2021 WAEC ECONOMICS ANSWERS

2021-WAEC-ECONOMICS-ANSWERS⇓ 

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ECONOMICS-OBJ!

Corrected pls take note.
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ECONOMICS-THEORY

Number 8c corrected pls take note

SECTION A; ANSWER ONLY 1

(1a)
Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(1b)
(i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
= 25%

(ii) Secondary sector ==> Shoe production + Fish processing + Baking

% of Secondary sector = (30+19+19)/170 × 100%
= 40%

(iii) Tertiary (%) = 100% – (40+25)%
= 35%

(1c)
Ratio = 16.1/30 = 161:300

(1d)
% Warehousing = 12.2/170 × 100%
= 7.2%

(1e)
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors

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(2)

 

 

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SECTION B; ANSWER ONLY 3

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(3a)
Economies of scale is the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced. A decrease in cost per unit of output enables an increase in scale.

(3b)
(i) Technical Economies of Scale
(ii) Purchasing Economies of Scale
(iii) Managerial Economies of Scale

(3c)
(i) Competitors
(ii) Workforce
(iii) Transport availability

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(4a)
Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b)
(i)Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods
(ii)Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.
(iii)Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.

(4c)
(i)Packaging problems: The packaging of goods is not standardized. This may result in damage or loss in transit.

(ii) Inadequate transport facilities: The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that commodities sustain great damage due to accidents.

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably.

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(7a)
(i) Open Market Operation; Central banks affect the quantity of money in circulation by buying or selling government securities through the process known as open market operations (OMO). When a central bank is looking to increase the quantity of money in circulation, it purchases government securities from commercial banks and institutions. This frees up bank assets: They now have more cash to loan. Central banks do this sort of spending a part of an expansionary or easing monetary policy, which brings down the interest rate in the economy.

(ii) Bank rates; Managing the bank rate is a method by which central banks affect economic activity. Lower bank rates can help to expand the economy by lowering the cost of funds for borrowers, and higher bank rates help to reign in the economy when inflation is higher than desired.

(7b)
(Pick only 4)
(i) They makes rules that guide commercial banks in the country
(ii) They serves as Government banks
(iii) Formulates monetary policies to regulate the country’s economy
(iv) Support government in budget operations
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(8a)
Domestic trade is the trade that is conducted between parties within the political and geographical boundaries of a nation, while external trade is the trade that is conducted between two parties that are outside the nation’s borders or between two countries.

(8b)
Terms of trade (TOT) represent the ratio between a country’s export prices and its import prices, while Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.

(8c)
(i)Rapid Economic Development; High outflow of foreign exchange to meet import demands like technology, machines, and equipment can lead to balance of payment deficit.

(ii)Inflation; Sustained rise in a country’s prices can often make foreign products cheaper, leading to a high volume of imports.

(ii)Political Disturbance; Unstable tax structures, change in government, etc. can lead to a loss in foreign investment, and give way for Balance or payment deficit.

(iv)Demonstration effect; Most of the developing countries get influenced by developed nations and start adopting the foreign pattern of consumption. In other words this results in a sharp rise in imports leading to a deficit in the Balance of Payment.

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COMPLETED

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