Answers to the 2023 WAEC Economics Exam. In this post, I will provide you with free examples of objective and theory-based repeated-questions tests in the field of economics. You will also learn the structure of the WAEC Economics exam and the best strategies for answering its questions.
The Senior Secondary Certificate Examination and the General Certificate in Education are administered by the National Examinations Council (WAEC) in Nigeria every June/July and December/January, respectively.
Topics and Solutions for 2023 WAEC Economics Exam (Expo)
Here you may find information about the WAEC Economics exhibition for the year 2023. If you need help, keep coming back here and refreshing the website.
The aforementioned questions are likely WAEC Economics repeated questions and answers rather than the 2023 Further Mathematics questions and answers.
These are practise questions. On the day of the WAEC Economics examination, the 2023 WAEC Economics questions and answers will be available on this page. Continue to check and refresh/reload this page for latest answers.
WAEC Economics 2022 Answers
These are the solutions for the WAEC test in 2022.
ECONOMICS-OBJ
1-10: BDECEEEAAE
11-20: AECCDBAABA
21-30: EAAAEDDAAC
31-40: BAABBCEDBC
41-50: ABCAADCDED
51-60: DBCEAAABEE
Economics Essay Topics for the WAEC 2022 Exam:
(2b)
To determine the relative importance of various needs and desires, we can use a scale of preference.
Scales of preference help people swiftly zero in on the wants and needs that are most crucial to them.
(iii)Making informed decisions about what to prioritise among competing needs thanks to a preference-ranking scale
(iv)Making the most out of limited resources: The preference scale can help people make the most of what they have.
Scale of preference allows for more precise resource allocation, which is (v)important.
(vi)Enabling economic agents to maximise their satisfaction through the use of a preference scale.
Scale of financial restraint (vii)
(3a) Wants are the incessant cravings for gratifying material possessions that humans have. Since there is a finite amount of resources available to meet these desires, people are sometimes said to be insatiable in their demands.
Scarcity occurs when a finite amount of resources is used to satisfy an infinite number of desires (3b). Scarcity is the state of not having enough of anything that people want or need. The supply of these items is inadequate to meet the current demand.
Choosing amongst available options is referred to as “choice” (3c). Many people have needs, yet few of them can be met at once due to limited resources. Therefore, the availability of options is a direct outcome of limited resources.
Scale of choice (3d) is a list of unfulfilled desires in descending order of priority. It’s a prioritised list of desires and the order in which we’d like to see them fulfilled. The most urgent desires are listed first, while the least urgent desires are listed last on the preference scale.
Foregone options are expressed as “opportunity cost” (3e). It’s when someone gets what they want by making someone else unhappy. It’s a term for when one person’s wants have to take a back seat so that another person’s needs can be met.
When there is only one vendor in the market, we say that there is a monopoly.
1. High Cost of Capital: Beginning certain types of enterprises requires a large initial investment.
2. Resource Control: A firm or company can monopolise the mining and use of a resource if it owns or controls all of the relevant resources.
Governments can offer legal protection to enterprises so they can engage in a monopolised trade that no other firms or companies are able to engage in.
4. The potential for poor earnings in the firm: A key part of any successful business strategy is understanding the gap between capital expenditures and expected returns.
Seventh Paragraph: (7a) A co-operative society is a group of people who voluntarily band together to meet their common needs and interests. Members’ resources are combined for the common good of the group’s economic and social well-being.
(7b) CHOOSE THREE There are four types of co-ops: (i)those that serve producers, (ii)those that serve wholesalers, (iii)those that serve retailers, and (iv)those that serve consumers.
A producers’ cooperative is a group of people in the same industry who have banded together to increase demand for their wares. They may pool resources and buy supplies in bulk to distribute or sell at a discount to members.
Association of wholesalers who make bulk purchases directly from the Manufacturer (ii)Wholesale Co-operative Societies
(iii)A Retail Co-op Society is a group of small businesses that have banded together to negotiate discounts and bulk orders from suppliers.
(iv)Consumers’ Co-operatives Society: A group of people who pool their money to buy necessities in bulk from manufacturers. The group then gives out or sells these items to its members at cost.
(12a) A business sector refers to a collection of companies that make a similar product but are run by different management.
(12b) (i) Protection of infact industries through high import duties and outright ban or placement of quotas or imported commodities which compete with those of home industries (12b) (ii) Tax concessions to pioneer industries for a specified number of years during which the industry will not pay tax
Better roads, especially express roads, and an efficient telecommunications, electricity, and water supply system are all part of the government’s infrastructure development plan. (iii) The government should also establish industrial estate to alleviate the challenges of locating industries in congested urban areas.
(v) The Federal military government, in an effort to redistribute some of the country’s wealth, established the Nigerian Enterprises of promotion decree in 1972. Produced in Nigeria and distributed to residents
9a) Demand is the amount of a product that buyers are prepared to pay a range of prices for over a specific time frame.
There is a negative correlation between the price of a good or service and the quantity that buyers are willing to purchase of that good or service.
How much a consumer is willing and able to spend on a product is affected by their income, although this varies from product to product.
The Cost of Comparable Items:
The impact on how much someone is willing and able to buy is similar to that of income: it changes from product to product.
Consumer Preferences & Preferences:
This is an intangible factor that may significantly affect sales. As a result of a wide variety of factors, consumers’ tastes and preferences might shift, resulting in increased or decreased demand for a certain product.
Here are the results for the year 2021.
Fx: 200, 240, 800, 650, 360, 210
x-x-bar: -21, -11, -1, 4, 19, 29
(x-x-bar)²: 441, 121, 1, 81, 361, 841
The values for F(x-x-bar)2 are: 4410, 9680, 20105321662523
(1i)
Calculating the average (x-bar): 2460/60 = 41
(1ii)
Standard deviation = f(x-x-bar)2 = 11140/60 = 185.67
Variance/Standard Deviation
= √185.67
= 13.63
(1iii)
A drop range of the data is not provided.
