WAEC 2024 ECONOMICS ESSAY & OBJECTIVE QUESTIONS AND ANSWERS
ECONOMICS
1-10: BDDCABDABC
11-20: CCABDACADB
21-30: BCBDCDBBCC
31-40: BACBDCABAD
41-50: BCABCDBBAC
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(1)
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(2)
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(3)
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(4a)
(PICK ANY ONE)
Distribution refers to the process by which goods and services are allocated from the producers to the consumers.
OR
Distribution involves the movement of goods and services from the point of production to the point of consumption.
OR
Distribution refers to the allocation of goods, services, or income among individuals or groups within a society.
(4b)
(PICK ANY THREE)
(i) Convenience: Retailers provide consumers with convenient locations and hours of operation, making it easy for them to purchase goods and services when they need them.
(ii) Product Variety: Retailers offer a wide range of products and brands, giving consumers a variety of options to choose from, making it more likely that they will find what they are looking for.
(iii) Product Information: Retailers often have knowledgeable staff that can provide consumers with information about products, helping them make informed purchasing decisions.
(iv) After-Sales Service: Retailers may offer after-sales services such as warranties, repairs, and returns, which can provide consumers with peace of mind and protection for their purchases.
(v) Competitive Pricing: Retailers compete with each other, which can lead to lower prices and better value for consumers, making it more affordable for them to purchase the goods and services they need.
(4c)
(PICK ANY THREE)
(i) Increased Costs: Middlemen add their own margins to the prices of goods, increasing the cost to the consumer. This can make goods less competitive in the market and reduce demand.
(ii) Reduced Profit Margins for Producers: The addition of middlemen can reduce the profit margins for producers, as they have to share their revenue with multiple intermediaries.
(iii) Longer Distribution Channels: The presence of middlemen can lengthen the distribution channel, leading to delays in the delivery of goods to the consumer.
(iv) Loss of Control: Producers may lose control over the distribution process and the final sale of their products when middlemen are involved.
(v) Potential for Quality Issues: Middlemen may not always handle products with care, which can lead to quality issues and damage to the product during transportation and storage.
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(5a)
(i) Labor Force:
The labor force refers to the number of people in a country or region who are employed or actively seeking employment. It includes individuals who are willing and able to work, and is typically measured by the number of people in the workforce, usually aged 15-64.
(ii) Overpopulation:
Overpopulation occurs when a country or region has a population that exceeds the available resources, leading to negative impacts on the environment, economy, and quality of life. This can result in issues like poverty, unemployment, and resource depletion.
(iii) Mobilization of Labour:
Mobilization of labour refers to the process of encouraging people to move from one region or industry to another to meet labor demands. This can be done through policies like training programs, relocation incentives, and infrastructure development.
(iv) Optimum Population:
Optimum population refers to the ideal population size that allows for the most efficient use of resources, maximizing economic growth and well-being while minimizing negative impacts on the environment and quality of life.
(5b)
(PICK ANY FOUR)
(i) High Birth Rate: A high number of births per woman, often due to cultural or religious beliefs, lack of access to contraception, or limited education.
(ii) Improved Healthcare: Advances in medicine and sanitation lead to a decrease in mortality rates, contributing to population growth.
(iii) Increased Food Availability: Improved agricultural productivity and distribution, reducing hunger and malnutrition, allowing more people to survive and thrive.
(iv) Migration: Movement of people from rural to urban areas or from one country to another, contributing to population growth in certain regions.
(v) Decline in Death Rate: Reduction in mortality rates due to advances in healthcare, leading to an increase in population.
(vi) Lack of Family Planning: Limited access to or awareness of contraception methods, leading to unintended pregnancies and population growth.
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(6ai)
Industrialization: This is the process of transforming an economy from primarily agricultural to one dominated by industry, characterized by the development of manufacturing, infrastructure, and technological advancements.
(6aii)
Mineral resources: These are naturally occurring inorganic substances with economic value, such as metals (e.g., iron, copper), non-metallic minerals (e.g., limestone, gypsum), and energy resources (e.g., coal, crude oil).
(6b)
(PICK ANY THREE)
(i) Generation of foreign exchange earnings: Exporting minerals can bring in foreign currency, boosting the country's foreign exchange reserves and improving its balance of payments.
(ii) Creation of employment opportunities: Mining activities can create jobs for locals, both directly in the mines and indirectly in supporting industries like transportation and logistics.
(iii) Increased government revenue: Governments can earn revenue from taxes, royalties, and licensing fees related to mineral extraction, which can be used for public services and development projects.
(iv) Development of infrastructure: Mining activities often require building roads, bridges, and other infrastructure, which can also benefit local communities and other industries.
(v) Value addition through processing and manufacturing: Instead of just exporting raw minerals, countries can develop industries that process and manufacture value-added products, increasing their economic value.
