WAEC GCE 2022 SECOND SERIES ECONOMIC ANSWERS NOVEMBER AND NOVEMBER
(i)Labour force: Labour force can be defined as the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.
(ii)Efficiency of labour: Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced.
(PICK ANY FIVE)
(i)Age structure of the population: The structure of a country’s population is a significant determinant of the size of the labour force. The lower the dependant people, the higher the supply of labour and vice versa. In otherword, the labour force will increase in a country with a greater number of its people between the ages of 18 and 65 years.
(ii)Role of women in the society: In some societies, women are usually prevented from engaging in gainful employment because of religious belief, social and cultural factors and this affects the size of labour force.
(iii)Number of working hours and working days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.
(iv) The number of disabled: When the number of disabled persons is high especially within the working population, the supply for labour will be low.
(v) The number of people unwilling to work: There are certain number of able bodied people who are also between the age bracket of 18 and 65 years but are unwilling to work. If their population is high, it will affect the size of supply of labour
(vi) Migration: The rate of migration can also affect the size of labour force. If the rate at which the working population leaves a country is higher than the rate at which people come in, it will lead to reduction in the supply of labour.
(vii)Trade union activities: The activities of trade union may also affect the supply of supply. For example, when a long period of training is imposed on a certain trade, this may discourage people from engaging in such trade or profession leading to a reduction in supply of labour.
(viii)Government policies: Certain government policies can affect the supply of labour. E.g. specific laws are made to exclude children and women from working in ministries. This can reduce the supply of labour to that area or field.
(i) A Merchant Bank is that Mortgage is a bank or company which offers a loan with their own funds or from warehouse lenders WHILE A merchant bank is an institution which provides the services of finance, underwriting, offering business loan and advice or consultancy on finance.
(ii) Commercial Bank is the bank organized to perform public utility banking services, such as accepting deposits, lending money, etc. On the other hand, development bank refers to a multi-purpose financial undertaking set up to provide financial aid to the industrial and agricultural sector, to encourage development.
(i) Agency functions: commercial banks are already agents of the banking system, but they can also be personal agents to their customers. An agent is an individual or institution that carries out activities, in this case, financial operations, on behalf of the principal (who is the customer) for a few known as a commission.
(ii) Credit Creation: commercial banks are perhaps the only financial institutions with this unique function. Commercial banks create credit through accepting deposits and providing loans, pushing money into the economy.
(iii) Transfer of funds: the transfer of funds from a customer’s account to another account is another vital function of banks. Fund transfer is a valid means of paying for transactions, as well as other financial activities. Transfer of funds can be carried out through several ways such as drafts, standing orders, cheques, USSD platforms, and electronic banking.
(iv) Provision of loans: besides accepting deposits, another function of commercial banks is the provision of loans. The provision of funds to those who require them for transactions is a vital role commercial banks play. Nowadays, customers can now have access to instant loans from commercial banks.
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. This happens because costs are spread over a larger number of goods. Costs can be both fixed and variable.
Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.
(i)Political Instability in member states; This results in different approach to ECOWAS issues by leaders of member states.
(ii)Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation
(iii)Colonial linkage to erstwhile master; is another factor affecting ECOWAS. Francophone
nations that are members of ECOWAS may not lend their
weight to matters of the organisation that will negatively
(i)Road construction between big cities. The highways Lagos-Abidjan, Nouakchott-Lagos have made commuting much easier that it was before. The road network Elubo – Alflao – Lagos is one of the achievements.
(iii)The relations between the Anglophone and Francophone have been stabilized. It has been done thanks to the ECOWAS passport. It has significantly eased the movement of people within those areas.
(iii)Telephone network for the member states. Nowadays, interconnection is available for all countries of the African Union.
