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NUMBER 3
(3ai)
Money cost is the actual amount of money spent on a good or service, while opportunity cost is the value of the next best alternative forgone in order to obtain that good or service.(3aii)
A normal good is a good for which demand increases as income increases, while an inferior good is a good for which demand decreases as income increases.(3b)
(i) Individuals: The scale of preference assists individuals by allowing them to rank their wants in order of importance and allocate their resources accordingly. This ensures that they spend their limited resources on the most important wants first.(ii) Firms: The scale of preference helps firms in determining which goods and services to produce first, based on consumer demand. This ensures that they produce goods that are most in demand, maximizing profit.
(iii) Governments: The scale of preference assists governments in allocating resources to the most important needs first, such as infrastructure, healthcare, and education, in order to maximize the welfare of society.
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NUMBER 4
(4a)
Economic system refers to the structure and organization of production, distribution, and consumption of goods and services within a society.(4bi)
Aim of production:
(i) Capitalist Economy: In a capitalist economy, the primary aim of production is to generate profit. Private individuals and businesses own and control the means of production, such as factories and businesses, and their main objective is to maximize their profits and wealth accumulation.(ii) Socialist Economy: In a socialist economy, the aim of production is often centered around meeting the needs of society as a whole. The state or collective ownership controls the means of production, and the focus is on providing goods and services that benefit the entire population rather than solely pursuing individual profits.
(4bii)
Consumer sovereignty:
(i) Capitalist Economy: In a capitalist economy, consumer sovereignty is a fundamental principle. Consumers have the freedom to choose and influence what goods and services are produced through their purchasing decisions. Businesses respond to consumer demand and compete to attract customers by offering products and services that cater to their preferences.(ii) Socialist Economy: In a socialist economy, consumer sovereignty is typically more limited. The state or central planning authority often determines the production and distribution of goods and services based on collective interests and social priorities. While consumers still have access to goods and services, their choices may be constrained or influenced by the state’s decision-making processes.
(4biii)
Competition:
(i) Capitalist Economy: Competition plays a crucial role in a capitalist economy. Multiple private individuals and businesses operate within the market, striving to gain a competitive edge and maximize their profits. Competition fosters innovation, efficiency, and productivity, as businesses seek to attract customers and outperform their rivals.(ii) Socialist Economy: Competition is less prevalent in a socialist economy, particularly in sectors where state ownership and central planning dominate. The priority is on cooperation and collective goals rather than competition among businesses. Some socialist economies may still allow limited competition in certain areas to spur innovation and efficiency.
(4c)
(i) Fixed Supply: Land is a finite resource, and its supply cannot be increased. The quantity and quality of land available for production remain relatively constant over time.(ii) Immobility: Unlike other factors of production such as labor and capital, land is immobile. It cannot be easily relocated to different areas or transferred between industries. The location of land is an inherent characteristic that influences its value and productivity.
(iii) Heterogeneity: Land exhibits heterogeneity in terms of quality, fertility, natural resources, and geographical features. Different parcels of land have varying levels of suitability for specific purposes such as agriculture, mining, construction, or residential use.
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NUMBER 5
(5a)
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.(5b)
(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker(5c)
(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 pubic 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.
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NUMBER 6
(6a)
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(6bi)
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(6bii)
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.(6biii)
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.(6c)
(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
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NUMBER 8
(8a)
embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction.(8b)
(i) Imposition of tariffs is a source of revenue to the government and newly established companies are protected from competition from foreign companies.
(ii) If a country imports all sorts of goods without checks, it will suffer from Unfavourable balance of trade and payments and dumping of goods, especially in non industrialized country will occur if the country allows free trade to happen.
(iii) To check con-sumption pattern: If all sorts of goods are allowed to come into the country, the citizens will develop uncontrollable appetite for foreign goods and the rich are made to pay higher rate as tax than the low income earner.(8c)
(i) It limits the level of variety of goods available in the country and other countries may also retaliate.
(ii) It may lead to increase in the price of goods especially if the tariff is too high.
(iii) Fall in the standard of living due to high taxes on imports and very protection of domestic industries may lead to inefficiency.Answers Loading…
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Waec Economics Answers 2023
Tuesday, 6th June, 2023
- Economics 2 (Essay) – 09:30am – 11:30am
- Economics 1 (Objective) – 11:30am – 12:30pm
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Carefully read and take note of the following questions and try to answers by choosing the option that best suits the question after that use your textbook to confirm it. Let get started with the Waec Past Questions and Answer
OBJECTIVE
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 subsidizes 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 working population