(6c)
(PICK ANY THREE)
(i) Increased economic growth and GDP: Industrialization can lead to rapid economic growth, as industries like manufacturing and construction contribute to the country's Gross Domestic Product (GDP).
(ii) Diversification of the economy: Industrialization reduces dependence on a single sector (like agriculture), making the economy more resilient to external shocks.
(iii) Creation of employment opportunities: Industries like manufacturing, construction, and services can create a large number of jobs, reducing unemployment and poverty.
(iv) Improved standard of living and poverty reduction: As industries grow, they can provide better-paying jobs, leading to improved living standards and reduced poverty.
(v) Development of technological capabilities and innovation: Industrialization drives technological advancements, innovation, and R&D, which can spill over into other sectors, enhancing the country's overall competitiveness.
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(7a)
(PICK ANY ONE)
A Central Bank is a government-owned or controlled institution responsible for regulating a country's monetary policy, maintaining financial stability, and supervising the banking system. Examples of Central Banks include the Federal Reserve in the United States, the Bank of England in the United Kingdom, and the Central Bank of Nigeria.
OR
A central bank is a government-owned or independent entity responsible for overseeing a country's monetary policy, regulating its financial system, and maintaining financial stability.
(7b)
(PICK ANY THREE)
(i) Open Market Operations (OMO): Selling government securities on the open market to absorb excess liquidity and reduce money supply.
(ii) Increase in Reserve Requirement: Raising the minimum reserve requirement for commercial banks, forcing them to hold more reserves and reduce lending, thereby reducing money supply.
(iii) Increase in Interest Rates: Raising interest rates to make borrowing more expensive, reducing demand for loans, and decreasing money supply.
(iv) Sale of Government Bonds: Selling government bonds to absorb excess liquidity and reduce money supply.
(v) Moral Suasion: This is the act of using persuasion and influence to encourage commercial banks to reduce lending and curb money supply.
(7c)
(i) Banker to the Government:
The Central Bank acts as the government's bank, providing services such as: Managing government accounts, Handling government finances, Advising on economic policy, Implementing monetary policy.
(ii) Banker to Commercial Banks:
The Central Bank acts as the bank for commercial banks, providing services such as: Holding reserve deposits, Providing liquidity, Supervising and regulating banking activities, Acting as a lender of last resort.
(iii) Lender of Last Resort:
The Central Bank acts as the lender of last resort by providing emergency loans to commercial banks facing liquidity crises, preventing bank failures and maintaining financial stability.
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(8a)
(PICK ANY ONE)
Economic development is the persistent growth in real per capital income coupled with structure changes in the economy which results in an improvement in the standard of living of the citizens.
OR
Economic development refers to a sustained and sustainable increase in the production of goods and services in an economy, accompanied by an improvement in the overall standard of living of the population.
(8b)
(PICK ANY THREE)
(i) Low per capita income: The average person in a developing country earns a relatively low income, which limits their ability to save money, invest in education or healthcare, and afford basic necessities like food, water, and shelter.
(ii) High population growth rate: Developing countries often experience rapid population growth, which can put a strain on resources, infrastructure, and services like healthcare and education. This can lead to a large youth population and a significant dependency ratio.
(iii) High rates of unemployment: Many people in developing countries are unable to find stable, well-paying work, leading to high levels of unemployment and underemployment. This can contribute to poverty, inequality, and social unrest.
(iv) Dependence on the primary sector: Developing countries often rely heavily on agriculture, mining, or other extractive industries, which can make them vulnerable to fluctuations in global commodity prices and leave them exposed to environmental degradation.
(v) Dependence on exports of primary commodities: Many developing countries rely heavily on exporting raw materials or primary products, such as cotton, coffee, or oil, rather than manufactured goods or services. This can limit their economic diversification and make them vulnerable to external shocks.
(vi) Low levels of living: Developing countries often struggle with poor living standards, including inadequate access to healthcare, education, sanitation, and clean water. This can lead to high rates of poverty, malnutrition, and infant mortality.
(8c)
(PICK ANY THREE)
(i) Investing in Human Capital: Investing in education, healthcare, and training programs to develop a skilled and productive workforce. This can lead to increased productivity, innovation, and competitiveness.
(ii) Encourage Investment in Infrastructure: Invest in building modern transportation networks, communication systems, and energy infrastructure to facilitate trade, commerce, and industrial development.
(iii) Promoting Trade and Export-Led Growth: Implement policies to increase trade and exports, such as reducing tariffs and other trade barriers, promoting foreign investment, and developing export-oriented industries.
(iv) Foster a Favorable Business Environment: Create a business-friendly environment by simplifying regulations, reducing bureaucracy, and promoting entrepreneurship and innovation. This can encourage startups, attract foreign investment, and stimulate economic growth.
(v) Develop Strategic Industries: Identify and develop strategic industries that have the potential for high growth and employment creation, such as technology, manufacturing, or tourism. Provide incentives and support to encourage investment and innovation in these industries.
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