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WAEC 2023 ECONOMICS VERIFIED ANSWERS
ECONOMICS OBJ
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(3ai)
Money cost is the actual amount of money spent on a good or service, while opportunity cost is the value of the next best alternative forgone in order to obtain that good or service.
(3aii)
A normal good is a good for which demand increases as income increases, while an inferior good is a good for which demand decreases as income increases.
(3b)
(i) Individuals: The scale of preference assists individuals by allowing them to rank their wants in order of importance and allocate their resources accordingly. This ensures that they spend their limited resources on the most important wants first.
(ii) Firms: The scale of preference helps firms in determining which goods and services to produce first, based on consumer demand. This ensures that they produce goods that are most in demand, maximizing profit.
(iii) Governments: The scale of preference assists governments in allocating resources to the most important needs first, such as infrastructure, healthcare, and education, in order to maximize the welfare of society.
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(4a)
Economic system refers to the structure and organization of production, distribution, and consumption of goods and services within a society.
(4bi) Aim of production:
(i) Capitalist Economy: In a capitalist economy, the primary aim of production is to generate profit. Private individuals and businesses own and control the means of production, such as factories and businesses, and their main objective is to maximize their profits and wealth accumulation.
(ii) Socialist Economy: In a socialist economy, the aim of production is often centered around meeting the needs of society as a whole. The state or collective ownership controls the means of production, and the focus is on providing goods and services that benefit the entire population rather than solely pursuing individual profits.
(4bii) Consumer sovereignty:
(i) Capitalist Economy: In a capitalist economy, consumer sovereignty is a fundamental principle. Consumers have the freedom to choose and influence what goods and services are produced through their purchasing decisions. Businesses respond to consumer demand and compete to attract customers by offering products and services that cater to their preferences.
(ii) Socialist Economy: In a socialist economy, consumer sovereignty is typically more limited. The state or central planning authority often determines the production and distribution of goods and services based on collective interests and social priorities. While consumers still have access to goods and services, their choices may be constrained or influenced by the state’s decision-making processes.
(4biii) Competition:
(i) Capitalist Economy: Competition plays a crucial role in a capitalist economy. Multiple private individuals and businesses operate within the market, striving to gain a competitive edge and maximize their profits. Competition fosters innovation, efficiency, and productivity, as businesses seek to attract customers and outperform their rivals.
(ii) Socialist Economy: Competition is less prevalent in a socialist economy, particularly in sectors where state ownership and central planning dominate. The priority is on cooperation and collective goals rather than competition among businesses. Some socialist economies may still allow limited competition in certain areas to spur innovation and efficiency.
(4c)
(PICK THREE ONLY)
(i) Fixed Supply: Land is a finite resource, and its supply cannot be increased. The quantity and quality of land available for production remain relatively constant over time.
(ii) Immobility: Unlike other factors of production such as labor and capital, land is immobile. It cannot be easily relocated to different areas or transferred between industries. The location of land is an inherent characteristic that influences its value and productivity.
(iii) Heterogeneity: Land exhibits heterogeneity in terms of quality, fertility, natural resources, and geographical features. Different parcels of land have varying levels of suitability for specific purposes such as agriculture, mining, construction, or residential use.
(iv) Indestructibility: Land is generally considered indestructible and persists over time. While human activities can alter the quality or condition of land, the underlying physical space remains.
(v) Passive Income: Land can generate passive income in the form of rent, lease payments, or royalties. Due to its fixed supply and immobility, landowners can earn income by allowing others to use their land for various purposes.
(vi) Location Value: The value of land is influenced by its location and proximity to markets, infrastructure, transportation networks, natural resources, and amenities. Desirable locations tend to have higher land values and can offer strategic advantages for businesses.
(vii) Natural Resources: Land often encompasses valuable natural resources such as minerals, oil, gas, water, timber, and wildlife. These resources can be extracted and utilized for economic purposes.
(viii) Land Ownership: Land ownership can be held by individuals, businesses, governments, or communities. Property rights associated with land ownership allow individuals or entities to use, transfer, or exclude others from the land.
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(5a)
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.
(5b)
(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker
(5c)
(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.
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7a. Gross domestic product (GDP): This is the total market value of final goods and services produced in a country at a particular period of time. In calculating the GDP of a country, no account is taken of the nationality of those that produce the goods and services.GDP is used in determining whether the country concerned is experiencing economic growth,decline or stagnation.
7b. Output method: The output method of measuring the gross domestic product involves summing up the market values of all output of the economy, sector by sector. Measurement is done using the value added method. Value added is defined as the value of output, less cost of input. In this method, national income is measured by adding together the value of enterprises which include individuals, firms and the government. Output method is also called net product or added value method.
7c. Pick any three
(1) Insufficient technical expertice:Thetechnical expertise, which is an essential element for collecting and analysing data,is insufficient.
(2) Problem of double counting: Some goods can be counted twice and this gives false national income estimates.
(3) Subsistence production:Thepredominance in the Nigerian economy of subsistence production,e.g.farming,tailoring and carpentry, makes estimation difficult.
(4) Problems of inflation: The national income figures can be over- or under-estimated as a result of inflation or deflation.
(5) Inability to quantify some services:Some services are not easily quantified,thereby affecting the national income estimates, e.g. housewives’ services.
(6) Difficulties in estimating net valuation: There are difficulties in estimating the value of net income from abroad. This is because many individuals may be involved,hence making accurate assessment impossible.
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(8a)
embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction.
(8b)
(i) Imposition of tariffs is a source of revenue to the government and newly established companies are protected from competition from foreign companies.
(ii) If a country imports all sorts of goods without checks, it will suffer from Unfavourable balance of trade and payments and dumping of goods, especially in non industrialized country will occur if the country allows free trade to happen.
(iii) To check con-sumption pattern: If all sorts of goods are allowed to come into the country, the citizens will develop uncontrollable appetite for foreign goods and the rich are made to pay higher rate as tax than the low income earner.
(8c)
(i) It limits the level of variety of goods available in the country and other countries may also retaliate.
(ii) It may lead to increase in the price of goods especially if the tariff is too high.
(iii) Fall in the standard of living due to high taxes on imports and very protection of domestic industries may lead to inefficiency.
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I want to join
by Abubakar idris on Jun 5, 2023 at 10:11 pm