariffs to address trade imbalances, where the value of imports significantly exceeds that of exports. By making imported goods more costly, tariffs aim to reduce imports and encourage domestic production and export-oriented industries, thereby narrowing the trade deficit.

(iv) Revenue Generation: Tariffs can serve as a revenue source for governments. Import duties levied on imported goods generate income that can be used to fund public services, infrastructure projects, or reduce budget deficits.

(v) Encouraging Fair Trade Practices: Tariffs can be implemented as a response to unfair trade practices, such as dumping or subsidies provided to foreign producers. By imposing tariffs on goods that are sold below their fair market value or benefiting from government subsidies, countries can create a more level playing field for domestic industries.

(vi) Environmental Protection: Tariffs can be used to promote environmentally friendly practices by discouraging the importation of goods produced in countries with lax environmental regulations. This measure aims to prevent the outsourcing of pollution and encourage global adherence to environmental standards.

(vii) Infant Industry Protection: Tariffs can be employed to support the growth of emerging or “infant” industries in a country. By shielding them from foreign competition during their early stages, tariffs provide these industries with a chance to develop, gain competitiveness, and eventually contribute to the domestic economy.

(i) Increased Consumer Prices: Tariffs lead to higher prices for imported goods, which can directly impact consumers. When tariffs are imposed, the cost of imported products rises, and domestic consumers may have to bear the burden of these increased prices. This can reduce consumers’ purchasing power and potentially lead to decreased overall welfare.

(ii) Retaliation and Trade Wars: Imposing tariffs can trigger retaliatory measures from other countries. When one country raises tariffs, other countries may respond by imposing their own tariffs on the original country’s exports. This can escalate into a trade war, where trade barriers increase on both sides, harming global economic growth and stability.

(iii) Reduced Efficiency and Productivity: Tariffs disrupt international supply chains and hinder the efficient allocation of resources. They can discourage the use of imported inputs, which may be more cost-effective or of higher quality than domestic alternatives. This can reduce overall productivity, increase production costs, and limit the competitiveness of domestic industries in the global market.

(iv) Negative Impact on Exporters: Tariffs can harm industries reliant on exporting their products. When a country imposes tariffs on imports, it can trigger retaliatory actions, reducing demand for the country’s exports. This can adversely affect export-oriented industries, leading to job losses, decreased revenues, and economic difficulties for those relying on international trade.

(v) Distortion of Comparative Advantage: Tariffs can distort comparative advantage, which is the principle that countries specialize in producing goods and services in which they have a relative advantage. By protecting domestic industries through tariffs, resources may be diverted from sectors where the country has a competitive edge to less efficient industries. This can hinder overall economic efficiency and limit potential gains from trade.

(vi) Consumer Choice and Innovation: Tariffs limit the variety and availability of imported goods, leading to reduced consumer choice. Domestic industries that are protected by tariffs may face less pressure to innovate and improve their products since they face less competition. This can hinder technological progress, limit market dynamism, and slow down overall economic development.

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:-

(a) Determine the missing figures D, E, F, G and H. (b) Draw the demand curve for the traveller’s consumption of Coca-Cola. (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: (i) Production; (ii) Distribution; (iii) Consumption.

3. (a) With the aid of a diagram, explain a minimum price. (b) State any five measures by which a minimum price for an agricultural produce can be made effective.

WAEC Economics Essay and Objective 2023 (EXPO)

The above questions are not exactly 2023 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.

These questions are for practice. The 2023 WAEC Economics expo will be posted on this page 30 minutes before the WAEC Economics examination starts. Keep checking and refreshing this page for the answers.

Tips on How to Pass WAEC Economics Questions

The following tips will help you to pass the upcoming WAEC Economics examination.

Have a Target and Work Towards Actualizing it

You have decided to pass WAEC Economics 2023 and I am sure of that. Now, the next thing you should do is set targets.

You have told yourself, “I will score A in WAEC Economics 2023”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.

Get the Recommended Textbook on Economics for 2023 WAEC Examination

Normally, WAEC recommends books for the examination. Apart from WAEC Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2023 exam.

Some textbooks are more difficult to understand. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you.

Do not Skip Economics Examples and Exercise you Will Come Across While Reading:

Many candidates are fond of skipping exercises and even examples while studying textbooks. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass WAEC Economics 2023?” Don’t be scared of attempting exercises in Economics. Face the challenges.

If you have any questions about the WAEC Economics Questions and Answers 2023 , kindly drop your question in the comment box.

Last Updated on June 6, 2023 by Admin

149 thoughts on “WAEC Economics Questions and Answers 2023/2024 (Essay and Objectives)”

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Waec 2023 Economics Objective And Theory Answers – May/June

NECO GCE ECONOMICS QUESTIONS AND ANSWERS

Waec Economics Questions and Answers for free to all Weac candidates In Ghana, Liberia, Nigeria, Sierra Leone, and The Gambia. On this page, all the Waec Economics questions and answers for 2023 and the most common questions and answers are released here.

Waec Candidates that applied for the West African Examination Council (WAEC) SSCE Examination will write their Waec Economics For both Science and Art students. All details you need for you to be successful and pass this 2023 Waec Exam will also be given and make sure you read all through.

2023 Waec Economics Exam Papers

2023 Waec Economics Exam Papers Are

Waec Economics Essay Questions
Waec Economics Objectives Questions,

You are writing the 2 papers in only one day. In this post, the previous Year’s Waec questions and answers for Economics are released and the 2023 Waec Economics Exam Questions will also be released for those participating in the 2023 Waec examination.

2023 Waec Economics Questions and Answers Objective (paper 1)

The 2023 Waec Economics questions and answers loading! 2023 Economics objective answers Loading!! 2023 Waec Economics Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec Economics questions and answers have dropped.

Previous Year WAEC ECONOMICS OBJ ANSWERS:

ECONOMICS OBJ:

1-10 BABBCBABBB 11-20 CCBBAABABA 21-30 DCCDABADBC 31-40 DDBBAADBAD 41-50 BCCACCBBBC

2023 Waec Economics Questions and Answers THEORY (paper 2)

The 2023 Waec Economics Theory questions and answers are loading! 2023 Economics Essay answers Loading!! 2023 Waec Economics Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec Economics questions and answers have dropped.

