2023 WAEC Economics Essay & OBJ Answers [6th June]
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WAEC May/June 2023 FREE ECONS ANSWER ROOM [School Candidates]

Tuesday, 6th June, 2023
Economics 2(Essay) – 9:30am – 11:30am
Economics 1(Objective) – 11:30 am – 12:30pm

2023 WAEC ECONOMICS OBJECTIVES (OBJ) ANSWERS:

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2023 WAEC ECONOMICS ESSAY OR THEORY ANSWERS:



3ai)
Money cost refers to the actual monetary expenditure or price of a particular good, service, or resource, for example, if you purchase a smartphone for N50,000, the money cost is N50,000 WHILE Opportunity cost refers to the value of the next best alternative forgone when making a decision. For example, if you choose to buy the smartphone for N50,000, the opportunity cost could be the vacation you could have taken with that money or the other items you could have purchased.

(3aii)
Normal goods are goods for which demand increases as consumer income rises, and demand decreases as consumer income falls. Examples include luxury goods, such as high-end cars, designer clothing, or gourmet food WHILE Inferior goods are goods for which demand decreases as consumer income rises, and demand increases as consumer income falls. Examples of inferior goods include generic store-brand products, low-cost fast food, or public transportation.

(3bi)
INDIVIDUALS:
The scale of preference assist individuals in making efficient allocations of their resources by providing a framework for prioritization, resource allocation, considering opportunity costs, rational decision-making, and adaptability.

(3bii)
FIRMS:
The scale of preference assists firms in making efficient resource allocation decisions by providing a systematic framework to identify preferences, allocate scarce resources, analyze opportunity costs, optimize returns on investment, and adapt to changing circumstances.

(3biii)
GOVERNMENT:
The scale of preference assists governments in making efficient allocations of their resources by considering the priorities, preferences, and needs of the population.


OR

(4a)
(PICK ANY ONE)
An economic system refers to the way a society or nation organizes and manages its production, distribution, and consumption of goods and services.

OR

An economic system is defined as the set of rules, institutions, and mechanisms that determine how resources are allocated, how economic activities are conducted, and how wealth is generated and distributed within a given society.

OR

An economic system is a framework or structure that guides how resources are produced, distributed, and consumed within a society or nation.

(4bi)
AIM OF PRODUCTION:
In capitalist economy, the aim of production is the pursuit of profit. Private businesses aim to maximize their profits by producing goods and services that are in demand and can be sold at a higher price than the cost of production.

Meanwhile, the aim of production in a socialist economy is to meet the needs of society and achieve social welfare. This means prioritizing equitable distribution, social justice, and public goods over profit maximization.

(4bii)
CONSUMER SOVEREIGNTY:
In a capitalist economy, consumers have the freedom to choose among various products and services offered in the market. They can vote with their wallets, and their preferences shape what is produced, how it is produced, and at what price. Consumer demand plays a crucial role in determining the allocation of resources.

In socialist economy, consumer choices may be more limited compared to capitalist economies. The state may exert control over the types and quantities of goods and services available, aiming to meet basic needs and ensure equal access to essential resources.

(4biii)
COMPETITION:
In a capitalist economy, competition typically takes place within a market framework where supply and demand determine prices and allocate resources. Market forces of supply and demand, driven by competition, guide production, consumption, and investment decisions WHILE a socialist economy may have limited or no market competition. Instead, central planning or state intervention might dictate production, distribution, and pricing decisions. 

(4c)
(PICK ANY THREE)
(i) The supply of land is limited and fixed in the short run
(ii) Land exhibits heterogeneity
(iii) Land is inherently immobile
(iv) Land is a free gift of nature
(v) Land is a source of economic rent

(5a)
(PICK ANY TWO)

(i)sole proprietorship is a business structure in which a single individual owns and operates the business WHILE partnership is a business structure where two or more individuals or entities come together to operate a business and share its profits and losses

(ii)The sole proprietor has unlimited personal liability for the debts and obligations of the business. WHILE  partnership have unlimited personal liability for the debts and obligations of the business.

(iii)The sole proprietor has complete control over all business decisions and operations. WHILE The partners share decision-making authority and responsibilities.

(iv)The sole proprietor is entitled to all the profits generated by the business and is personally responsible for any losses incurred. WHILE The partners share the profits and losses of the business based on their agreed-upon partnership agreement.

(5b)
(PICK ANY FOUR)

(i)The business enterprise owned by one person
(ii) The main objective of the one man business is to make profit
(iii) The sole proprietorship has limited liability
(iv)The business is controlled and managed by the sole proprietor
(v)The life span depends on the owner
(vi)Sole proprietorship is not a legal entity


(5c)
(PICK ANY FOUR)

(i)Limited liability: Shareholders of a public limited company have limited liability, which means their personal assets are protected in the event of business debts or liabilities. Their liability is limited to the amount they have invested in the company.

(ii)Access to capital: Public limited liability companies can raise capital by selling shares to the public through the stock market. This allows them to tap into a wider pool of potential investors and raise substantial amounts.

(iii)Perpetual existence: Public limited companies have perpetual existence, meaning the company continues to exist even if shareholders change or transfer their shares. This provides stability and continuity for the business.

(iv)Credibility and reputation: Being a public limited company often enhances a company's credibility and reputation in the market. It enhance relationships with suppliers, customers, and other stakeholders.

(v)Attracting talent and incentivizing employees: Public limited companies can use shares as a form of employee compensation, such as employee stock ownership plans (ESOPs) or stock options.This can help attract and retain talented employees, align their interests with the company's performance.

