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Economics Waec Answers 2022

Economics Waec Answers 2022

Here all Economics Waec Answers 2022 will be posted here.

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

COMPLETED

(3a)

 

Limited liability is a legal status where a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment in a corporation, company or partnership.

(5a)

Demand schedule is the table that shows the relationship between quantity demanded and price of goods.

 

Or

 

It can 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.

*ECONOMICS*

 

(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.

(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.

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(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

*ECONOMICS*

(8a)

Economic integration is an arrangement among nations to reduce or eliminate trade barriers and coordinate monetary and fiscal policies.

 

(8b)

(i) member states internal insecurity,

(ii) crime

(iii) illicit trading and smuggling across the borders.

(5a)

A demand schedule is a tabulation of the quantity of a good that all consumers in a market will purchase at a given price. At any given price, the corresponding value on the demand schedule is the sum of all consumers’ quantities demanded at that price.

*ECONOMICS*

 

(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:

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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.

*ECONOMICS*

(8a)

Economic integration is an arrangement among nations to reduce or eliminate trade barriers and coordinate monetary and fiscal policies.

 

(8b)

(i) member states internal insecurity,

(ii) crime

(iii) illicit trading and smuggling across the borders.

(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

(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.

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(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.
=-=-=-=-=-=-=-=-=-==-=-=-=-=-=-=-=-=-

(2a)

Pls put in a tabular form:

Under Output(kg):

0, 15, 35, 60, 85

Under variable cost($):

0, 30, 55, 75, 90

Under Total cost ($):

15, 45, 70, 90, 105

Under Total revenue($):

0, 30, 70, 120, 170

(2ai)

at output 0; marginal revenue (M. R)

= $0.00

at output 15; M.R = TR2-TR1

=30 – 0 = $30.0

at output 35; M.R = TR3 – TR2

70 – 30 = $40.0

at output 60; M.R = TR4 – TR3

=120 – 70 = $50.0

at output 85; M.R = TR5 – TR4

= 170 – 120 = $50.0

(2aii)

at output 0, marginal cost (mc) = $0.00

at output 15, mc = TC2 – TC1

= 45 – 15 = $30.00

at output 35, mc = TC3 – TC2 = 70 – 45 = $25.0

at output 60, mc = TC4 – TC3

= 90 – 70 = $20.0

at output 85, mc = TC5 – TC4

= 85 – 60 = $25.0

(2b)

(i) The firm broke even at output 60kg.

(ii) The firm made the highest profit at output level 85kg.

(iii) The firm attained equilibrium at output 35kg.

(2c)

The firm operates on a project market structure.

====================
*ECONOMICS*

*(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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