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WAEC Economics Questions and Answers 2023/2024 (Essay and Objectives)

WAEC Economics Questions and Answers 2023. I will be showing you Economics objectives and theory repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them.

waec Economics questions and answers

The West Africa Examinations Council (WAEC) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in May/June and November/December respectively.

The questions below are the WAEC past questions and answers that will help you in your 2023 WAEC Economics Questions.

WAEC Economics Objectives and Essay answers 2023

Today’s WAEC Economics answers loading…

2022 WAEC Economics answers will be posted here during the exam.

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Note: The answers below are for 2021

(1a)
Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(1b)
(i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
= 25%

(ii) Secondary sector ==> Shoe production + Fish processing + Baking

% of secondary sector = (30+19+19)/170 × 100%
= 40%

(iii) Tertiary (%) = 100% – (40+25)%
= 35%

(1c)
Ratio = 16.1/30 = 161:300

(1d)
% Warehousing = 12.2/170 × 100%
= 7.2%

(1e)
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors

(4a)
Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b)
(i) Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.
(ii) Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods.
(iii) Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.

(4c)
(i) Packaging problems: The packaging of goods is not standardized. This may result in damage or loss in transit.

(ii) Inadequate transport facilities: The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that commodities sustain great damage due to accidents.

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably. (5a)
Price elasticity of demand may be defined as the degree of responsiveness of the quantity demanded of a commodity to change in the price of a commodity. In order words, it is the degree of responsiveness of quantity demanded to a small change in the price of the commodity.

(5b)
(i) On elastic demand, Demand is said to be elastic if small change in price leads to a greater change in the quantity of goods demanded. While On inelastic demand, demand is said to be in elastic if a larger change in price leads to a small or slight change in the quantity of goods demanded.

(ii) On elastic demand , elasticity is greater than one or unitary , i.e E ==>1<infinity. While on inelastic demand , elasticity is less than one but greater than zero, i.e E ==>0<1

(5c)
Diagram

(8a)
(i) Domestic trade involves the exchange of goods within the borders of a country While External trade involves the exchange of goods and services across national frontiers
(ii) In domestic trade ,a common language is used While Extern trade requires knowledge of new languages and interpretation.

(iii) Buyers and sellers in domestic trade use the same type of currency While In external trade,buyers and sellers use different currencies .
(iv) In domestic trade , the legal system are the same While in external trade, there are differences in legal systems and culture

(8b)
Term of trade is the rate at which country’s exports exchange for it’s import. It is expressed as a relationship between the prices a country recieves for it’s exports and the price it pay for import WHILE Balance of trade is the total value of goods sold and bought by a country during a given period , usually a year. When visible exports equal visible imports in monetary terms ,we have balance of trade.

(8c)
(Pick Any Four)
(i) Low level of agricultural production: This makes Nigeria dependent on food imports and exported inputs for her agro-allied industries.

(ii) Low level of technological development: Low level of technological development makes the country’s a greater importer of advance technology

(iii) inadequacies in export promotion strategies: Export promotion strategies to encourage more earnings for the country are grossly inadequate

(iv) Excessive government expenditure: This attitude encourage the government to engage in massive importation of all kinds of goods into the country

(v)poor social and economic infrastructure: Poor social and economic infrastructure contribute greatly to low capacity utilisation in the industries section eg bad roads, irregular supply of electricity,water and poor telecommunication

(vi)Existence of import-dependent industries: These industries reduce the country’s earnings a they demand for the scarce foreign exchange to enable them to procure machines and raw materials from abroad.

The questions below are the WAEC 2021 Economics Practice Questions. Go through them and be ready to score high in your WAEC 2021 Economics Examination.

1. Developments outside a given firm which reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects

ANSWER: B (external economics)

2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000

ANSWER: C (1)

3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.

ANSWER: D (constant returns to scale)

More WAEC Economics Questions and Answers Loading

See:

WAEC Economics Essay (Theory)

1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-

No. of BottlesTotal UtilityMarginal Utility
1.1515
2.29F
3.4213
4.D12
5.65G
6.75H
7.E0

(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Cola.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.

2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) Production;
(ii) Distribution;
(iii) Consumption.

3. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for an agricultural produce can be made effective.

4. (a) Describe the output method of measuring the gross domestic product of a country.
(b) How is the net national product at factor cost obtained from gross domestic product?
(c) State two problems associated with the output method.

WAEC Economics Essay and Objective 2023 (EXPO)

The above questions are not exactly 2023 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.

These questions are for practice. The 2023 WAEC Economics expo will be posted on this page 30 minutes before the WAEC Economics examination starts. Keep checking and refreshing this page for the answers.

Tips on How to Pass WAEC Economics Questions

The following tips will help you to pass the upcoming WAEC Economics examination.

Have a Target and Work Towards Actualizing it 

You have decided to pass WAEC Economics 2023 and I am sure of that. Now, the next thing you should do is set targets.

You have told yourself, “I will score A in WAEC Economics 2023”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.

 Get the Recommended Textbook on Economics for 2023 WAEC Examination

Normally, WAEC recommends books for the examination. Apart from WAEC Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2023 exam.

Some textbooks are more difficult to understand. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you.

 Do not Skip Economics Examples and Exercise you Will Come Across While Reading: 

Many candidates are fond of skipping exercises and even examples while studying textbooks. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass WAEC Economics 2023?” Don’t be scared of attempting exercises in Economics. Face the challenges.

If you have any questions about the WAEC Economics Questions and Answers 2023, kindly drop your question in the comment box.

Last Updated on January 9, 2023 by Admin

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