(vi)Enhanced transparency and accountability: Public limited companies are subject to rigorous reporting and disclosure requirements imposed by regulatory authorities. This fosters transparency and accountability, providing shareholders and the public with access to accurate and timely information about the company

(6a)
(PICK ANY ONE)
Location of industry may be defined simply as the sitting or establishment of a firm or industry in a particular place. An industry may be established either by individuals or government, either for economic or political reasons

OR

Location of industry refers to the geographical distribution or placement of industrial activities or businesses within a region or country. It focuses on understanding the factors that influence the decisions made by firms when choosing where to establish their production facilities.

(6bi)
Raw materials: Cement producing industries should be located close to sources of raw materials to reduce cost of transportation. Perishable goods like fruits, palm oil industries, etc should be located near their raw materials

(6bii)
Market: There should be ready market for the products of any industry to be sited in a place. Fragile goods like glass, bulky goods like cement and other perishable goods should be located near the market. Such industries located or directed towards the market are called market- oriented industries.

(6biii)
Government policy: Government can encourage the location of industries through certain policies like: Direct participation in setting up of industries. Creation of industrial zones in the country Provision of infrastructures like electricity, pipe-borne water, roads and tele- communications.

(6c)
(PICK ANY THREE)

(i)It encourages development: The growth of industries leads to an increase in production of goods and services.

(ii)Emergence of subsidiary firms: As major firms concentrate in one area, other subsidiary service firms that assist those major firms in the production of goods usually emerge.

(iii)Generation of employment: The concentration of many industries in an area leads to the creation of many job opportunities.

(iv)Emergence of organised market: Localisation of industries assists in the emergence of organised market for the products.

(v) Creation of competition: The existence of many industries leads to a healthy competition among them in order to excel or outsell one another.

(vi) Attraction of more people: A highly concentrated industries estates attracts different shades of people to such area for one reason or the other

(8a)
(PICK ANY ONE)
An embargo refers to a government-imposed restriction or ban on the importation or exportation of certain goods or services to or from a particular country. It is a trade barrier that is typically implemented for political or economic reasons.

OR

An embargo can be defined as a governmental action that prohibits or restricts trade activities between countries which involves the deliberate limitation or complete prohibition of imports or exports of goods, services, or specific products to or from a targeted country.

(8b)
(PICK ANY THREE)
(i) Protecting Domestic Industries: Tariffs can be used to shield domestic industries from foreign competition by making imported goods more expensive. This protectionist measure aims to provide a competitive advantage to domestic producers, allowing them to grow and maintain employment levels.

(ii) Promoting National Security: Tariffs can be employed to safeguard industries that are considered vital for national security, such as defense or critical infrastructure. By discouraging reliance on foreign suppliers, tariffs can ensure a country's self-sufficiency in essential goods and protect against potential disruptions in the global supply chain.

(iii) Correcting Trade Imbalances: Countries may impose tariffs to address trade imbalances, where the value of imports significantly exceeds that of exports. By making imported goods more costly, tariffs aim to reduce imports and encourage domestic production and export-oriented industries, thereby narrowing the trade deficit.

(iv) Revenue Generation: Tariffs can serve as a revenue source for governments. Import duties levied on imported goods generate income that can be used to fund public services, infrastructure projects, or reduce budget deficits.

(v) Encouraging Fair Trade Practices: Tariffs can be implemented as a response to unfair trade practices, such as dumping or subsidies provided to foreign producers. By imposing tariffs on goods that are sold below their fair market value or benefiting from government subsidies, countries can create a more level playing field for domestic industries.

(vi) Environmental Protection: Tariffs can be used to promote environmentally friendly practices by discouraging the importation of goods produced in countries with lax environmental regulations. This measure aims to prevent the outsourcing of pollution and encourage global adherence to environmental standards.

(vii) Infant Industry Protection: Tariffs can be employed to support the growth of emerging or "infant" industries in a country. By shielding them from foreign competition during their early stages, tariffs provide these industries with a chance to develop, gain competitiveness, and eventually contribute to the domestic economy.

(8c)
(PICK ANY THREE)
(i) Increased Consumer Prices: Tariffs lead to higher prices for imported goods, which can directly impact consumers. When tariffs are imposed, the cost of imported products rises, and domestic consumers may have to bear the burden of these increased prices. This can reduce consumers' purchasing power and potentially lead to decreased overall welfare.

(ii) Retaliation and Trade Wars: Imposing tariffs can trigger retaliatory measures from other countries. When one country raises tariffs, other countries may respond by imposing their own tariffs on the original country's exports. This can escalate into a trade war, where trade barriers increase on both sides, harming global economic growth and stability.

(iii) Reduced Efficiency and Productivity: Tariffs disrupt international supply chains and hinder the efficient allocation of resources. They can discourage the use of imported inputs, which may be more cost-effective or of higher quality than domestic alternatives. This can reduce overall productivity, increase production costs, and limit the competitiveness of domestic industries in the global market.

(iv) Negative Impact on Exporters: Tariffs can harm industries reliant on exporting their products. When a country imposes tariffs on imports, it can trigger retaliatory actions, reducing demand for the country's exports. This can adversely affect export-oriented industries, leading to job losses, decreased revenues, and economic difficulties for those relying on international trade.

(v) Distortion of Comparative Advantage: Tariffs can distort comparative advantage, which is the principle that countries specialize in producing goods and services in which they have a relative advantage. By protecting domestic industries through tariffs, resources may be diverted from sectors where the country has a competitive edge to less efficient industries. This can hinder overall economic efficiency and limit potential gains from trade.

(vi) Consumer Choice and Innovation: Tariffs limit the variety and availability of imported goods, leading to reduced consumer choice. Domestic industries that are protected by tariffs may face less pressure to innovate and improve their products since they face less competition. This can hinder technological progress, limit market dynamism, and slow down overall economic development.
 
 
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