Author Topic: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ) (Read 1086 times)

MANDINHO · « **on:** June 05, 2022, 09:08:43 am »

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MANDINHO · « **Reply #1 on:** June 06, 2022, 11:26:40 pm »

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Sidikie Mansaray · « **Reply #2 on:** June 07, 2022, 09:49:51 am »

Hello here!!!
We’re waiting please for economics answers

MANDINHO · « **Reply #3 on:** June 07, 2022, 11:00:30 am »

ECONOMICS THEORY ANSWERS

SECTION A: ANSWER 1 QUESTION FROM THIS SECTION

(1a)
GROSS DOMESTIC PRODUCT (GDP)
Wages and salaries 250
Income from self employment 120
Rent 25
Interest 10
Royalties 2
Profit & dividend 35
GDP = 442

(1b)
GROSS NATIONAL PRODUCT (GNP)
GNP = GDP + Net factor income
GNP = 442+ income received from Abroad - Income paid Abroad
GNP = 442+(50-75)
= 442+(-25)
= 442-25
= 417

(1c)
NET NATIONAL PRODUCT (NNP)
NNP = GNP - Depreciation
NNP = 417 - 3
= 414
================================

(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
================================

SECTION B: ANSWER 3 QUESTIONS FROM THIS SECTION

(3a)
Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company

(3b)
(i) Minimum number;
To start a public limited company, at least seven people must be present. A private limited business can be formed with just two people. As the name suggests, public limited companies are bound to have more people in the company as compared to private limited companies.

(ii) Articles of Association;
A public limited company may or may not have Articles. It can adopt Table-A of the Schedule of Companies Act.On the other hand, A Private limited company may have its own Articles of Association although it isn’t mandatory for them.

(iii) Directors' retirement;
In a public limited company, at least two-thirds of the directors must depart from management via rotation WHILE in a private limited business, there is no requirement to retire. This can be because of the less number of directors as advised by the law.

(iv) The Start of Business;
To start doing business, a public limited company must obtain both the Certificate of Incorporation and the Certificate of Commencement of Business WHILE To begin the business, a private limited company must get a certificate of incorporation. Only that one certificate will do for a private limited company, unlike the public limited one.

(3c)
(i) Sale of Assets
(ii) Loans and Credit Lines from Banks
(iii) Hire Purchase.

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

(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)
(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

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

(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.

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

Please don't make noise in the exam hall because MANDINHO want the best for you all.

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

Completed.

skywhiz18 · « **Reply #4 on:** June 07, 2022, 12:03:54 pm »

Objective oooo

Olokojoseph · « **Reply #5 on:** June 07, 2022, 12:05:28 pm »

Obj please

skywhiz18 · « **Reply #6 on:** June 07, 2022, 12:11:21 pm »

Still waiting for obj

MANDINHO · « **Reply #7 on:** June 07, 2022, 12:28:28 pm »

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

COMPLETED
=======================

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Author Topic: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ) (Read 1086 times)

MANDINHO

WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

MANDINHO

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

Sidikie Mansaray

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

MANDINHO

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

skywhiz18

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

Olokojoseph

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

skywhiz18

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

MANDINHO

Re: WAEC 2022 ECONOMICS ANSWERS (ESSAY & OBJ)

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