WAEC Economics Questions and Answers 2023/2024 – Objectives & Theory
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I will also show you WASSCE Economics past questions, sample questions and likely questions and answers which are designed to help you read and prepare for the forthcoming examination.
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WAEC Economics Objectives and Essay answers 2023/2024
Today’s WAEC Economics answers loading…
2023 WAEC Economics mid night answers will be posted here 4 hours before your examination
Note: The answers below are for 2021
Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million
(i) Primary sector ==> Mining + Fish farming + food crop production
% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
(ii) Secondary sector ==> Shoe production + Fish processing + Baking
% of secondary sector = (30+19+19)/170 × 100%
(iii) Tertiary (%) = 100% – (40+25)%
Ratio = 16.1/30 = 161:300
% Warehousing = 12.2/170 × 100%
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors
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.
(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.
(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.
(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
(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
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.
(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.
WAEC Economics Possible Questions and Answers
The questions below are the WAEC 2023 Economics Practice Questions. Go through them and be ready to score high in your WAEC 2023 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
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
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WAEC Economics Essay (theory) Questions and Answers 2023
1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-
|No. of Bottles||Total Utility||Marginal Utility|
(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.
2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
3. (a) 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.
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How to Pass WAEC Economics Exam in 2023
The advice provided below will help you effortlessly complete your WAEC economics questions.
1. Study Well
We both understand that working hard is correlated with exam success. What am I saying? Under normal circumstances, every student who puts forth the necessary effort to study will ace any test.
2. Read the WAEC Economics Past Questions
Every year, civic education questions are repeated by the West African Examination. You would have a better chance of earning high marks on the WAEC Economics exam if you used former exams.
3. Prepare a reading timetable and stick to it.
The best way to prepare for WAEC examination is through setting up a timetable. A time table will enable you to cover all you are supposed to read before the examination. While creating a timetable make sure you give more time to core subjects. The core subjects are the five subjects you are recommended to pass before going into your field of study in the University.
4. Start preparing as early as possible.
Different people have different views on when to start reading for WAEC examination. Well I think the best time to start reading for WAEC examination is now. No time is too late or early to start reading. Just pick up your books and start covering as much topic as you can.
5. Do not allow people’s opinions to stop you from reading
One of the major problems WAEC candidates face is that they allow people’s opinions and words to discourage them and when you allow people’s words to penetrate you it will bring fear which is not good for examination candidates.