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WAEC GCE Economics Questions and Answers 2022/2023 (Essay and Objectives)

WAEC GCE Economics Questions and Answers 2022. I will be showing you the WAEC GCE Economics objective and theory answers and repeated questions for free in this post. You will also understand how WAEC GCE Economics questions are set and how to answer them.

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The West African Examination 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.

WAEC GCE Economics Objectives and Essay Answers 2022 (Expo)

The 2022 WAEC GCE Economics expo will be posted here on the day of the WAEC GCE Economics exam during the WAEC GCE Economics examination. Keep checking and reloading this page for the answers.

WAEC GCE Economics Essay Answers Loading…

Today’s WAEC GCE Essay Answers: Loading…

(3a)

Production can be defined as any human activity that involves the creation of goods and the provision of services to satisfy human wants. It is a process that transforms factors of production or inputs (land, labour, capital, and entrepreneurship) into output of goods and services

(3b)

(i)Primary Production: This is the type of production that involves the tapping and harnessing of natural resources. It is concerned with the process of obtaining raw materials or resources in their natural form from the air, land, and water e.g. agriculture, mining, fishing, quarrying, etc.

(ii)Secondary Production: This type of production entails the processing of primary products or raw materials into finished or semi-finished products e.g. processed food, houses, roads, clothes, cars, furniture, paper milling, etc. It involves all stages that the good passes through after extraction to manufacturing

(iii)Tertiary Production: This is a type of production that is concerned with the provision of commercial and professional services to the people. The people involved in this aspect of production include those who render services e.g. teachers, doctors, hairdressers, soldiers, policemen, lawyers, musicians, etc. It also includes those who render commercial services like wholesalers, retailers, transporters, etc.

(3c)

(i)Manufacturing can employ large numbers of low-to-medium skilled workers and its processes can be easily standardised and scaled, which complements economic clustering in cities.

(ii)The sector contributed from technological change and productivity growth, thus exhibiting positive learning and process development opportunities.

(iii)It is tradable, allowing developing countries to tap into global value chains as well as new markets for buying and selling goods.

(7a)

Unemployment of labour is a situation where individuals in the labour force who are willing and able to work at the existing wage rate cannot find jobs.

(7b)

(i) Cyclical unemployment: This is the unemployment caused by a deficiency in aggregate demand leading to a deflationary phase of the business cycle e.g when aggregate demand falls, firms need to cut down on labour.

(ii) Frictional unemployment: This form of unemployment exists as workers search for jobs of their choice having left their previous jobs or when school leavers enter the labour market from school e.g. a fresh graduate who has completed school and is looking for a job.

(iii) Structural unemployment: This form of unemployment occurs when there are changes in the pattern of demand or production resulting in labour lay-off. A change in technology can also result in structural unemployment. e.g. if an organization begins to use computer, a stenographer who can only type using the traditional typewriter will become unemployed.

(7c)

(i) Increase in investment: Government can encouraged the establishment of new firms by providing incentives such as granting of subsidies and tax holiday

(ii) Educational curriculum should be restructured to meet the needs of the industrial sector of the economy

(iii) Establishment of labour exchange or job centres to disseminate information on existing job and location

(8a)

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.

(8b)

(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.

(8c)

(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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Note: The answers below are the 2020 Nov/Dec answers.

No (5)

GCE Economics

No (6a)
Economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

(6bi)
Capitalism; is an economic system in which private individuals or businesses own capital goods. In other words The production of goods and services is based on supply and demand in the general market known as a market economy rather than through central planning known as a planned economy or command economy.

(6bii)
Socialism; is a populist economic and political system based on public ownership of the means of production. In other words Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.

(6biii)
mixed economy; is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise

(6c)
(i)Producers, consumers and the workers all enjoy economic freedom and are free to work, as they like. Goods are produced according to the taste, preferences and demands of consumers.

(ii)Capitalist system can make changes according to the needs and circumstances of the economy. It has inbuilt flexibility.

(iii)An automatic equilibrium is brought about by the operation of price mechanism and market forces. No central direction is required for the operation of the economy

No (7a)
Export promotion are activity used by many countries and regions to promote goods and services from their companies abroad.

(7b)
Currency depreciation is the loss of value of a country’s currency with respect to one or more foreign reference
currencies, typically in a floating exchange rate system in which no official currency value is maintained.

(7c)
Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive term of trade, as for the same amount of exports, it can purchase more imports.

(7d)
Balance of Trade (BoT) is the difference between the total value of exports and the total value of imports of a country within a time period. It is also referred to as trade balance, commercial balance or net exports.

(7e)
Currency appreciation is an increase in the value of one currency in relation to another currency. Currencies appreciate against each other for a variety of reasons, including government policy, interest rates, trade balances and business cycles.

8b)
(i)Low Per Capita Income
(ii)Excessive Dependence on Agriculture
(iii)Low Level of Capital Formation
(iv)Dualistic Structure of the Underdeveloped Economies

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The questions below are the WAEC GCE 2020 Economics Practice Questions. Go through them and be ready to score high in your WAEC GCE 2020 Economics Examination.

1. Developments outside a given firm that 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)

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Tips on How to Pass WAEC GCE Economics Questions

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

Have a Target and Work Towards Actualizing it 

You have decided to pass WAEC GCE Economics 2022 and I am sure of that. Now, the next thing you should do is set targets.

You have told yourself, “I will score an A in WAEC Economics 2022”, 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 2022 WAEC Examination

Normally, WAEC GCE recommends books for the examination. Apart from WAEC GCE Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for WAEC GCE 2022 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 GCE Economics 2022?” Don’t be scared of attempting exercises in Economics. Face the challenges.

If you have any questions about the WAEC GCE Economics Questions and Answers 2022, kindly drop your question in the comment box.

Last Updated on December 3, 2022 by Admin

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16 thoughts on “WAEC GCE Economics Questions and Answers 2022/2023 (Essay and Objectives)”

  1. is there any on chemistry if there is please open it

    Reply
  2. How can we get the remaining questions and answer for the Economics sir or ma’am

    Reply
  3. Will the real question be revealed on the exam date

    Reply

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