Pick one out of 1&2
GROSS DOMESTIC PRODUCT (GDP)
Wages and salaries 250
Income from self employment 120
Profit & dividend 35
GDP = 442
GROSS NATIONAL PRODUCT (GNP)
GNP = GDP + Net factor income
GNP = 442+ income received from Abroad – Income paid Abroad
GNP = 442+(50-75)
NET NATIONAL PRODUCT (NNP)
NNP = GNP – Depreciation
NNP = 417 – 3
5b i. Effective demand: refers to a situation in which equilibrium output is determined solely by the level of aggregate demand. This is because of the assumption that supply is perfectly elastic.
ii. composite demand: the situation when a particular type of goods is used to produce more than one type of product: In the case of composite demand, if demand for one product that uses the commodity rises, the supply of other products using the commodity will fall
iii. Derived demand: is the demand for a good or service that results from the demand for a different, or related, good or service. It is a demand for some physical or intangible thing where a market exists for both related goods and services in question.
Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company.
-PUBLIC JOINT-STOCK COMPANY-
(i) It implies a company that is listed on a recognized stock exchange and whose shares are traded openly by the public.
(ii) The minimum number of members are 7
(iii) The maximum number of members are unlimited
(iv) The minimum number of directors are 3.
-PRIVATE JOINT-STOCK COMPANY-
(i) It refers to the company which is not listed on a stock exchange and the shares are held privately by the members concerned.
(ii) Minimum number of members are 2
(iii) Maximum number of members are 200, except in case of one person company
(iv) Minimum number of directors are 2.
(Pick Three Only)
(i) Personal savings
(ii) Retained profits
(iii) Working capital
(iv) Sale of assets
(v) Bank loans.
WAEC 2022 CRS ANSWERS*
The people of Israel left Egypt, rejoicing that they were free from slavery! God had used many miracles to deliver them. They had seen God’s great power and love for them. But now they were being led by Moses into the unknown.
Moses led the people out of Egypt through the wilderness to the Red Sea. But it was really God who was leading them. God provided a pillar of cloud during the day and a pillar of fire at night to guide them.
After several days they camped near the sea.
The people must have been fearful when they saw how wide and deep the sea was. They may have wondered, How are we going to cross over all this water to the other side? They probably thought they would drown trying to cross over the sea.
Meanwhile, God still had another plan for Pharaoh. He said, “I will harden Pharaoh’s heart one more time so he will go after Israel. Then the Egyptians will know that I am the LORD.”
So Pharaoh got his army ready and chased after them. He was sorry that he had let them leave. He wanted them back so they could continue to serve the Egyptians as slaves. He caught up with them camped by the sea.
As the Egyptian army came close, the Israelites saw them. They were very afraid. They cried out to God to save them. They said, “It would have been better if we had stayed in Egypt and served them.”
But Moses told them, “Don’t be afraid. Stand still and see how God will save you. The Egyptians you see today, you will never see again.”
Then God told Moses, “Lift up your rod over the sea and divide it. The people will cross over on dry ground through the sea.”
Moses stretched out his hand over the sea. God caused the sea to divide. Soon there was a path of dry ground all the way across the sea to the other side.
The people of Israel were still afraid, but they had to walk into the middle of the sea on the dry ground. The walls of water were way over their heads, on their right side and on their left.
There were so many people with all their herds and flocks, it would take a long time to get to the other side. So God moved the pillar of cloud behind them. Then the Egyptians couldn’t come near them.
But as soon as they could, Pharaoh’s army, horses and chariots also went into the middle of the sea on the dry ground. They tried to hurry to catch up with the people of Israel.
God saw what the Egyptians were doing. He caused their chariot wheels to fall off. They were stuck in the middle of the sea, not able to go forward or backward.
After the Israelites walked safely to the other side of the sea, God said to Moses, “Stretch out your hand again over the sea. The waters will come back and cover up the Egyptians, their chariots and their army.”
As Moses stretched out his hand over the sea, the water returned to its full depth. The high walls of water closed together. The Egyptians struggled to try to get out of the sea. But the water returned quickly and covered the chariots, the horsemen and all of Pharaoh’s army that had come into the sea after Israel.
Not one of the Egyptians was left alive. All of them drowned.
So God saved the people of Israel that day from the Egyptians. Now the people feared God and believed Him and His servant Moses.
Then Moses and the people of Israel sang a song of praise. They thanked God for delivering them from the Egyptians. Though they soon forgot, they knew God had brought them safely through the Red Sea. They were now free to go and worship God.