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WAEC Economics Answers 2023 (Essay & Obj)

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Waec Economics Questions and Answers 2023. For the National exam Council (may/June 2023. Economics Answers. This article will provide you with a variety of questions, as well as answers to the questions on your Waec Economics exam 2023. This article will help you to understand what you will be asked in the Waec Economics answers 2023.


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WAEC 2023 ECONOMICS ESSAY AND OBJ QUESTIONS AND ANSWERS – LEKKITUNES.COM.NG

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Tuesday 6th June, 2023

Economics 2 (Essay) – 09:30am – 11:30am

Economics 1 (Objective) – 11:30am – 12:30pm


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ECONOMICS OBJ

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ECONOMICS ESSAY ANSWERS

ECONOMICS-OBJ

  • Number 2 Answers

  • Number 3 Answers

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(3ai)
Money cost is the actual amount of money spent on a good or service, while opportunity cost is the value of the next best alternative forgone in order to obtain that good or service.
 
(3aii)
A normal good is a good for which demand increases as income increases, while an inferior good is a good for which demand decreases as income increases.
 
(3b)
(i) Individuals: The scale of preference assists individuals by allowing them to rank their wants in order of importance and allocate their resources accordingly. This ensures that they spend their limited resources on the most important wants first.
 
(ii) Firms: The scale of preference helps firms in determining which goods and services to produce first, based on consumer demand. This ensures that they produce goods that are most in demand, maximizing profit.
 
(iii) Governments: The scale of preference assists governments in allocating resources to the most important needs first, such as infrastructure, healthcare, and education, in order to maximize the welfare of society.
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  • Number 5 Answers

(5a)
A sole proprietorship is a business model where an individual is an owner as well as the operator of the business Whereas A partnership is a business model where two or more persons agree to carry on business and share profits and losses mutually.

(5b)
(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker

(5c)
(i) Generation of Income through Public Issue of Shares: One of the major channels through which Public Limited Companies generate capital is y selling shares to the public.

(ii) Security for Loan Advancement: Public Limited Companies can obtain and secure loans using the assets of the company as security as opposed to using the personal assets of the members.

(iii) Spreading Risks of Ownership: Because a Public Limited Company allows for pubic and unlimited membership, the risk of ownership is then spread amongst many people as opposed to being centered on a few as in the case of a Private Limited Company.

READ MORE:  MAY 16th 2023 WAEC BIOLOGY PRACTICAL ANSWERS FOR FREE

(iv) Separate Legal Identity: A duly incorporated Public Limited Company has an identity entirely different from that of the members. This means that the company is capable of independent existence and can enter into contractual transactions, acquire and own properties, and has the legal capacity to sue and be sued in its own name.

  • Number 7 Answers

7a)
National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time.

 

7b)
The define transfer payment: A transfer payment is a payment of money for which there are no goods or services exchanged.

To define net factor income from abroad: Net factor income from abroad refers to the difference between the factor income received from the rest of the world and the factor Income paid to the rest of the world.

Define double counting: Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason

7c)
(1) Problems of Definition:
(2) Lack of Adequate Data:
(3) Non-availability of Reliable Information:

  • Number 8 Answers

(8a)
embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction.
 
(8b)
(i) Imposition of tariffs is a source of revenue to the government and newly established companies are protected from competition from foreign companies.
(ii) If a country imports all sorts of goods without checks, it will suffer from Unfavourable balance of trade and payments and dumping of goods, especially in non industrialized country will occur if the country allows free trade to happen.
(iii) To check con-sumption pattern: If all sorts of goods are allowed to come into the country, the citizens will develop uncontrollable appetite for foreign goods and the rich are made to pay higher rate as tax than the low income earner.
 
(8c)
(i) It limits the level of variety of goods available in the country and other countries may also retaliate.
(ii) It may lead to increase in the price of goods especially if the tariff is too high.
(iii) Fall in the standard of living due to high taxes on imports and very protection of domestic industries may lead to inefficiency.

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READ MORE:  WAEC Biology Practical Specimen All Lists (2023/2024)

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Waec Economics 2023 Answers

 

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