(2a) Qd =30 – P Qs =15 +2P Demand and Supply schedule for the market : Please tabulate Price($): 2,4,7 Qd :28,26,23 Qs : 19,23,29 Qd = 30 – P when P =2 Qd = 30 -2 =28 Qd = 30 – P when P=4 Qd = 30 -4 =26 Qd = 30 – P when P=7 Qd = 30 -7 = 23

Tabulate again supply schedule Please tabulate Price($): 2,4,7 Qd :28,26,23 Qs : 19,23,29 Qs = 15 + 2P when P=2 Qs = 15 + 2(2) = 15 + 4 = 19 Qs = 15 + 2P when P=4 Qs = 15 + 2(4) = 15 + 8 = 23 Qs = 15 + 2P when P=7 Qs = 15 + 2(7) = 15 + 14 =29 (2bi) Equilibrium quantity Qd = 30 – P Qd = 30 – 5 Qd = 25 (2bii) At P=$3 Qd=30-p Qd=30-3 Qs=15+2p =15+2(3) =15+6 =21apples excess demand =27-21 =6apples (2ci) Tabulate Qd=40-p Price($): 2,4,7 Qd:38,36,33

(2cii) (i)it represents an increase in demand

(2ciii) (i)the two schedules show that there is a corresponding increase in demand for apples for ten (10) at each price ============

(3a) Land is any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

(3b) (i)Land is a Primary Factor in Production (ii)Land is a Passive Factor in Production (iii)Land has some Original Indestructible Powers

(3c) (i)Land is the original source of all material wealth: The the economic prosperity of a country is closely linked with the richness of her natural resources. (ii)The quality and quantity of agricultural wealth in a country depending on the nature of the soil, climate, and rainfall. Agricultural products form the basis of trade and industry. (iii)Industry also depends upon the available raw materials and sources of power e.g coal mines or waterfalls for electricity products which are gotten from the soil. (iv)Land provides employment: land helps people of a citizen to get jobs such as farming, fishing, lumbering among others and this help to develop a nation

==================

(4a) subsistence farming can be defined as the type of agriculture which is concerned with the production of food for the farmer and family only

(4b) crop farming can be defined as agriculture that deal with crop cash production e. G cocoa, cashew, cowpea. WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc

(4c) (i)Credit facilities (ii)Extension of workers (iii)Construction of good road (iv)provision of social amenities =============== (6a) Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.

(6bi) (i)growing economy (ii)expectation of inflation (iii)discretionary fiscal (6bii) (i)monopoly (ii)wage inflation (iii)exchange rates

Practice Waec Economics Questions On Objective and Theory

If you can be able to access these questions with the appropriate answers without using textbooks or materials you are 80% ready for the 2023 Economics Exam. Kindly submit the answer in the comment section below and if you are interested in the 2023 Waec Economics answers kindly show interest.

Which of the following is not a feature of Sole Proprietorship?

A. The Sole Proprietor provides the capital to start the business B. The Sole Proprietor is the boss of his business C. There is unlimited liability D. Continuity is doubtful at the death of the proprietor E. Decision can be taken only by ten people

The International Bank of Reconstruction and Development (IBRD) is important to developing nations because it

A. Gives loans to members for legal proceedings B. Offer grants and aid for defense C. Enhances financial relationships among countries D. Offer soft loans for educational and health services E. Offer grants and aid to finance private projects

Which of these best explains the Malthusian theory of population?

A. Increase in population cause hunger and death B. The population increases faster than the food supply C. The population grows at arithmetic progression while food production grows at geometric progression D. People could be sent to â€˜No man’s landâ€™ when the population increases E. People should produce as many children as they could to because passion cannot be controlled

Which of the following are the most liquid assets to a commercial bank?

A. Money at call and short notice B. Treasury Bills C. Commercial Bills D. Stock and Shares E. Cash

Which of the following statements is true about terms of trade?

A. Terms of trade shows the difference between the values of export and imports B. Terms of trade indicate the rate at which exports exchange for imports C. It is the ratio of the price index of exports to imports D. It is usually expressed as a percentage E. A rise in the price of export relative to imports is an improvement

A review of the occupational distribution of the population from time to time helps us to know the

A. Rate at which the population grows B. Number of people that makes up the labor force C. Efficiency of the working population D. Industries which are becoming less important E. Number of people that are not employed

The price of a commodity is determined by the

A. Supplier B. Consumer C. Quantity of goods demanded D. Quantity of goods supplied E. Interaction of demand and supply

The equilibrium position of a firm is attained

A. When MC = AR B. When MC = PC C. When MC = MR D. When AC = AR E. When AR = MR

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

A. US dollars. B. Canadian dollars C. Pounds sterling D. Deutschemark E. Belgian franc

The two largest producers of crude oil in Nigeria are

A. Borno and Ondo States B. Oyo and Bendel States C. Kwara and Benue States D. Rivers and Bendel States E. Niger and Rivers States

If a producer sells 1kg of rice for N20 and his marginal product is 100kg, what is the highest wage he can pay the marginal laborer?

A. N 20.00 B. N 30.00 C. N 50.00 D. N 100.00 E. N 200.00

Nigerian indigenization decree was promulgated in order to

A. Allow indigenes to have full participation in the economic activities of the country B. Drive away foreigners C. Give equal chances to indigenes and foreigners in making economic decisions in the country D. Give industrial training to indigenes E. Indigenes expose the economic activities of the country

An economic system in which most capital goods are owned by individuals and private firms is known as

A. Mixed economy B. Planned economy C. Capitalist economy D. Traditional economy E. Civilized economy

2023 Waec Economics Questions On Theory

Before you leave this page kindly make sure you understand and know how WASSCE grades your WAEC Subject. The reason why we are doing this, is not to frighten or scare you but to put you in check and see reasons why you need to be serious with your Economics study for the 2023 Economics Exam

Waec Grading System For all Waec Candidates

Do you know that the West African Examination Council (WAEC) Board has published the Waec grading system of results? Kindly check below to see the meaning of the Waec Grading Result .

The table below shows candidates’ positioning of the Waec grading of results ranging from A1, B2, B3, C4, C5, C6, D7, E8, F9 are the complete list of Waec Grading Result. All Waec candidates must fall into one of the Waec Grading Systems.

WAEC Gradi n g Percentage Scores

A1 Excellent 75% – 100%
B2 Very good 70% – 74%
B3 Good 65% – 69%
C4 Credit 60% – 64%
C5 Credit 55% – 59%
C6 Credit 50% – 54%
D7 Pass 45% – 49%
E8 Pass 40% – 45%
F9 Failure 0% – 44%

If you have been wondering where to get the best and latest Waec news updates and guide about Waec 2023, how to pass Waec, a timetable for 2022/2023 Waec, free online and hardcopy Waec past questions, and hot topics to read for Waec, latest news updates and Waec CBT practice platform, then subscribe to the newsletter or join our Forum

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WAEC GCE Economics Answers 2023 Questions Released.

