2023 WAEC Commerce Essay & OBJ Answers [24th May]
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WAEC May/June 2023 FREE COMMERCE ANSWER ROOM [School Candidates]

Wednesday, 24th May, 2023
Commerce 2 (Essay) – 2:00pm – 4:00pm
Commerce 1 (Objective) –4:00pm – 5:50pm


2023 WAEC COMMERCE OBJECTIVES (OBJ) ANSWERS:

1-10: DABCDCBBAA
11-20: CDCBABDDAC
21-30: BAADCBACBD
31-40: BCABCCDBAC
41-50: CDACCAADAA


2023 WAEC COMMERCE ESSAY (THEORY) ANSWERS:

(1a)
(PICK ANY FIVE)
(i) Limited access to finance: Limited access to financing and credit facilities has been a significant obstacle to the growth of commerce in West Africa. Many small and medium-sized enterprises (SMEs) struggle to access affordable capital, hindering their ability to expand and invest in their businesses.

(ii) Informal economy dominance: The dominance of the informal economy in West Africa, characterized by unregistered and unregulated economic activities, has hindered formal commerce. Informal sectors often lack access to formal financial services, legal protection, and regulatory frameworks, which limit growth and investment opportunities.

(iii) Weak institutional frameworks: Weak governance, corruption, and inadequate institutional frameworks have posed challenges to commerce in West Africa. Inefficient bureaucracy, cumbersome regulations, and inconsistent enforcement of laws create barriers to business operations, discourage investment, and undermine the overall business environment.

(iv) Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.

(v) Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.

(vi) Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.

(vii) Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.

(viii) Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.

(ix) Limited diversification: The heavy dependence on primary commodities, such as oil, minerals, and agricultural products, has hindered the diversification of West Africa's economies. Overreliance on a narrow range of exports makes countries vulnerable to price fluctuations, market shocks, and external factors beyond their control.

(1b)
(i) Oil driller - Industrial worker
(ii) Potter - Artisan worker
(iii) Policeman - Civil servant
(iV) Brewer - Industrial worker
(V) Stock broker - Financial professional
(vi) Mason - Construction worker
(vii) Farmer - Agricultural worker

(3a)
(PICK ANY FOUR)
(i) Warehouse ensures that there is no fluctuation in prices of goods. It helps to stabilise prices of goods

(ii) Warehouses serve as storage facilities; they are provided for keeping the goods safely

(iii) warehouse facilities ensure that goods are produced ahead of demand

(iv) Warehousing creates job opportunities for many people eg clerks and managers

(v) Warehouse ensures effective check and adequate security for the products.

(vi) Warehouses provide an environment for conducting quality control inspections.

(vii) Warehouses often offer value-added services, such as packaging, labeling and customization.

(viii) Warehousing also plays a role in managing reverse logistics processes.

(3bi)
Chain store:
(PICK ANY TWO)
(i) Chain stores are known to have identical store design, layout and stock display.
(ii) Chain stores have centralised form of administration and workshop as headquarters where they managed the business.
(iii) The headquarters usually purchases and distributes goods in bulk to other chain stores all over the nation.
(iv) Chain store sells similar range of products or line of merchandise.
(v) Chain store operate the same price all over the nation in all other shop.

(3bii)
Mobile shop:
(PICK ANY TWO)
(i) Mobile shops are often built with modular interiors that can be customized to suit different products or services.
(ii)Mobile shop makes use of special motor van which carry the vendor and their goods from one place to another.
(iii) Mobile shops deal in limited range of goods based on the capacity of the motor van.
(iv) Mobile shops do display the goods inside the motor van in a well arranged pattern.
(v) Mobile shop do advertise their wares through music; ringing of bells etc , in order to attract customers.

(3biii)
Mail order business:
(PICK ANY TWO)
(i) It is more suitable in dealing on consumer durable goods only.
(ii) It is one of the means of by passing the wholesaler and retailer by the manufacturer.
(iii) Mail order shopping is usually carried out by post
(iv) It requires considerable or intensive advertising
(v) It maintains large warehouse and use catalogues


(4a)
These are the five securities you could trade in as an investor:
(PICK ANY FIVE)
(i) Stocks: Stocks represent ownership shares in companies. When you buy stocks, you become a partial owner and can benefit from the company's success through capital appreciation and dividends.

