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# Waec Economics Question and Answer 2022

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ECONOMICS OBJ
01-10: DACDCDBCCD
11-20: BAABABDBDB
21-30: BCBDBCCACC
31-40: CBBDDBCDBA
41-50: BBCBDCCACC

COMPLETED

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ECONOMICS INSTRUCTIONS

SECTION A
ANSWER ONE QUESTION ONLY FROM THIS SECTION
(Pick One Only)

QUESTION 1
QUESTION 2

SECTION B
ANSWER THREE QUESTIONS ONLY FROM THIS SECTION
(Pick Three Only)

QUESTION 3
QUESTION 4
QUESTION 7
QUESTION 8

COMPLETED
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ECONOMICS

SECTION A

(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+(50-75)
GNP = 442+(-25)
GNP = 442 – 25
GNP = 417

(1c)
NET NATIONAL PRODUCT (NNP)

NNP = GNP – Depreciation
NNP = 417 – 3
NNP = 414
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(2ai)
X is the demand curve
Y is the supply curve
Z is the supply curve

(2aii)
Subsidy will shift the supply curve to the right causing price to fall and quantity demanded to increase.

(2bi)
Revenue = \$15 x 20
= \$300. 00

(2bii)
Revenue after = \$10 x 40
= \$400. 00

(2c)
% increase = (400 – 300)/300 x 100%
= 1/3 x 100%
= 33.33%

(2d)
% change in quantity = (40 – 20)/20 100%
= 100%
% change in price = (15 – 10)/15 x 100%
= 100%/3
*Price elasticity of demand = %change in quantity/% change in price*
= 100%/(100%/3)
= 3.0

(2e)
The coefficient of elasticity of demand is elastic because the elasticity is greater than 1.

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(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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(NUMBER 3)

(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)
(Pick Three Only)
(i) Personal savings
(ii) Retained profits
(iii) Working capital
(iv) Sale of assets
(v) Bank loans.
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(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.

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(8a)
Economic integration is the deliberate act of governments to pool their economic resources together in order to achieve a greater efficiency in the production of goods and services for the social and economic welfare of their countries.

(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.
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## Waec Economics Expo 2022/2023

The west African examinations council (WAEC) has scheduled Economics paper to kick off on Monday Tuesday 7th June, 2022.

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