The Waec gce economics answers 2023 exam questions have been released here. The West African Examination Council (WAEC) Economics paper for SSCE will be written on Saturday, 3rd December 2023.

The Waec Gce Economics objective answers to questions 2023 and Essay question paper will arrive and the exam commences by 8:30 am which will last for 2hrs while the Economics waec objective question paper exam will commence 10:30 am to last 1hr. Read the test questions below.

In this post, we will be giving out samples of waec economics questions for candidates that will participate in the examination from past questions. There is nothing like Waec economics expo 2023 online.

WAEC GCE Economics Answers 2023 Questions.

PAPER 2 [Essay] Answer any FIVE questions. Write your answers in the answer booklet provided.

1. (a) Distinguish between small-scale production and large-scale production. (b) Describe any five internal economies of large-scale production.

ANS: (a) Small-scale production is a production with the small capital outlay and therefore at a low level of output. On the other hand, large-scale production is a production with a large-scale outlay and therefore results in a high level of output.

(b) Some of the internal economies of large-scale production are: (i) Technical economies: a large firm has the advantage in the use of factor inputs which results in lower cost per unit of output.

(ii) Financial economies: a large-scale producer can borrow money from a financial institutions at a lower rate because it can offer better collateral security.

(iii) Marketing economies: a large firm can buy inputs in bulk and possibly at discounts. It can also pay less on transportation and advertisement which result in lower operating cost.

(iv) Managerial economies: when output is increasing managerial cost increases at a slower rate. The number of managerial staff may increase with output. OR as output increases, specialists can be employed to take charge of the various processes e.g. marketing.

(v) Risk-bearing economies: a large firm is able to bear losses arising from its operations as it can provide insurance coverage. OR It can also diversify its product and its market.

(vi) Welfare economies: a large firm can provide better conditions of service which may enhance the level of productivity and also attract highly skilled manpower.

(vii) Research economies: a large firm can invest a huge amount in research and thereby experience technical progress.

2. A village consists of twenty (20) households with the following annual incomes:

(a) Determine the (i) mean income; (ii) modal income; (iii) median income. (b) What is the range of the income distribution? (c) Calculate the total tax that could be generated from the village if (i) a flat-rate tax of 7% is imposed on all households; (ii) a flat-rate tax of 15% is imposed on all households earning N4,000 per annum and above.

3. (a) Why is scarcity a fundamental problem in Economics? (b) Give a reason why Economics is a; (i) Science; (ii) Social Science.

ANS: (a) Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics is therefore concerned with allocating the limited resources among competing and unlimited wants. (b) (i) Economics is a science because it adopts the scientific method. (ii) Economics is a social science because it studies human behaviour. e.g. If the price of a commodity rises, people will buy less, other things equal.

4. (a) Differentiate between direct and indirect taxation.

(b) Highlight any five advantages of indirect taxation to developing countries.

ANS: (a) Direct taxation refers to taxes on income and properties of individuals and organizations e.g. personal income tax, profit tax.

On the other hand, indirect tax refers to taxes on goods and services e.g. excise duties, custom duties, etc.

(b) (i) In developing countries where incomes are generally low, indirect taxes yield more revenue to the government.

(ii) Where unemployment is high, indirect taxes yield more revenue. (iii) It is cheap and easy to collect, e.g. custom duties. (iv) It has a wider coverage than direct tax. (v) It is not easy to evade. Consumers pay as they consume the commodities. (vi) It is not a disincentive to work. (vii) It is used to discourage consumption of harmful goods. (viii) It is used to protect infant industries. (ix) It is used to correct balance of payments deficit. (x) It is used to prevent dumping.

5. (a) Define labour. (b) Give four factors that affect the efficiency of labour in your country. ANS: (b) (i) Education and Training: All kinds of labour require training which may include formal training, training on the job. (ii) Availability of equipment and tools: Labour efficiency also depends on the equipment and tools available to workers. (iii) Physical Environment: The environment in which labour works helps to determine its efficiency as well as its productivity e.g. harsh physical environment. (iv) Human environment – conducive management style will increase labour efficiency.

6. (a) Define money. (b) State the three motives for holding money. (c) Mention two determinants of each of the motives for holding money. ANS: Transactions motive (i) size of income; (ii) the interval between wage payments; (iii) availability of credit; (iv) family size. Precautionary motive (i) size of income; (ii) the interval between wage payments; (iii) availability of credit; (iv) perception of risks. Speculative motive (i) the rate of interest; (ii) the degree of risk aversion.

7. (a) With the aid of a diagram, explain a minimum price. (b) State any five measures by which a minimum price for agricultural products can be made effective.

8. (a) What is a supply schedule? (b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. (c) State three examples of exceptional demand.

ANS: (c) Exceptional demand: i. Fixed demand or perfectly inelastic demand e.g. salt ii. Perfectly elastic demand iii. Expectation of future increase in price. iv. Articles of ostentation. v. Giffen goods.

9. (a) With examples, distinguish between direct and indirect tax. (b) Explain any four problems of tax collection in any West African Country.

ANS: (a) A direct tax is a tax on incomes and properties. Examples include personal income tax, company tax, death duties, inheritance tax, capital gains taxes, etc. Whereas, an indirect tax is a tax on goods and services. Examples include sales tax, import and export duties, excise tax, purchase tax, value-added tax, etc. (b) (i) absence of reliable records of business activities and revenues collected. (ii) the prevalence of subsistence production. (iii) corruption on the part of tax officials. (iv) high level of tax evasion and tax avoidance etc.

10. (a) What is the demographic transition theory? (b) Explain the three stages of the theory.

ANS: (a) Demographic Transition Theory is concerned with the historical population growth of society. It explains the relationship between fertility and mortality on population growth and how developed countries in contemporary times have passed through three identical stages of population history. (b) Stages of the Theory; stage 1 (pre-transition phase/ stage) stage 2 (transition phase/ stage) stage 3 (post transition phase /stage)

11. (a) Differentiate between shares and debentures. (b) Identify any four problems encountered by farmers in raising capital ANS: (a) A share is the smallest unit into which the capital of a company is divided. It is a unit of ownership of a business concern while a debenture is a loan capital or corporate bond. A debenture holder is a creditor to a company. (b) (i) low level of loanable funds; (ii) the inability of firms to produce the required collateral facilities; (iii) under-developed money and capital markets; (iv) the high cost of loans; (v) the fluctuation of share prices; (vi) Government financial regulation.