(ii) Bonds: Bonds are debt securities issued by governments or corporations. When you buy a bond, you lend money to the issuer and receive periodic interest payments. The issuer promises to repay the principal amount at maturity.

(iii) Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Professional fund managers manage the fund, and investors can buy or sell shares in the mutual fund.

(iv) Exchange-Traded Funds (ETFs): ETFs are similar to mutual funds but are traded on stock exchanges like individual stocks. They track specific indices or sectors and provide investors with exposure to a diversified portfolio of assets.

(v) Options: Options are financial derivatives that give investors the right, but not the obligation, to buy or sell an asset at a specific price within a specified period. Options can be used for hedging or speculative purposes.

(vi) Futures Contracts: Futures contracts are agreements to buy or sell an asset at a predetermined price on a future date. They are commonly used for commodities, currencies, or financial instruments and allow investors to speculate on price movements or hedge against risk.

(vii) Real Estate Investment Trusts (REITs): REITs are companies that own, operate, or finance income-generating real estate properties. By investing in REITs, investors can gain exposure to the real estate market and earn income through dividends.

(viii) Commodities: Commodities are raw materials or primary agricultural products that are traded in the global market. Examples include gold, oil, wheat, and coffee. Investors can trade commodities through futures contracts or ETFs.

(4b)
(PICK ANY FIVE)
(i) Duty of loyalty: An agent must act in the best interests of their principal and avoid any conflicts of interest. They should prioritize the principal's interests over their own and refrain from engaging in any activities that may harm the principal's business.

(ii) Obedience: An agent is obligated to follow the instructions given by the principal, as long as they are lawful and within the scope of the agency agreement. The agent should execute their tasks diligently and in accordance with the principal's directives.

(ii) Duty of care and skill: An agent is expected to perform their duties with reasonable care, skill, and competence. They should possess the necessary knowledge and expertise required to carry out their responsibilities effectively. The agent should exercise due diligence and make informed decisions on behalf of the principal.

(iii) Duty to disclose information: An agent has a duty to provide accurate and timely information to the principal. They should disclose all relevant facts, including any conflicts of interest, potential risks, or material information that may impact the principal's decision-making process.

(iv) Duty to account: An agent is responsible for keeping accurate records of all transactions and financial matters related to the agency. They should provide a transparent account of all funds, assets, or property belonging to the principal and be prepared to provide an account statement upon request.

(v) Duty of confidentiality: An agent must maintain the confidentiality of the principal's business affairs, trade secrets, and sensitive information. They should not disclose or misuse any confidential information obtained during the course of their agency relationship, except when required by law or with the principal's consent.

(vi) Duty to act in good faith: An agent has an overarching duty to act in good faith and with honesty, integrity, and fairness. They should conduct themselves in a manner that upholds the reputation and best interests of the principal and the business relationship between the two parties.

(5a)
(PICK ANY ONE)
Indent is a formal request from a buyer to a seller to purchase goods or services WHILE a quotation is a formal offer from a seller to a potential buyer, providing the price and terms for the requested goods or services.

OR

An indent is a formal written request made by a buyer to a seller or supplier for the supply of goods or services WHILE a quotation is a formal written document provided by a seller to a potential buyer, outlining the proposed prices for goods or services requested.

(5bi)
Export Promotion Council:
(PICK ANY FOUR)
(i) Conducting market research to identify potential export markets, analyzing market trends, and providing valuable insights to exporters.
(ii)  Assisting exporters in understanding and complying with export documentation requirements, customs procedures, and other legal formalities.
(iii) Organizing trade fairs, exhibitions, and buyer-seller meets to showcase products and services, facilitate business networking, and promote exports.
(iv) Representing the interests of exporters in trade negotiations, advocating for favorable trade policies, and addressing trade barriers to facilitate market access for exporters.
(v) Assisting exporters in understanding and complying with quality standards and certifications required in target markets, promoting adherence to international quality norms.
(vi) Representing the interests of exporters to the government, providing feedback on policy issues affecting exports, and advocating for policy reforms that promote export growth.

