WAEC (Economics) Answer Obj & Essay – June/July Runz
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WAEC 2021 ECONOMICS QUESTIONS AND ANSWERS
Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million
(i) Primary sector ==> Mining + Fish farming + food crop production
% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
(ii) Secondary sector ==> Shoe production + Fish processing + Baking
% of primary sector = (30+19+19)/170 × 100%
(iii) Tertiary (%) = 100% – (40+25)%
Ratio = 16.1/30 = 161:300
% Warehousing = 12.2/170 × 100%
(i) Mixed economy
(ii) Government and individuals can feature in the three sectors
Economies of scale are cost advantages reaped by companies when production becomes efficient. Companies can achieve economies of scale by increasing production and lowering costs.
Administrative or Managerial Economies.
Marketing Economies or Commercial Economies.
-Proximity to raw materials
-Availablity of labor
-Availablity of capital
-Availablity of power supply
-Proximity to market.
Product retailing is when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product
*i.* Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.
*ii.* Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods. This is another reason why the Wholesaler is indespensibel in the channel of distribution.
*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.
*iv.* Warehousing: Another function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stock – biling at the production point. Goods are stored here until they are bought, hence it spurs the Manufacturer to keep on producing.
*v.* Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.
(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.
price elasticity of demand (PED) is a measure that captures the responsiveness of a good’s quantity demanded to a change in its price.
*(5b)* Elastic demand means there is a substantial change in quantity demanded when another economic factor changes (typically the price of the good or service), whereas inelastic demand means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed.
7ai. Open market operation (omo): open market operation is the purchase o sale of government securities in the open market to expand or restrict the volume of money in circulation. The central bank applies this policy with the aim of regulating the volume of money in circulation. When there I too much money in circulation, the central bank will sell securities. But in otder to expand the volume, it buys securities.
ii. Bank rate: this is the minimum rate of interest charged by the central bank for discounting bill o exchange. By lowering or raising the rate, the central bank can control the activities of the commercial banks. When the rate increases, loan to the public reduces, while a fall in the rate will encourage more loans.
*i.* Banker to the government: central bank is an agent and banker to the government.
*ii.* Issuance and control of currency: the central bank has the right to order the printing of the currency an the issuance of it. It control the circulation of currency, exchange of bad notes for new ones, and sees to the destruction o the bad notes.
*iii.* Banker’s bank: the central bank acts as banker to the banks by ensuring that the banks open accounts with it in order to facilitate clearing of cheques.
*iv.* Lender of last resort: the central bank has a duty to assis the banking system when the banks are in financial difficulties so that they can withstand the strain of excessive damands.
Internal 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.
The terms of trade is the relative price of imports to exports WHILE the trade balance is the ratio of net exports to output.
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