Free WAEC GCE Economics Question and answers 2022/2023 to objectives and theory (Paper 1 & 2). Do you need Economics WAEC GCE Questions and answers? In this article, you will be provided with the Likely WAEC GCE Economics expo/runs.
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WAEC GCE 2022 Economics Objectives Answers and Questions
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WAEC 2022 GCE Economics Objectives Questions for practice
The objectives part of the exams is always very simple. you will be expected to take just an option from multiple choices./ make sure you go through the question over and over again before making your choice.
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Below are sure WAEC GCE Economics questions.
1. One of the advantages of large scale production is that
A. there is a rise in the cost of administration.
B. consumers sacrifice their individual tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localized.
2. The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A. transport.
B. water.
C. raw materials.
D. labour supply.
3. Malthus’ population theory states that
A. high death rate may lead to low productivity.
B. population may outgrow the means of subsistence.
C. people will always decide to have children.
D. migration may leave some parts of the world barren.
4. Which of the following is not likely to be an effect of a growing population?
A. Rise in demand
B. Unemployment
C. Fall in standard of living
D. High per capita income
5. Personal savings are generally low in West Africa because of
A. the level of income of the people.
B. the refusal of banks to grant loans.
C. overpopulation.
D. cheaper foreign currencies.
Latest 2022 Economics Objectives Questions and Answers for WAEC GCE Loading
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Economics Essay WAEC GCE Questions 2022 and Answers PDF
Past Essay Answers to questions
(3a)
(i) Wants: Wants are known as desire to own goods and services that gives human satitisfaction. Human wants are discribe as insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
(ii) Scarcity: Is defined as the limited supply of reources which are used for satisfaction of unlimited wants.
It is also regarded as limited in supply or shortage in supply of available resources relative to demand for it. It is resultant effect of the inability of available resources to satisfy the unlimited wants of man
(iii) Scale of preference: Is referred to as an arragement of wants in order of imporatance. It shows a list of individual wants in order of their relative importance making it easier for choice to be made when we draw scale of preference
(iv) Opportunity cost: It is the expression of cost in relation to the forgone alternative. It is simply the cost of the alternative forgone
(3b)
(i) Satisfaction of human wants: Economics deals entirely with human being and the satisfaction of their numerous needs with their limited available resources
(ii) Allocation of scarce resource: As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
(iii) Rational decision: It enable us to take a rational decision pertaining to business and other policy matters
(iv) Economic analysis: It enable us to build up theories and tools of economic analysis
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7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions has to do with output from the production process that is just enough for the survival.
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Inflation and Deflation: When Inflation takes place, the value of money reduces while the value of money increases during Deflation.
(iv) The supply of money and it’s speed or velocity in circulation.
WAEC GCE 2022 Economics Expo/Runs
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