12. (a) What is a Capital market? (b) Describe any three instruments used in the capital market.

ANS : (a) The capital market is a financial market in which funds for medium and long term investments are borrowed or lent. (b) (i) Shares: These are financial instruments utilized in the capital market for long term investments. A share is the portion of a limited liability company owned by an investor. (ii) Bonds: This is a long term financial security used to source for funds. Bonds may be issued by firms, financial institutions or governments. Bonds issued by the government are generally regarded as very safe. (iii) Treasury certificates: These are government financial securities that mature after a year. They are issued by the government through the central bank to either borrow or lend money in the capital market.

WAEC GCE Economics Obj Answers 2023 Questions.

PAPER 1 [Objective] Answer ALL questions in this section. Shade your answers on the answer booklet provided.

1. Scarcity in economics means that _______ A. human wants are limitless B. the economy has very few resources C. the economy can scarcely produce anything D. resources are limited.

2. Air is essential to life but commands no price! But Diamond is not essential to life but commands a high price! This is the paradox of ______ A. thrift B. value C. abundance D. scarcity.

3. Economics of scale operate only when ______ A. marginal cost is falling with input B. average cost is falling with input C. fixed cost is variable D. variable cost is less than the fixed cost.

4. Efficiency in production involves _______ A. reducing the size of the workforce B. producing a given output with the lowest cost combination of factors of production D. increasing the quantity of the fixed factor of production.

5. An effect of inflation is that it ___________ A. discourages trade by barter B. favours debtors at the expense of creditors C. increases the real income of salary earners D. increases the value of a country’s exports.

6. What could be the opportunity cost of a nuclear power station? A. the running costs of the power station B. a coal-fired power station C. the current value of the power station D. the cost of building the power station.

7. The diagram below shows a production possibility curve for maize and cotton.

Bad weather causes a poor harvest for both crops. Which movement could be used to represent this change? A. P to R B. Q to R C. S to Q D. S to R.

8. The market for a good was in equilibrium. A change occurred which resulted in a new equilibrium with a higher price for the good and a lower quantity traded. What change would have caused this? A. the demand curve moved to the left B. the demand curve moved to the right C. the supply curve moved to the left D. the supply curve moved to the right.

9. A demand curve shows the relationship between the quantity demanded and ________ A. a change in income B. consumer tastes C. the supply of the product D. the price of the product.

10. A government subsidises the production of pineapples. This is likely to _______ A. increase the price of pineapples B. raise the costs of supplying pineapples C. raise revenue for the government D. cause the supply of pineapples to increase at every price.

11. What indicates the existence of external costs in an economy? A. An international trade deficit has caused the country to be in debt. B. National companies have borrowed from foreign investors. C. Private costs of production are less than social costs. D. Private costs of production are more than social benefits.

12. What might be a disadvantage to a trade union when arguing for an increase in its members’ pay? A. an increase in imports of a cheaper, similar product B. the closure of a local training college resulting in fewer potential workers C. the development of a new and profitable brand of the company’s product D. the development of new techniques that increase productivity.

13. A German car manufacturer decided to produce its cars in a factory in China. What would not be a reason why they might have chosen to do this? A. cheaper wage costs in China B. the availability of raw materials C. to gain external economies from skilled labour in China D. to increase Germany self-sufficiency.

14. A government removed the quota on goods imported into the country. What is the most likely result of this? A. a decrease in demand for domestic production B. a decrease in domestic unemployment C. a decrease in exports D. a decrease in the balance of trade deficit.

15. A modern corporation is owned by ________ A. debenture holders B. ordinary shareholders C. preference shareholders D. creditors.

16. One of the most important factors that should be considered in the location of an industry is _________ A. nearness to the financial centre B. assured patronage by government functionaries C. availability of inputs and market D. availability of adequate security.

17. What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? A. deregulation B. import substitution C. tariff reduction D. backward integration.

18. Progressive tax structure is designed to ___________ A. take more from the income of the poor B. take more from the income of the rich C. take equal proportion of income from both the rich and the poor D. reduce the problems emanating from tax imposition.

19. Which of the following best describes the production function? A. it indicates the best output to produce B. it relates naira inputs to naira outputs C. it relates physical outputs to physical inputs D. it indicates the best way to combine factors to produce any given output.

20. Which of the following reward is associated with entrepreneurship as a factor of production? A. salaries B. profits C. interest D. rents.

21. In a market economy, the question of what, how and for whom to produce are solved by the ________ A. elected representative of the people B. planning committee C. price mechanism D. government.

22. At any given level of output, a firm’s total variable cost equals ________ A. total cost less marginal cost B. total cost less total fixed cost C. total cost less average cost D. average variable cost and marginal variable cost.

Age groups (years) Distribution (%) Above 60 30 15 – 60 45 0 – 14 25 23. From the above, the estimated dependency ratio of the population shown above is _______ A. 11: 9 B.9: 11 C. 7: 3 D. 3: 7

23. Which of the following factors is NOT responsible for the rural /urban drift in Nigeria? A. the infrastructural facilities in the cities B. declining fertility of rural farmlands C. rural electrification programme D. higher living standards in urban areas.

24. The necessity of choice is due to the fact that _______ A. human wants are inelastic B. customers like to maximize satisfaction C. resources are abundant D. consumers are selective.

25. What is meant by labour supply? A. number of people in the working population B. the number of men and hours they work C. number of hours during which the middle-aged persons work D. the number of workforces multiplied by the hours they worked.

26. Any payment to a factor of production in excess of what is necessary to keep its present employment is known as ________ A. real income B. profit C. economic rent D. real wage

27. The market where there are many differentiated products is called ______ A. monopoly B. perfect competition C. monopolistic competition D. Oligopoly.

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WAEC 2020 Economics Questions and Answers

The complete set of WAEC 2020 Economics questions begins with a question about the definition of Economics and ends with one on the forms of production. In between these two, there are questions on economic systems, agricultural production in West Africa as well as development planning.

Are you ready to get the questions and answers for the May/June WAEC 2020 Economics objective test paper? Then let’s get it done straight away.

Instructions

Answer all the questions.

Each question is followed by four options lettered A to D. Find the correct option for each question and shade in pencil on your answer sheet, the answer space which bears the same letter as the option you have chosen. Give only one answer to each question

An example is given below.

“Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Ends here refers to

The correct answer is wants, which is lettered B and therefore answer space B would be shaded.

[A] [B] [C] [D]

Think carefully before you shade the answer spaces; erase completely any answer(s) you wish to change.

Do all rough work on this question paper .

