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Below, we are going to publish the answers of WAEC Economics questions 2022 on June 7, 2022 for candidates who are going to appear for the exam.
Tuesday, 7th June, 2022
Economics 2 (Essay) 09:30 am. – 11:30 am.
Economics 1 (Objective) 11:30 am. – 12:30 pm.
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WAEC Economics-Obj!
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TODAY'S WAEC ECONOMICS 2022 THEORY ANSWERS
(NUMBER 4)
(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.
*ECONOMICS*
(7a)
MORTGAGE BANK
(i) A mortgage bank is a financial institution that specializes in granting loans to individual and corporate bodies for building purposes. Such loans are repaid by installments and can be spread over several years. On the other hand.
MERCHANT BANK
Merchant bank is a financial institution that provides specialized services like acceptance of bills of exchange, corporate finance; portfolio management, equipment leasing and acceptance of deposits
(7aii)
COMMERCIAL BANK
A commercial banks are financial institutions that per-form the services of holding people's money and ac-counts and using such money to make loans and other financial services available to customers. The loans are usually for short and medium terms.
DEVELOPMENT BANK
Development bank is a financial institution set up to pro-vide long term loans to groups of individuals and governments for development projects. They provide financial assistance in high risk, low profit and long gestation period investments which are unattractive to commercial banks.
(7b)
[PICK ANY FOUR]
(i) Acceptance of deposit:
Customers money can be kept in any of the three different types of commercial bank accounts-savings, current or demand deposit and time or fixed deposit accounts.
(ii) Lending of money:
Commercial banks make avail-able loans, overdraft and discount bills of exchange for their customers.
(iii) Commercial banks provide:
facilities for domestic and foreign remittances. Such transfers can be done telegraphically or by cable, or by ordinary sail or through traveller's cheques.
(iv) Commercial banks provide:
facilities for the safe keeping of valuables
(v) Trust services for individuals and organizations:
Trust services include the management of trust funds.
(vi) Agency services:
The banks act as agents for their customers in the purchase and sale of securities.
(vii) Money creating function:
Deposits received can be given out as credit to customers which in turn create further deposits.
(viii) Commercial banks offer advisory services to customers.
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Welcome to mydport answers page where you will get verified, 100% true, correct, and verified answers to WAEC Economics Answers for 2022 for Tuesday 7th June 2022, in both Objectives and Essays (theory).
The WAEC Economics 2022/2023 question papers will be divided in 2 essays that will be Objectives and Theories, we will provide you with hints on content for both sections.
What we have here is a probable examination questions and answers of the economics past questions and answers which can be used as revision guide.
All of the questions that you are going to face on the exams this year are in the Economics syllabus for grades SS1 through SS3, with almost 90% of questions being repeated. Meanwhile, all candidates sitting this exam are expected to go through these questions and answers to prepare themselves.
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Candidates searching for online economics expo/runs or answers for WAEC SSCE exam paper 1 and paper 2 (theory and object) should make effective use of Likely Questions & Answers in 2022 Economics for the WAEC exam and the Randomly Repeated questions from the exam.
Schedules for ongoing WAEC economics examinations are given in WAEC timetables. More about the Economics Objections and Essays Questions and Answers for the WAEC examinations today. WAEC economic theory and objectives answers (100% authentic) Free economics 2 essay validation for the West African Examinations Commission (WAEC).
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The 2022/2023 economics questions of the WAEC are still a major, fundamental topic for students not just from the social sciences, but from arts and sciences students, and economics cuts across different departments, even within universities, so passing the economics is not a choice for you.
(1a)
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
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(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.
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(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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(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.
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Completed
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Please note this is Last year exam answers below.
(7ai)
Growing population is the increase in a population that occurs when the birth rate is higher than the death rate, or when immigration exceeds emigration, or when a combination of these factors is present. While declining population is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
(7aii)
Overpopulation refers to a population which exceeds its sustainable size within a particular environment or habitat while under population is a situation in which there are too few people to realize the economic potential of an area or support its population's standard of living.
(7b)
(i)Pressure of Population on Land
(ii)Low Per Capita Income
(iii)Low Per Capita Availability of Essential Articles
(iv)Burden of Unproductive Consumers
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(4a)
industry is the production of goods or related services within an economy. In other words The major source of revenue of a group or company is the indicator of its relevant industry.
(4bi)
division of labour is the separation of tasks in any system so that participants may specialize. In other words they motive for trade and the source of economic interdependence.
(4bii)
economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
(4c)
(i)Internal economic of scale are the unit cost advantages from expanding the scale of production in the long run.
(ii)These lower costs represent an improvement in long run productive efficiency and can give a business a significant competitive advantage in a market.
(iii)They also lead to lower prices and higher profits
(iv)If long run average total cost curve (LRAC) is declining, then internal economies of scale are being exploited
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