(5bii)
Customs and excise authority:
(PICK ANY FOUR)
(i) They facilitate the smooth flow of international trade by examining and clearing goods at ports, airports, and other entry points
(ii) Customs and Excise authorities are responsible for collecting customs duties, tariffs, and other taxes on imported goods
(iii) Customs authorities aim to facilitate legitimate trade while ensuring compliance with regulations
(iv) Customs authorities enforce laws and regulations related to international trade.
(v)  Customs authorities play a vital role in ensuring national security at borders
(vi) Customs authorities collect trade data, including import and export statistics, to monitor trade trends, support economic analysis, and develop trade policies


(6a)
(PICK ANY ONE)
Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.

OR

Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes

OR

Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.

(6bi)
(PICK ANY ONE)
(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations

(6bii)
(PICK ANY ONE)
(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.

(6biii)
(PICK ANY ONE)
(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.

(6ci)
(PICK ANY TWO)
(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.

(6cii)
(PICK ANY TWO)
(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations

(6ciii)
(PICK ANY TWO)
(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) ourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments 

(7a)
TABULATE PLS:
(PICK ANY TWO)

MARKETING:
(i) It is a customer oriented approach
(ii) Marketing is about providing quality products and consumer satisfaction
(iii) Emphasis is given on the wants of the consumer
(iv)  The emphasis is on innovation in existing technology and providing better value to the customer by adopting a superior technology.
(v) Marketing views the customer as the very purpose of the business
(vi) Planning in marketing is long-term-oriented in today’s products and in terms of new products, tomorrow’s markets and future growth
(vii)  Marketing is an indirect activity

SELLING:
(i) It is a money oriented approach.
(ii) Selling is about generating by maximising sales
(iii) Emphasis is on the company’s products.
(iv) Selling emphasizes on staying with existing technology and reducing costs.
(v) Selling views customer as a last link in business.
(vi)  Planning in selling is short-term-oriented in terms of today’s products and markets.
(vii) Selling is a direct activity.

(7b)
(i) Product
(ii) Price
(iii) Place
(iv) Promotion


(7c)
(PICK ANY FOUR)
(i) rade Facilitation: ECOWAS promotes regional integration and trade liberalization among member countries. It facilitates the movement of goods, services, and capital within the region, thereby promoting economic cooperation and boosting intra-regional trade.

(ii) Market Access: Membership in ECOWAS provides countries with access to a larger market. By eliminating trade barriers and harmonizing trade policies, ECOWAS enhances market access for member countries' products and services within the region, creating opportunities for increased trade and economic growth.

(iii) Economic Cooperation: ECOWAS fosters economic cooperation and coordination among member countries. It encourages collaboration in various sectors such as agriculture, industry, energy, infrastructure development, and investment promotion, enabling countries to leverage shared resources and expertise for mutual benefit.

(iv) Harmonization of Policies: ECOWAS works towards harmonizing economic policies, regulations, and standards among member countries. This harmonization facilitates the creation of a common market, reduces trade barriers, and enhances economic efficiency, making it easier for businesses to operate across borders.

(v) Regional Development and Integration: ECOWAS supports regional development initiatives and integration projects. It promotes investments in infrastructure development, such as transportation networks, energy systems, and telecommunications, to enhance connectivity and economic integration within the region.

(vi) Peace and Security: ECOWAS plays a crucial role in promoting peace, stability, and security in the region. It coordinates efforts to resolve conflicts, mediate disputes, and facilitate peacekeeping operations, contributing to a conducive environment for economic development and cross-border trade.

(vii) Political Cooperation: ECOWAS encourages political cooperation and dialogue among member countries. It provides a platform for discussions on regional issues, facilitates consensus-building, and promotes democratic governance, human rights, and the rule of law.

(viii) Regional Institutions and Cooperation: ECOWAS has established specialized institutions and agencies to support member countries in various sectors, including finance, agriculture, health, education, and regional integration. These institutions provide technical assistance, capacity building, and knowledge sharing to enhance sectoral development and cooperation


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