Now answer the following questions

A Couple of Reminders

As usual, all the correct answers are in bold lettering.

We are starting with the first ten of the school candidates’ WAEC 2020 Economics questions and answers. When we are through with this set of questions, we shall move to questions 11 to 20 and so on.

PLEASE NOTE. The diagrams in questions 5 to 8 are not available here. This is the WAEC/WASSCE 2020 Economics questions paper for school candidates . The relevant questions accompanying the diagrams are what you will see. Also, the correct answers are there in bold lettering.

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Questions 1-10

1. Which of the following is central to the definition of Economics?

A. resources

B. scarcity

C. wants

2. When the production possibility curve shifts outwards, the economy experiences

A. inefficient use of resources

B. over-production

C. growth

D. under-production

3. Land as a factor of production is made useful through the

A. use of machines

B. acts of nature

C. application of fertilizer

D. application of human effort

4. In a free market economy, resources are allocated through the

A. government department

B. trade union

C. price mechanism

D. state planning committee

5. The diagram above depicts a

A. Simple bar chart

B. Component bar chart

C. Complex bar chart

D. Multiple bar chart

The diagram below shows a change in demand for commodity X which is a normal good. Use it to answer the question that follows

6. Which of the following caused the change in demand from D1D1 to D2D2?

A. Fall in the income of consumers

B. Rise in the price of a complement

C. Rise in the price of a substitute

D. Fall in the supply of commodity X

Use the diagram below to answer the question that follows.

7. The curves D0D0 and S0S0 are the initial demand and supply curves respectively. What happens when government provides a subsidy to producers?

A. The supply curve will shift from S0S0 to S1S1

B. The supply curve will shift from S0S0 to S2S2

C. The demand curve will shift from D0D0 to D1D1

D. The supply curve will shift from S1S1 to S0S0

8. In the graph above YZ represents

A. Excess demand

B. Equilibrium quantity

C. Excess supply

D. Equilibrium price

9. Goods are described as inferior if their demand

A. decreases as income increases

B. increase as income rises

C. decreases as price falls

D. increases as price increases

10. A consumer is in equilibrium when

A. his market supply is equal to market demand

B. the market is also in equilibrium

C. he maximizes his satisfaction from spending his income

D. he consumes all he wants

Questions 11-20

11. Goods that are abundant in supply usually have low

A. marginal utility

B. total utility

C. average utility

D. time utility

12. An increase in supply means that

A. more is sold at different prices

B. there is a leftward shift of the curve

C. more is sold at the same price

D. there is a movement along the supply curve

13. If an increase in the price of crude oil led to an increase in the price of kerosene and grease, then kerosene and grease are in

A. competitive supply

B. joint supply

C. market supply

D. composite supply

14. A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. what is the price elasticity of supply of his product?

A. 1.00

B. 1.50

C. 2.00

15. If an increase in the supply of beef increased the supply of hides, then beef and hides are in

A. competitive supply

B. composite supply

C. joint supply

D. joint demand

16. If a beef market is in equilibrium at $4.00 per kg, an increase in the price to $6.00 per kg may cause

A. shortage in the market

B. surplus in the market

C. black market to come into operation

D. rationing to be introduced

17. A large firm may experience diseconomies of scale if there is

A. employment of more specialists

B. division of labour in production

C. difficulty in coordinating decisions

D. decrease in cost of production

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18. Increasing return to scale suggests that

A. a firm can make profit by reducing output

B. as the producer increases the quantity of raw materials used, the marginal product will fall

C. as the producer reduces the quantity of raw materials used, the marginal product will double

D. a firm can make more profit by increasing output

19. One feature of the average fixed cost is that it

A. is always higher than the average variable cost

B. is U-shaped and intersects the y -axis

C. rises and falls faster than the marginal cost

D. falls continuously but is never equal to zero

20. If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be

A. $2.00 B. $10.00 C. $4.00 D. $20.00

2020 WASSCE Economics Questions 21-30

The total revenue schedule of a firm is shown as follows;

Use the information to answer questions 21 and 22.

21. What is the unit price of the firm’s output?

A. $2.00 B. $2.70 C. $10.00 D. $1.70

22. What is the firm’s marginal revenue?

A. $153.00 B. $17.00 C. $0.80 D. $1.70

23. Organization and entrepreneurship are vested in different persons in a

A. cooperative society

B. public company

C. partnership

D. sole proprietorship

24. The public sector in a mixed economy is not always efficient because of

A. annual planning of activities

B. the desire to make huge profits

C. bureaucratic practices

D. the activities of shareholders

25. Which function of the wholesaler enables him to stabilize prices?

A. transporting goods

B. advertising the goods

C. granting credit to retailers

D. warehousing goods

26. In the long run, as individuals receive higher wages, it causes

A. demand for food to decrease

B. demand for leisure to decrease

C. supply of labour to decrease

D. supply of normal goods to decrease

27. Population growth rate can be calculated

A. birth rate – death rate + immigrants – emigrants

B. birth rate – death rate + migration rate – immigration rate

C. birth rate – death rate

D. Birth rate – death rate – emigrants – immigrants

28. Labour productivity is defined as

A. average output

B. output per man-hour

C. the maximum number of hours worked

D. total output of labour

29. Which of the following problems has the least effect on agricultural productivity in West Africa?

A. Incidence of pests and diseases

B. unfavourable weather conditions

C. illiteracy

D. urban-rural migration

30. The location of an iron and steel industry at a place is due to

A. government policy

B. access to cheap labour

C. easy access to raw materials

D. good infrastructure

WAEC 2020 Economics Questions 31-40

Topics from the SHS/WAEC Economics syllabus you will find in our next set of questions include inflation, fiscal policy, monetary policy, national income and industrialization. Here come questions 31 to 40 in the WAEC 2020 Economics past questions paper.

