WAEC GCE 2024 ECONOMICS QUESTIONS AND ANSWERS AVAILABLE www.examhacker.com.ng
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WEAC GCE 2024
(3a)
(i) Producer goods are items used to produce other goods and services. They are not directly consumed but serve as inputs in the production process. Examples include machinery, raw materials, and tools.
(ii) Consumer goods are goods that are purchased and used by individuals for personal consumption. They satisfy direct human wants or needs. Examples include food, clothing, and electronics.
(3b)
(i) Production: This refers to the process of creating goods and services that are intended to satisfy human wants and needs. It involves the combination of various resources such as land, labor, capital, and entrepreneurship to produce outputs, which may include physical products or services.
(ii) Distribution: Distribution is the process of getting goods and services from the producer to the consumer. It involves transportation, storage, and the transfer of ownership, ensuring that products reach various markets or consumers. Distribution can happen through wholesalers, retailers, or direct sales.
(iii) Consumption: Consumption is the final stage in the economic cycle, where goods and services produced are used by individuals, households, or businesses to satisfy their needs and wants. This can occur immediately or over time, depending on the nature of the product or service.
(3c)
(i) Production initiates the cycle: Production is the starting point of the economic process, where goods and services are created to fulfill human needs and wants. It involves the use of resources like labor, capital, and raw materials to create products.
(ii) Distribution follows production: Once goods and services are produced, they need to be distributed to reach consumers. Distribution ensures that the products are transported and made available in markets where they can be purchased or accessed.
(iii) Consumption completes the cycle: After distribution, goods and services are consumed by individuals or businesses. Consumption is the ultimate goal of the production and distribution process, as it fulfills the needs and desires of consumers.
(iv) Feedback loop from consumption to production: Consumption influences future production. When consumers demand certain goods or services, producers adjust their production processes to meet these needs, thus creating a cycle that keeps production, distribution, and consumption interconnected.
(v) Economic growth and sustainability: The interaction between production, distribution, and consumption drives economic growth. Efficient distribution systems and healthy consumption patterns ensure that resources are used effectively, supporting both short-term needs and long-term sustainability.
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(6a)
supply of money refers to the total amount of money available in an economy at a given time. It includes currency (coins and banknotes) and various types of deposits (such as demand deposits, savings deposits, and time deposits) held by the public in the banking system.
(6bi)
Quantity of money in circulation: The quantity of money in circulation has a direct influence on the general price level. When the money supply increases, there is more money available for spending, leading to increased demand for goods and services. This increased demand, without a corresponding increase in the supply of goods and services, causes prices to rise, resulting in higher inflation.
(6bii)
Velocity of circulation of money: The velocity of money refers to the rate at which money circulates in an economy. If the velocity of money increases, it means that each unit of money is used more frequently to purchase goods and services. This increased velocity of money can lead to higher inflation, as the same amount of money is being used to buy more goods and services.
(6biii)
Volume of goods and services: The volume of goods and services available in the economy also affects the general price level. If the volume of goods and services increases, while the money supply remains constant, the increased supply of goods and services will put downward pressure on prices, leading to lower inflation or even deflation.
(6c)
(PICK ANY THREE)
(i) Income level: Individuals with higher incomes tend to hold more precautionary money balances to protect against unexpected expenses or income fluctuations.
(ii) Uncertainty about future income: Individuals who face greater uncertainty about their future income are more likely to hold larger precautionary money balances.
(iii) Risk aversion: Individuals with a higher degree of risk aversion are more likely to hold larger precautionary money balances to protect against unexpected events.
(iv) Access to credit: Individuals with limited access to credit or borrowing options may hold larger precautionary money balances to cover unexpected expenses.
(v) Financial volatility: Periods of higher financial volatility or economic uncertainty can increase the precautionary demand for money.
(vi) Liquidity preferences: Individuals who prefer to maintain a higher degree of liquidity will hold larger precautionary money balances.
(vii) Life-cycle stage: Individuals in different stages of their life cycle (e.g., retirement) may have different precautionary money balance needs.
(viii) Household composition: The size and composition of a household can affect the precautionary demand for money, as larger households may face more unexpected expenses.
(7a)
Commercial policy refers to the set of government policies and measures that aim to regulate and control the flow of goods, services, and capital between a country and the rest of the world. It includes policies related to trade, investment, and other commercial activities.
(7b)
(PICK ANY THREE)
(i) Tariffs: Imposing tariffs or duties on imported goods can make them more expensive, thereby reducing imports and improving the trade balance.
(ii) Quotas: Imposing quantitative restrictions on the amount of certain imported goods can limit the inflow of imports and improve the balance of payments.
(iii) Subsidies: Providing subsidies to domestic producers can make their goods more competitive in the domestic and international markets, boosting exports and reducing imports.
