Waec GCE Economics 2022 Questions And Answers
The West African Examination Council (WAEC) Has Scheduled The Waec GCE Economics 2022 Paper To Kick Of On The 3rd December, 2022.
This brings the attention of candidates writing the exam in to searching for Waec GCE Economics 2022 Questions And Answers, Waec gce economics 2022, Waec gce economics expo 2022, Waec gce economics question 2022, Waec gce economics answer 2022, gce economics 2022 and etc.
Waec GCE Economics 2022 Questions And Answers
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Waec GCE Economics Expo 2022
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Waec gce economics answer 2022
Production can be defined as any activity which results in the creation of goods and services and the distribution of these to the final consumers in order to satisfy human wants.
(i) Primary production; forms the basis of further production. This refers to the extraction of raw materials in their natural form from land, sea and air. These include products from agriculture, mining and fisheries are primary products.
(ii) Secondary production: Secondary production entails the conversion of basic raw materials or semi-completed commodities to their final forms that are acceptable to the consumers. Processed goods such as garri, clothes, and houses are examples of products of secondary production.
(iii) Tertiary production: This is the third sector of production which includes commercial and professional services. All those who provide commercial services such as wholesalers, retailers and transporters are involved in tertiary production. These include persons who perform direct/ professional services such as doctors, barbers, salesmen and lawyers.
[PICK THREE ONLY]
(i) Revenue to the government
(ii) Income to workers/investors
(iii) Conservation of foreign exchange
(iv) Diversification of the economy
(v) Provision of infrastructure.
(vi) Provision of goods
(vii) Employment opportunities
(viii) Stimulation of other sectors of the economy/growth of allied industries
(ix) Favourable balance of trade
(x) Foreign exchange generation.
Unemployment of labour is defined as a situation in which persons of working age, able and willing to work are unable to find paid employment.
(i) Cyclical unemployment: This is the type of unemployment which arises as a result of changes to an economy’s business cycle. Cyclical employment is caused by job losses during downturns or contractions in an economy.
(ii) Frictional unemployment: This is the type of unemployment which occurs as a result of changes in the techniques of production. Due to advancements in technology, machines are introduced in production, which tend to replace labour and this can lead to the retrenchment of workers. Frictional unemployment is also called technological unemployment.
(iii) Structural unemployment: This is the type of unemployment which arises as a result of changes in the pattern of demand for certain commodities. If the demand is low, it could lead to industries reducing their workforce and this eventually results in structural unemployment.
(i) Industrialisation: Government should establish many industries that can employ many workers.
(ii) Population control: Population should be controlled to obtain optimum level, to match the human population with available natural resources.
(iii) Encouraging geographical mobility of labour: The enabling environment should be created so that labour should be able to move from one geographical area to another.
Foreign exchange refers to exchanging the currency of one country for another at prevailing exchange rates. Let us take a close look at the meaning of foreign exchange. Different countries have different currencies. Foreign exchange converts the currency of one country into another.
(i) To bring together and coordinate the petroleum policies of its members in order to achieve stable and equitable prices for petroleum producers and to guarantee a reliable, cost-effective, and efficient supply of crude oil.
(ii)To developing countries with a sufficient rate of return on investment.
(iii)To control oil supply in order to stabilize oil prices on the global market and prevent swings from harming the economy of oil-producing and oil-consuming nations.
(i)Regulatory functions: IMF functions as a regulatory body and as per the rules of the Articles of Agreement, it also focuses on administering a code of conduct for exchange rate policies and restrictions on payments for current account transactions.
(ii)Financial functions: IMF provides financial support and resources to the member countries to meet short term and medium term Balance of Payments (BOP) disequilibrium.
(iii)Consultative functions: IMF is a centre for international cooperation for the member countries. It also acts as a source of counsel and technical assistance.
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