31. Import substitution as a strategy of industrialization is the

A. replacement of locally produced goods with imported ones

B. establishment of firms to process imported raw materials

C. act of using local inputs to produce goods for export

D. development of local firms to produce goods that are imported

32. Which of the following are intermediate goods?

A. furniture and shirt

B. cement and steel

C. handkerchief and shoe

D. table and door

33. How is NNP at factor cost derived from GNP at market price?

A. GNP – Depreciation + indirect taxes + subsidies

B. GNP+ Depreciation + in direct taxes – subsidies

C. GNP – Depreciation – indirect taxes + subsidies

D. GNP + Depreciation – indirect taxes + subsidies

34. Which of the following factors may lead to underestimation of national income figures?

A. subsistence production

B. high volume exports

C. emigration of skilled workers to foreign countries

D. availability of skilled statisticians

35. Inflation may occur if

A. rate of productivity is higher than the wage rate

B. wage increase is granted without an increase in productivity

C. prices fluctuate during a particular season of time

D. the government embark on restrictive monetary policy

36. Money would cease to be a good store of value when

A. prices of goods and services are falling slowly

B. prices of goods and services are rising rapidly

C. there is a high level of unemployment

D. prices of goods and services are rising slowly

37. Governments in West Africa can curtail inflation by

A. purchasing securities in the open market

B. encouraging importation of goods from all countries

C. selling securities in the open market

D. encouraging banks to lend for consumption

38. The central bank can reduce the ability of commercial banks to give out loans by

A. reducing special deposit

B. raising the bank rate

C. reducing the liquidity

D. issuing more currency

39. Tools of monetary policy do not include

A. open market operations

B. reserve requirement

C. tax and public expenditure

D. bank rate

40. During inflation, the appropriate fiscal measure to adopt is to

A. increase direct taxes

B. increase indirect taxes

C. reduce personal income tax

D. increase government expenditure

Questions 41-50

The final batch of the school candidates’ WAEC 2020 Economics questions and answers feature topics like taxation, development planning, inflation and international trade.

41. Mr X and Mrs Y pay $500.00 and $1,400.00 as taxes on their earnings of $5,000.00 and $7,000.00 respectively. The system of taxation employed is

A. specific tax

B. progressive tax

C. regressive tax

D. proportional tax

42. Expenditure on food takes a large proportion of the incomes of people in

A. industrialized countries

B. developing countries

C. advanced countries

D. capitalist countries

43. A country should embark on development planning to ensure that

A. its scarce productive resources are efficiently utilized

B. it also does what others are doing

C. it becomes popular among the comity of nations

D. the nation is able to contribute its own quota to international organizations.

44. A country is allowed to import just 50,000 tonnes of rice annually. This describes

A. devaluation

B. tariff

C. quota

D . embargo

45. Dumping is selling goods in a foreign market at a price

A. above what is sold at the home market

B. below what is sold at the home market

C. equal to what is sold at the home market

D. equal to the cost of producing the goods

46. The principle of comparative advantage encourages a country to

A. produce only consumer goods

B. specialize in the production of all goods

C. engage in trade if it can produce a commodity at a lower cost

D. try as much as possible to be self-sufficient

47. In order to discourage the importation of manufactured goods, a country should adopt

A. import promotion strategy

B. import substitution strategy

C. liberal foreign exchange

D. export-led strategy

48. A free trade area is one in which

A. factors of production are mobile

B. each member operates its own barriers against non-members

C. members adopt common external tariffs against non-members

D. members adopt common fiscal and economic policies

49. The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

A. help promote private and public investments

B. assist members achieve balance of payment stability

C. maintain stability of foreign exchange

D. grant long-term loans for infrastructure

50. The exploitation of mineral resources constitutes which form of production?

A. tertiary production

B. secondary production

C. primary production

D. services production

Final Thoughts

If you are reading this it means you have most likely read through all the WAEC 2020 Economics past questions and answers. Congratulations. Did you find any question or answer most interesting or a bit problematic? Why don’t you share your thoughts in the comment box below?

And, by the way, there are other equally helpful WAEC/NECO/JAMB past questions at Cegast Academy. All you need is to look around a little and you will be amazed at what you will discover. You may also check out the trial tests and quizzes . Remember all our practice tests and quizzes are completely FREE. You will get instant results that are strictly private and confidential.

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WAEC Economics Questions and Answers 2024 Objective and Essay

Post author: Study Admin
Post published: November 18, 2023
Post category: School News
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WAEC Economics 2024 answers are now available. WAEC Economics questions and answers 2024/2025 objective and essay and other exam details for WASSCE 2024 are on this page. See the 2024 WAEC Economics answers for both objective and theory below. Get the WAEC Economics objective and essay answers here.

The 2024 Economics WAEC OBJ and theory questions and answers are provided here for free. All you have to do is to go through the questions and take note of the WAEC Economics answers 2024. Read on to find out.

Have you been searching on Google in order to get the WASSCE Economics questions and answers 2024? If so, we have got you covered!

We have the 2024 WAEC Economics questions and our team of experts will soon upload the WAEC Economics questions and their accurate answers to help you pass the 2024 WAEC Economics examination.

The 2024 WAEC Economics theory questions and OBJ will be uploaded any moment from now. So if you are searching for the WAEC Economics answers 2024 for objective and theory, then you are on the right page. See WAEC Economics objective and essay questions and answers below.

WAEC Economics Answers 2024 Objective and Theory

The 2024 WAEC Economics questions are set from the SS1 to SS3 Economics syllabus. So all the questions you will encounter in this year’s examination are in the syllabus, and nearly 90% of the questions are repeated.

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English Language

English Language 2022 WAEC Past Questions

JAMB CBT Mobile App 2024 - Free Download

In each of the following sentences, there is one underlined word and one gap. From the list of words lettered A-D, choose the one that is most nearly opposite in meaning to the underlined word and that will, at the same time correctly fill the gap in the sentence.

Obi's family is known for their audacity , so one is surprised at his ______

A. cowardice
B. irritabilty
C. moodiness
D. insolence

Bayo is careless in his ways while Tayo is ________

B. meticulous
C. difficult
D. reserved

From the words lettered A. to D below each of the following sentences, choose the word or group of words that is most nearly opposite in meaning to the underlined word and that would appropriately fill the gap in the following sentence:

In this country, the law against armed robbery is stringent whereas that against smoking in public places is.........

A. accurate

The purpose of education is not to..... but to facilitate progress

C. stampede
D. restrain

These days, many people concentrate on tempora l things to the detriment of the _______

A. tangible
C. unchanging
D. spiritual
Mathematics
Animal Husbandry
Literature in English
Accounts - Principles of Accounts
Christian Religious Knowledge (CRK)
Agricultural Science
Islamic Religious Knowledge (IRK)
Civic Education
Further Mathematics
Home Economics
Book Keeping
Data Processing
Catering Craft Practice
Computer Studies
Physical Education
Office Practice

2023 WAEC Literature-In-English Past Question Paper

2023 WAEC Biology Past Question Paper

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2023 WAEC English Language Past Question Paper

Past Questions

English Language WAEC past question 2022

Are you searching for English Language WAEC past question 2022? WAEC English Language past question 2022? English Language WAEC past question paper? English Language WAEC past question paper 2022? WASSCE 2022 English Language question paper? WAEC 2022 English Language question paper? WAEC 2022 English Language past question paper? If yes, then your search ends here.

