2022–2023 WAEC GCE Economics Exam Questions and Answers (Essay and Objectives)
2022 WAEC GCE Economics Exam Questions and Solutions. In this post, I’ll provide you with free access to the WAEC GCE Economics Objectives, theory, and repeated questions answers. You will also comprehend the format of and approaches to answering WAEC GCE Economics problems.2022–2023 WAEC GCE Marketing Exam Questions and Answers (Essay and Objectives)
The Senior Secondary Certificate Examination and the General Certificate in Education are administered by the West African Examination Council (WAEC), a testing organization in Nigeria, in May/June and November/December, respectively.waec-gce-economics-questions-and-answers/
2022 WAEC GCE Economics Essay Questions and Answers (Expo)
On the day of the WAEC GCE Economics exam, during the WAEC GCE Economics exam, the 2022 WAEC GCE Expo will be posted here. Continue to check and reload this page for the solutions.
Answers to WAEC GCE Economics Essays Loading
Answers to today’s WAEC GCE essays:
Note: The answers below are the 2020 Nov/Dec answers.
An economic system is a way of producing things, allocating resources, and distributing them among a society or a specific region.
In a capitalist economy, private individuals or companies own the capital commodities. In other words, in a market economy, rather than a planned economy or command economy, production of goods and services is based on supply and demand in the general market.
(6bii) Socialism, an economic and political framework based on shared ownership of the means of production, is populist in nature. In other words, socialists maintain that shared resource ownership and centralized planning lead to a more equitable distribution of commodities and services in society.
mixed economy; is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise
(i)Producers, consumers and the workers all enjoy economic freedom and are free to work, as they like. Goods are produced according to the taste, preferences and demands of consumers.
(ii)Capitalist system can make changes according to the needs and circumstances of the economy. It has inbuilt flexibility.
(iii)An automatic equilibrium is brought about by the operation of price mechanism and market forces. No central direction is required for the operation of the economy
Export promotion are activity used by many countries and regions to promote goods and services from their companies abroad.
Currency depreciation is the loss of value of a country’s currency with respect to one or more foreign reference
currencies, typically in a floating exchange rate system in which no official currency value is maintained.
(7c) The ratio of the export price index to the import price index is referred to as the terms of trade. A country has a favorable trade term if export prices rise faster than import prices because it can buy more imports for the same amount of exports.
(7d) The balance of trade (BoT) is the difference between a country’s total exports and total imports during a given period of time. It is also known as the commercial balance, the trade balance, or net exports.
(7e) A currency’s value will increase in reference to another currency when it experiences currency appreciation. For a variety of factors, including governmental policies, interest rates, and trade balances, currencies appreciate against one another.
(i)Low Per Capita Income
(ii)Excessive Dependence on Agriculture
(iii)Low Level of Capital Formation
(iv)Dualistic Structure of the Underdeveloped Economies
The questions below are the WAEC GCE 2020 Economics Practice Questions. Go through them and be ready to score high in your WAEC GCE 2020 Economics Examination.
1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
More Economics WAEC GCE Exam Questions and Solutions Loading
Advice for Passing the WAEC GCE Economics Questions
You can ace the forthcoming WAEC GCE Economics exam by using the following advice.
Set a goal and work toward achieving it
I am confident that you have made the decision to pass the WAEC GCE Economics 2022. Setting goals is the next thing you should do.
Not only have you promised yourself, “I will get an A in WAEC Economics 2022,” but you’ve also done it. You must establish a plan for how to implement it. To attain your goals, make a master strategy and timeframe.
Purchase the Economics Textbook Recommended for the 2022 WAEC Exam.
Typically, WAEC GCE suggests literature for the test. In addition to WAEC GCE Literature,While reading novels is required, you are allowed to use any reputable economics textbook to study for the WAEC GCE 2022 exam.
Some texts are more challenging to comprehend. Get a textbook that will clarify any things you are having trouble understanding so that your life will be better.
Avoid Skipping the Economics Examples and Exercises in the Text:
While reading textbooks, many applicants enjoy skipping exercises and even examples. We even have the question, “Can I read my notebook and pass WAEC GCE Economics 2022?” because we love notebooks so much. Don’t be afraid to try the economics exercises. Take on the obstacles.