WAEC Economics Questions and Answers 2022. Expo for May/June 2022 is now out. WAEC Economics Theory and Objective Answers (100% sure). Economics 2 Essay verified Free (Expo) for West African Examinations Council. WAEC Economics Questions For you to have good WAEC result in Economics as well as repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them. The West African Examinations Council is an examination board established by law to determine the examinations required in the public interest in the English-speaking West African countries, to conduct the examinations and to award certificates comparable to those of equivalent examining authorities internationally
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WAEC Economics Questions and Answers 2022
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(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.
(PICK ANY FIVE)
(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
(vi) Migration: The rate of migration can also affect the size of labour force. If the rate at which the working population leaves a country is higher than the rate at which people come in, it will lead to reduction in the supply of labour.
(vii)Trade union activities: The activities of trade union may also affect the supply of supply. For example, when a long period of training is imposed on a certain trade, this may discourage people from engaging in such trade or profession leading to a reduction in supply of labour.
(viii)Government policies: Certain government policies can affect the supply of labour. E.g. specific laws are made to exclude children and women from working in ministries. This can reduce the supply of labour to that area or field.
WAEC Economics Questions 2022 and Answers Continues
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.
-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.
(Pick Three Only)
(i) Personal savings
(ii) Retained profits
(iii) Working capital
(iv) Sale of assets
(v) Bank loans.
WAEC Economics Questions and Answers 2022 Continues
(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 is a financial institution that provides specialized services like acceptance of bills of exchange, corporate finance; portfolio management, equipment leasing and acceptance of deposits
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 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.
[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.
Economic integration is a form of economic cooperation among countries with the aim of achieving higher economic growth and development. This economic cooperation includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.
(PICK ANY THREE)
(i) Language barrier: Member states are polarized into English, French and Portuguese languages. This is seen as a barrier to the unity of the peoples of the sub-region;
(ii) Fear of domination : Some of the smaller nations have great fear that big nations in the Community might dominate them. Hence, there is mutual suspicion among them.
(iii) Influence of foreign powers and ex-colonial masters: Member states depend on them economically.
(iv) Political Instability in member states: This results in different approach to ECOWAS issues by leaders of member states.
(v) Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation
(PICK ANY THREE)
(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.
(ii) Relationship establishment between Anglophone and Francophone: The relations between the Anglophone and Francophone have been stabilized. It has been done through the ECOWAS passport. It has significantly eased the movement of people within those areas.
(iii) Provision of Telephone network for the member states: Nowadays, interconnection is available for all countries of the African Union.
(iv) No strict borders for nations and trades: ECOWAS has enabled West Africans to easily move among the West African countries. Also, the trade barrier has been removed. People, goods and services travel around the countries with ease.
(v) Peace and security throughout the sub-region: The state of peace is kept by ECOWAS Monitoring Groups. The zones of conflicts are not so troublesome compared to what it used to be.
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