ALSE SEE: WAEC SYLLABUS

English Language WAEC past question 2022 (ESSAY – PAPER 2)

Instruction: Answer three questions in all: one question from Section A and all the questions in Section B and C.

SECTION A [50 marks]

Answer one question only from this section. All the questions carry equal marks. Your answer should not be less than 450 words. You are advised to spend about 50 minutes on this section.

Write a letter to your friend in another school telling him or her about your future career and how it will be beneficial to your country.
The National Scholarship Secretariat is orgainizing an essay competition on the topic: The menace of fake drugs in the society. Write your entry.
As a former senior prefect, write a letter to the principal of your school on the occasion of its 60th anniversary celebration, congratulating him and offering three suggestions for the improvement of the school.
A new principal has just been posted to your school. As the senior prefect, write a welcome address on behalf of the students, pointing out three areas of need in the school.
Write a story which illustrates the saying: Uneasy lies the head that wears a crown.

Objective Test: Paper 1

Think carefully before you shade the answer spaces; erase completely any answer(s) you wish to change. Now answer the following questions.

SECTION 1 [English Language WAEC past question 2022]

In each of the following sentences, there is one underlined word and one gap. From the listed of words lettered A to D, choose the one that is most nearly opposite in meaning to the underlined word and that will, at the same time, correctly fill the gap in the sentence.

A. cowardice
B. irritability
C. moodiness
D. insolence
B. meticulous
C. difficult
D. reserved
A. accurate
C. stampede
D. restrain
A. tangible
C. unchanging
D. spiritual
B. intimidating
C. conservative
D. discerning
A. illusive
B. secretive
D. purified

SECTION 2 [English Language WAEC past question 2022]

From the words lettered A to D, choose the word that best comletes each of the following sentences.

A. admirable
B. applicable
C. appropriate
D. attractive
B. premiere
D. briefing
A. injunction
B. objection
C. application
B. disembark
D. dismount
B. chronicles
D. monument
C. retaliate
A. omission
B. commission
C. permission
D. remission
A. escalate
C. intensify
D. progress
B. realistic

SECTION 3 [English Language WAEC past question 2022]

After each of the following sentences, a list of possible interpretations is given. Choose the interpretation that is most appropriate for each sentence.

A. was unhappy about the explanation
B. rejected the explanation
C. considered the explanation
D. was surprised by the explanation
A. won everyone over
B. told the whole truth.
C. did everything efficiently.
D. changed the way things were done.
A. I visited you even though it rained.
B. it did not rain and so i visited you.
C. it rained so i did not visit you
D. because it did not rain I visited you.
A. gave me a sharp slap.
B. rudely interrupted me
C. hissed at me
D. ordered me to stop talking.
A. unsatisfactory
B. appreciated
C. commendable
D. unexpected
A. A. kind and considerate
B. sharp and thorough
C. simple and modest
D. focused and direct
A. teachers could afford a car and nothing else
B. teachers and nobody else could afford a car.
C. teachers and others could afford a car.
D. few teachers could afford a car.
B. dismissed
C. counselled.
D. suspended.
A. dark in complexion
B. extremely boring.
C. not intelligent.
D. not a troublemaker
A. unpredictable
B. humourous
C. nonchalant
D. unimportant

SECTION 4 [English Language WAEC past question 2022]

From the words lettered A to D below each of the following sentences, choose the word or group of words that is nearest in meaning to the underlined word as it is used in the sentence.

A. acceptable
C. practical
D. tactical
A. launching
B. expulsion
A. disheartening
B. dismaying
C. annoying
D. frightenings
C. astonished
A. expensive
B. stunning
C. respectable
D. conspicuous
A. imported
B. material
C. attractive
D. expensive
A. constant
A. rejected
D. proceedings
A. reduction
C. termination
D. elimination

SECTION 5 [English Language WAEC past question 2022]

From the words or group of words lettered A to D. choose the word or group of words that best completes each of the following sentences.

A. fitness twice-weekly practice
B. practice fitness twice-weekly
C. twice-weekly practice fitness
D. twice-weekly fitness practice
A. had heard
B. have had.
D. have heard
A. isn’t she
B. isn’t it.
C. wasn’t it.
D. wasn’t she
A. father-in-law’s
B. father’s-in-law
C. fathers’-in-law
D. father-in-laws
A. puts out
B. puts across
C. puts away
B. it’s
B. believing
D. believes
C. made after
D. made for
A. hasn’t she
B. didn’t she
C. isn’t it.
D. hadn’t she
A. an employment
B. employment
C. employments
D. few employments
C. the best
A. His sister and I
B. Me and his sister
C. I and his sister
D. his sister and me
B. isn’t it
C. didn’t she
D. wasn’t it
B. had seen
C. has seen
A. most offended
B. more offended
C. very offended
D. much offended
A. takes after
B. takes over
C. takes up
D. takes on
A. very fast
B. much faster
C. so faster
A. started eating
B. start eating
C. had started eating
D. start to eat
A. which he had no money
B. since he had no money
C. that he had no money
D. for he had no meny
B. friend’s
C. friends’

SECTION 6 [English Language WAEC past question 2022]

In the following passage, the numbered gaps indicate missing words. Against each number in the list below the passage, four options are given in columns lettered A to D. Choose the word that is the most suitable to fill the numbered gaps in the passage.

Within the last quarter of the twentieth century, medical experts have been laying emphasis on ….. 71….. rather than …… 72……. measures. Through primary health care programmes, people have been taught about these. When an individual …. 73 ….. a disease, he has to see a doctor for ……. 74 ……. . At times, the doctor finds it difficult to ….. 75 ……. the disease during initial examination of the patient because many diseases have similar …. 76 ….. . When this happens, the patient is either asked to go to the …… 77 ….. for one test or the other or he would have ……. 78 ……. taken to help the doctor find out what is happening internally. It is after all these, and sometimes more, that the doctor can …… 79 ….. some drugs for the individual and perhaps give him some ……. 80 ……. . To save yourself and everyone else from this headache, it is advisable to pay heed to public health programmes.

