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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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ECONOMICS ESSAY ANSWERS
Number 2 Answers
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Number 5 Answers
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.
(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker
(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.
(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
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.
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
(1) Problems of Definition:
(2) Lack of Adequate Data:
(3) Non-availability of Reliable Information:
Number 8 Answers
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