B. number of men and hours they work
C. number of hours during which the middle-aged persons work
D. number of workforce 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.
1. One of the advantages of large scale production is that
A. there is a rise in the cost of administration.
B. consumers sacrifice their individual tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localized.
28. The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A. transport.
B. water.
C. raw materials.
D. labour supply.
29. Malthus’ population theory states that
A. high death rate may lead to low productivity.
B. population may outgrow the means of subsistence.
C. people will always decide to have children.
D. migration may leave some parts of the world barren.
30. Which of the following is not likely to be an effect of a growing population?
A. Rise in demand
B. Unemployment
C. Fall in standard of living
D. High per capita income
31. Personal savings are generally low in West Africa because of
A. the level of income of the people.
B. the refusal of banks to grant loans.
C. overpopulation.
D. cheaper foreign currencies.
32. Devaluation of currency in a country is likely to lead to
A. increasing population.
B. increasing imports.
C. exports becoming cheaper.
D. reduced exports.
7. Which of the following is not a benefit derived from the petroleum industry?
A. Increased foreign exchange earnings
B. Establishment of refineries and petrochemical industries
C. Employment of a greater proportion of the population
D. Development of airports, seaports and other social infrastructure
33. An efficient weapon used in resolving disputes between employees is
A. co-operation.
B. collective bargaining.
C. display of placards.
D. legal action.
34. A country’s balance of payment is in deficit when
A. a country’s payments for imports of invisible goods are greater than her receipts from exports of invisible goods.
B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.
C. it can record a surplus on the current account of her balance of payments accounts.
D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods.
35. Which of the following features best describes peasant agriculture in West Africa? It
A. specializes in the production of one crop.
B. involves the use of small farm holdings.
C. is a capital-intensive system of farming.
D. is mostly associated with tree crops
PAPER 1 (OBJECTIVE)
- One of the advantages of large-scale production is that
- A. there is a rise in the cost of administration.
- B. consumers sacrifice their individual tastes.
- C. the firm can use labour-saving machinery.
- D. the demand for a firm’s products becomes localized.
- The location of timber and plywood industries in West Africa is mainly influenced by the availability of
- A. transport.
- B. water.
- C. raw materials.
- D. labour supply.
- Malthus’ population theory states that
- A. high death rate may lead to low productivity.
- B. population may outgrow the means of subsistence.
- C. people will always decide to have children.
- D. migration may leave some parts of the world barren.
- Which of the following is not likely to be an effect of a growing population?
- A. Rise in demand
- B. Unemployment
- C. Fall in the standard of living
- D. High per capita income
- Personal savings are generally low in West Africa because of
- A. the level of income of the people.
- B. the refusal of banks to grant loans.
- C. overpopulation.
- D. cheaper foreign currencies.
- Devaluation of currency in a country is likely to lead to
- A. increasing population.
- B. increasing imports.
- C. exports becoming cheaper.
- D. reduced exports.
- Which of the following is not a benefit derived from the petroleum industry?
- A. Increased foreign exchange earnings
- B. Establishment of refineries and petrochemical industries
- C. Employment of a greater proportion of the population
- D. Development of airports, seaports and other social infrastructure
- An efficient weapon used in resolving disputes between employees is
- A. co-operation.
- B. collective bargaining.
- C. display of placards.
- D. legal action.
- A country’s balance of payment is in deficit when
- A. a country’s payments for imports of invisible goods are greater than her receipts from exports of invisible goods.
- B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.
- C. it can record a surplus on the current account of her balance of payments accounts.
- D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods.
- Which of the following features best describes peasant agriculture in West Africa? It
- A. specializes in the production of one crop.
- B. involves the use of small farm holdings.
- C. is a capital-intensive system of farming.
- D. is mostly associated with tree crops
PAPER 2 (ESSAY)
- The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-
- Determine the missing figures D, E, F, G and H.
- Draw the demand curve for the traveller’s consumption of Coca-Cola.
- Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.
- (a) Distinguish between economic activities and an economic system.
- Explain the following terms:
- production;
- distribution; (iii) consumption.
- (a) With the aid of a diagram, explain a minimum price.
- State any five measures by which a minimum price for an agricultural produce can be made effective.
- (a) Describe the output method of measuring the gross domestic product of a country.
- How is the net national product at factor cost obtained from gross domestic product?
- State two problems associated with the output method.
- (a) Explain the function of money as a
(i) measure of value; (ii) store of value.
- Show how inflation affects these two functions of money.
- (a) What is a commercial bank?
- Describe any four ways by which the Central Bank controls the amount of credit given by the commercial banks.
- (a) Differentiate between human capital and physical capital.
- State three ways of improving on the stock of human capital in your country.
Past Economics Answers 2023/2024
ECONOMICS OBJ:
1DBCDCDBCCD
11BAABABDBDB
21BCBDBCCACC
31CBBDDBCDBA
41BBCBDCCACC
COMPLETED!!!
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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
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(5a)
Demand schedule is the table that shows the relationship between quantity demanded and price of goods.
Or
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.
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(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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No 6a
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.
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(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.
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(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.
Answers Loading…
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ECONOMICS OBJ1BCCBDBCCBA
11CBBABBBAAB
21AACACBAABB
31ACDDDCDAAB
41BCCCCDBBCD
Completed!!!!
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%
(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
°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°
(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.
(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.
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(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.
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.
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ECONOMICS OBJ:
1-10: CBBBCBCCCB
11-20: BDADBDCBBB
21-30: BCCCACDACA
31-40: DDABBCACDB
41-50: DDDABDBBCA
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(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.
==========================
(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.
=========================
(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.
(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.
(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
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Conclusion
Waec Economics Answers 2023 for 6th June 2023 (Objective and Essay)
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