71. (A) effective (B) protective (C) defensive (D) preventive
72. (A) curative (B) healing (C) corrective (D) anaesthetic
73. (A) acquires (B) contracts (C) contacts (D) develops
74 (A) consultation (B) interaction (C) discussion (D) instruction
75 (A) explain (B) discover (C) diagnose (D) detect
76. (A) signs (B) indications (C) symptoms (D) dues
77. (A) pharmacy (B) infirmary (C) ward (D) laboratory
78. (A) an image (B) an x-ray (C) a film (D) a photograph
79. (A) prescribe (B) write (C) select (D) dictate
80. (A) concoction (B) syringes (C) additives (D) injections

English Language WAEC past question 2022 Objective Answers 1-10: ABCBDADBCA 11-20: ABADBADBAA 21-30: ABCBDABBCB 31-40: DCACDBCDBA 41-50: CADADBCBCA 51-60: DABBAABABA 61-70: BBADCACCDA 71-80: DABACCCDBAD

Test of Orals (Paper 3) English Language WAEC past question 2022

Now answer the questions that follow.

From the words lettered A to D, choose the word that has the same consonant sound(s) as the one represented by the letter(s) underlined. An example is given below.

Example: vi ce

The correct answer is B because only dress has the same consonant sound as the one underlined in vice. Therefore, answer B would be shaded.

B. elephant
C. splendour

From the words lettered A to D, choose the word that ryhmes with the given word. An example is given below:

Example: obtain

The correct answer is A because only detain rhymes with obtain. Therefore, answer space A would be shaded.

D. practised

In each of the following questions, the main/primary stress is indicated by writing the syllable on which it occurs in capital letters.

From the words lettered A to D, choose the one that has the correct stress. An example is given below.

Example: democratic

A. DE-mo-cra-tic
B. de-MO-cra-tic
C. de-mo-CRA-tic
D. de-mo-cra-TIC

The correct answer is C because the main/primary stress of the word democratic is on the third syllable.

A. In-sti-tu-tion
B. in-STI-tu-tion
C. in-sti-TU-tion
D. in-sti-tu-tion
A. SPEC-tac-u-lar
B. spec-TAC-u-lar
C. spec-tac-U-lar
D. spec-tac-u-LAR
A. PA-ro-chi-al
B. pa-RO-chi-al
C. pa-ro-CHI-al
D. pa-ro-chi-AL
A. CUR-ric-u-lum
B. cur-RIC-u-lum
C. cur-ric-U-lum
D. cur-ric-u-LUM
A. AFF-i-da-vit
B. aff-I-da-vit
C. aff-i-DA-vit
D. aff-i-da-VIT

In the following options lettered A to D, all the words except one have the same stress pattern. Identify the one with the different stress pattern and shade your answer in the usual way. An example is given below.

Option A, B, C, are all stressed on the second syllabus while option D is the only one stressed on the first syllable. So, D is the correct answer.

C. statement
B. aggressive
D. depended
D. guardian

In each of the following sentences, the word that receives the emphatic stress is written in capital letters. From the questions A to D, choose the one to which the given sentence is the appropriate answer. An example is given below.

Example: He would END the story differently.

A. Would he start the story differently?
B. Would she end the story differently?
C. Would he end the song differently?
D. Would he end the story normally?

The correct answer is A because He would END the story differently answers the question, Would he start the story differently?

A. Is she the press photographer?
B. Was he the press photographer?
C. Is he the museum photographer
D. Is he the press editor
A. Is his mother usually hospitable to strangers?
B. Is his cousin usually hostile to strangers?
C. Is his cousin seldom hospitable to strangers?
D. Is his cousin usually hospitable to foes?
A. Is the German village located in Badagry?
B. Is the French embassy located in Badagry?
C. Is the French village located in Ikoyi?
D. Was the French village located in Badagry?
A. Was Peter’s father promoted yesterday?
B. Was John’s mother promoted yesterday?
C. Was John’s father sacked yesterday?
D. Was John’s father promoted last year?
A. Did the teacher punish the students for being dishonest?
B. Did the principal praise the students for being dishonest?
C. Did the principal punish the students for being sincere?
D. Did the principal punish the teachers for being dishonest?

SECTION 7 [English Language WAEC past question 2022]

From the words A to D, choose the word that contains the sound represented by the given phonetic symbol. An example is given below.

Example: / ɔɪ /

The correct answer is C because only boy contains the sound represented by the given symbol.

A. champagne

English Language WAEC past question 2022 TEST of Oral Answers

1-10: DCBDCBDABD
11-20: CBCDCBBCCB
21-30: BCCCCBBDCD
31-40: BCDBBCBBBC
41-50: BDCACABACC
51-60: CDBBBDDCDC

For more information visit: www.waeconline.org.ng

WAEC Biology Past question 2022

WAEC past questions and answers 2022

IMAGES

2022 WAEC GCE Economics (Essay & OBJ) Answers [3rd December]
2022 WAEC GCE Economics (Essay & OBJ) Answers [3rd December]
2022 WAEC GCE Economics (Essay & OBJ) Answers [3rd December]
2022 WAEC GCE Economics (Essay & OBJ) Answers [3rd December]
2022 WAEC ECONOMICS EXAM LIKELY QUESTIONS
2022 WAEC GCE Economics (Essay & OBJ) Answers [3rd December]

VIDEO

2022 WAEC WASSCE CHEMISTRY ESSAY & OBJECTIVES EXPO ||RUNZ ||DUBS
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WAEC 2022 Mathematics Question 6| Quadratic and Linear Graphs
WAEC GCE Economics Questions and Answers 2023 Expo Objectives/Essay
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COMMENTS

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The 2024 WAEC Economics questions are set from the SS1 to SS3 Economics syllabus. So all the questions you will encounter in this year's examination are in the syllabus, and nearly 90% of the questions are repeated. You don't have to worry about the 2024 WAEC Economics questions and answers PDF (essay and objective).
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SECTION 1 [English Language WAEC past question 2022] In each of the following sentences, there is one underlined word and one gap. From the listed of words lettered A to D, choose the one that is most nearly opposite in meaning to the underlined word and that will, at the same time, correctly fill the gap in the sentence.

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WAEC Economics 2022 Answers & Questions

Waec Economics 2022 Answers

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2022 WAEC Economics Objectives and Essay Past Questions with Solutions

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WAEC economics past questions and answers (PDF free download)

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2021 NABTEB ECONOMICS ANSWERS

Natural Growth Rate; B.R – D.R 10,000-3,000 =7,000

(iv)Corruption; is a cause of unemployment Nigeria because when those in government who are to use public money for building more industries are busy embezzling the funds for their selfish use, the result is massive increase in unemployment rate.

2022 WAEC Economics Essay & OBJ Answers [7th June]

(v)Prestige to the Firms; A group of similar industrial establishments located in a particular region serves to perfect the local market reputation of each establishment supplement to that of others. Thereby, a firm enjoys prestige from the mere fact of its location in the specified place.

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