WAEC Economics Questions And Answers 2021 Essay And Obj Real | Verified Expo

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WAEC Economics Questions And Answers 2021, Free updated expo WAEC Economics Answers for Objective and Essay.  Verified expo for WAEC Economics 2021 for (May/June) 2021 Economics examination. WAEC Economics objective and theory answers for sure distinction in WAEC result in Economics expo runz .The West African Examinations Council (WAEC) is an examination board established by law to determine the examinations required in the public interest in the English-speaking West African countries, to conduct the examinations and to award certificates comparable to those of equivalent examining authorities internationally..

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WAEC Economics Questions And Answers 2021

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ECONOMICS ESSAY
(7a)
(i) 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.
(7b)
(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.
(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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(8a)
TABULATE
(Pick Anyone You Like)
INTERNAL TRADE
Internal trade is trade that involves buying and selling taking place between two parties which are located within the political and geographical boundaries of a country
EXTERNAL TRADE
External trade is referred to as a trade that involves buying and selling of goods between two parties located in different countries or between two different countries
INTERNAL TRADE
Internal trade takes place between the country borders, therefore only one country is involved
EXTERNAL TRADE
External trade involves the transactions between two or more countries.
INTERNAL TRADE
Domestic currency will be used as the medium of payment for all the transactions
EXTERNAL TRADE
Payments for external trade transactions are received in a currency that is mutually agreed by the two parties involved in the trade
INTERNAL TRADE
Internal trade has less risk as compared to external trade
EXTERNAL TRADE
External trade will be having more risk which can be due to currency fluctuations, economic state of countries, etc
(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
(ii) Political Disturbance
(iii) High rate of Inflation
(iv) Change in demand
(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 primary 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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