(ii)Calculations can be complicated.
(iii)It is only applied to information in which a frequency distribution is shown against an independent variable.
(2a)
100 divided by 150 equals % of quantity produced
= 0.667
Qty dd% = Qty dd / Qty dd – old Qty – 100 / Qty dd
= 10/10 * 100/1
= 100
For more on this, see When will WAEC begin? New from WAEC
% of Income = Income multiplied by 100 minus 1
= 3000/2000 * 100/1
= 150
(2b)
Milk’s amount demanded rises with rising income, resulting in a positive income elasticity.
(2c)
Expensive items
(2d)
(i) Commodity price fluctuations
(ii) Shifts in popular opinion
(iii) The buyer’s disposable income
Marketing and Promotion
(4a)
To acquire in bulk and resell in smaller quantities is the business of a wholesaler.
(4b)
Products’ inflated prices are a direct result of the markup made by intermediaries.
Increased advertising costs are a direct result of the entry of middlemen into the distribution system.
(iii) Low earnings: because middlemen drive up the price of production, they cut into producers’ profits.
(iv) Lower output: Because of the presence of middlemen, production of items will fall, which will have an impact on their price.
(11)
(i)Revenue Generation: Taxes on imported items bring in the lion’s share of revenue for governments.
(ii)Reducing unemployment, as this leads to the survival of infant industries, which in turn creates jobs for additional individuals who are now out of work.
(iii) Raising living standards: assisting a nation’s populace in becoming economically independent and self-reliant.
Long-term correction of a country’s balance of payment deficit is aided by this factor (iv).
(v)Restricting international trade encourages people to buy products created in their own country rather than those made abroad.
====================================
(3a)
The phrase “capital formation” is used to characterise a country’s net capital accumulation in a certain accounting period.
(3b)
(i) Natural income and per capita income are very low.
Insufficient capital investment demand
(iii) Not enough money available
(iv) No financial or social burdens
(v) Not Enough Qualified Business Owners
(vi) Inadequate use of fiscal policy
FREE WAEC and WAEC Exam Expo 2023 Whatsapp Group Chat
====================================
(10a)
The exchange of goods and services between businesses located inside the same region is known as “internal trade.” WHILE The exchange of commodities and services between nations is known as external commerce.
(10b)
=SIMILARITIES=
They both take part in commercial trade.
They’re both involved in commerce, therefore (ii)
(iii) Both rely on monetary exchange to facilitate commerce.
=DIFFERENCES=
TABULATE
>COMMERCE ACROSS BORDERS
(i) Trade occurs between multiple nations
As a result of the linguistic barrier
(iii) Additional paperwork is required
Economics Essay Answers WAEC Please Wait…
For WAEC Biology Questions and Solutions, Click Here.
Sample Economics Test Questions and Solutions for the WAEC
The following are sample questions for the National Economics Examination (NEECO) 2023. Study them carefully in order to do well in the WAEC 2023 Economics Test.
1. Changes in the environment that lower a company’s operating expenses are known as A. internal economics B. external economics C. external diseconomies.
D. most effective results
Exogenous economics (choice B)
If 1000 kilogrammes of yam were purchased at 10 kyats per kilogramme, the point elasticity of demand would be A. 0.33 B. 0.0001 C. 1 D.100,000
SOLUTION: C (1)
A. constant proportions describes a circumstance where the output remains the same even if the inputs are doubled.
B. Scale-dependent profit increases
It’s constant returns (C) or (D) proportional constant returns.
To answer, consider option (D): constant returns to scale.
There is a load of additional WAEC Economics Questions and Answers.
See:
Questions and Solutions in English for the WAEC
Answers to the WAEC Marketing Test Questions
Questions and Solutions from the WAEC Civics Exam
Economics: Strategies for the WAEC Exam
The following advice will assist you in succeeding on the upcoming WAEC Economics test.
Set a Goal and Strive Towards Achieving It
I have no doubt that you will succeed in WAEC Economics 2023. Goal-setting is the next step you should take.
Even if you have told yourself, “I will get an A in WAEC Economics in 2023,” you have other goals in mind. You must plot out the steps to success. Develop a strategy and timeframe for reaching your objectives.
The Recommended Economics Textbook for the 2023 WAEC Exam
The WAEC usually suggests books to study for the test. You may use any decent Economics textbook to study for the WAEC 2023 exam, with the exception of the WAEC Literature course, for which certain novels must be read.
Not all textbooks are created equal. Obtaining a textbook on any subject that you are having trouble grasping will make your life much easier.
Do the Exercises and Examples in This Book on Economics that You Find:
It’s common practise for many applicants to gloss over exercises and even examples when they read through textbooks. We’re such notebook fans that we might actually pose the question, “Can I read my notebook and pass WAEC Economics in 2023?” Don’t be afraid to put your hand at some Economics homework. Meet the difficulties head-on.
Please use the comment section below to ask any questions you may have concerning the WAEC Economics Questions and Answers 2023.
PEOPLE ARE CURRENTLY READING:
- Legit WAEC English Questions and Answers 2023/2024 (Theory and Objectives)
- Legit WAEC Biology Questions and Answers 2023/2024 (Theory and Objectives)
- Legit WAEC Biology Questions and Answers 2023/2024 (Theory and Objectives)
- Legit WAEC Literature in English Questions and Answers 2023/2024 (Essay and Objectives)
- Legit WAEC Literature in English Questions and Answers 2023/2024 (Essay and Objectives)