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In this article, we explore how you can get 2022 WAEC Economics questions and answers so that you can be well-prepared for your upcoming WAEC exam, and also understand how WAEC set Economics questions and how to answer them. With this guide, you can make good grades on Economics WAEC 2022 exam..
Waec 2022 Economics Questions And Answers
(1a)
GROSS DOMESTIC PRODUCT (GDP)
Wages and salaries = 250
Income from self employment =120
Rent = 25
Interest = 10
Royalties = 2
Profit and 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)
GNP = 442+(-25)
GNP = 442 – 25
GNP = 417
(1c)
NET NATIONAL PRODUCT (NNP)
NNP = GNP – Depreciation
NNP = 417 – 3
NNP = 414
(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)
-PUBLIC JOINT-STOCK COMPANY-
(i) It implies a company that is listed on a recognized stock exchange and whose shares are traded openly by the public.
(ii) The minimum number of members are 7
(iii) The maximum number of members are unlimited
(iv) The minimum number of directors are 3.
-PRIVATE JOINT-STOCK COMPANY-
(i) It refers to the company which is not listed on a stock exchange and the shares are held privately by the members concerned.
(ii) Minimum number of members are 2
(iii) Maximum number of members are 200, except in case of one person company
(iv) Minimum number of directors are 2.
(3c)
(i) Personal savings
(ii) Retained profits
(iii) Working capital
(iv) Sale of assets
(v) Bank loans.
(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
(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
(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
(5a)
Demand schedule is the table that shows the relationship between quantity demanded and price of goods.
It can also 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.
(5bii)
Composite demand is the situation when a particular type of goods is used to produce more than one type of product.
Composite demand happens when there are multiple uses for a single product. For example, corn can be used as animal feed, ethanol and food in its whole form. The rise in demand for any of these products leads to a shortage in supply for the others. This shortage can lead to a rise in price.
(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.
(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)
(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.
(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
(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.