(iv) Exchange rate adjustments: Devaluing the domestic currency can make exports more competitive and imports more expensive, improving the trade balance.
(v) Import restrictions: Implementing non-tariff barriers, such as licensing requirements or technical standards, can limit the inflow of imports.
(vi) Export promotion: Providing incentives, such as tax credits or subsidies, to domestic exporters can increase the volume of exports and improve the balance of payments.
(7c)
(PICK ANY THREE)
(i) Increased efficiency and specialization: Free trade allows countries to specialize in the production of goods and services in which they have a comparative advantage, leading to increased efficiency and productivity.
(ii) Wider consumer choice: Free trade expands the variety of goods and services available to consumers, allowing them to choose from a wider range of products.
(iii) Lower prices: Competition from imports can put downward pressure on domestic prices, benefiting consumers.
(iv) Access to global markets: Free trade provides opportunities for domestic producers to access larger global markets, increasing their potential customer base and sales.
(v) Stimulation of innovation: Competition from imports can spur domestic producers to innovate and improve their products and processes to remain competitive.
(vi) Economic growth and development: Free trade can contribute to economic growth and development by allowing countries to exploit their comparative advantages, leading to higher standards of living.
(8a)
Renewable natural resources are resources that can be replenished or regenerated naturally over time and are considered inexhaustible if managed sustainably.
(8b)
(PICK THREE ONLY)
(i) Sustainable Energy Supply: Renewable resources like solar, wind, and hydro energy provide a continuous and sustainable source of power. This helps reduce dependency on non-renewable sources like fossil fuels, ensuring long-term energy security for the economy.
(ii) Job Creation: The development, maintenance, and management of renewable energy resources create employment opportunities in sectors like solar panel installation, wind turbine manufacturing, and sustainable agriculture. This helps reduce unemployment and stimulates local economies.
(iii) Environmental Protection: Renewable resources like wind, solar, and biomass energy produce less pollution compared to fossil fuels. Their use helps reduce air and water pollution, mitigating the effects of climate change and improving public health, which in turn supports a stable economy.
(iv) Reduced Energy Costs: Over time, the cost of producing energy from renewable sources such as solar and wind becomes cheaper than fossil fuels. This can lead to lower energy costs for businesses and consumers, increasing disposable income and economic productivity.
(v) Enhanced Agricultural Productivity: Renewable resources like water and fertile soil enable sustainable agriculture, supporting food production and security. This leads to a stable supply of food and raw materials, which is essential for economic stability and growth.
(vi) Economic Diversification: By investing in renewable resources, economies can diversify away from reliance on a few sectors, such as oil and gas. This diversification makes economies more resilient to global market fluctuations and enhances long-term growth potential.
(8c)
(PICK THREE ONLY)
(i) Source of Raw Materials: Land provides essential raw materials like minerals, timber, agricultural products, and other natural resources that are crucial for industries, manufacturing, and construction. These materials are the foundation for economic activities and production.
(ii) Agricultural Production: Land is the basis for farming and agriculture, which supply food, fiber, and other essential products. Agricultural activities contribute significantly to an economy's GDP, employment, and food security, making land vital for sustaining populations.
(iii) Employment Generation: The use of land for farming, mining, construction, and industrial activities creates numerous job opportunities for individuals in both rural and urban areas. This helps reduce unemployment and drives economic growth.
(iv) Capital Formation: Land is a form of capital that can be developed and used for economic purposes such as commercial buildings, residential areas, factories, or recreational parks. These developments increase wealth and contribute to the overall capital formation of an economy.
(v) Infrastructure Development: Land is required for building essential infrastructure such as roads, bridges, schools, hospitals, and factories. Proper use of land for infrastructure enhances connectivity, trade, and social development, all of which are key to economic progress.
(vi) Revenue Generation: Land can be used to generate government revenue through taxes, land leasing, and sale of public land. This revenue is essential for financing public services, infrastructure projects, and government programs, helping to support the economy.
(8a)
(PICK ANY ONE)
Renewable natural resources are natural resources that can be replenished or regenerated over time through natural processes or sustainable management. These resources are not depleted when used responsibly, as they can naturally renew themselves within a human
OR
Renewable natural resources are resources that can be replenished or regenerated naturally over time and do not deplete when used sustainably. Examples include sunlight, wind, water, forests, and wildlife.
(8b)
(PICK ANY THREE)
(i) Energy Production (e.g., Solar and Wind Energy): Renewable resources like solar and wind energy provide sustainable and clean energy sources. This reduces dependence on non-renewable energy, decreases pollution, and promotes long-term energy security.
(ii) Economic Growth (e.g., Forests):
Renewable resources such as forests contribute to industries like timber, paper production, and ecotourism. These industries create jobs, support livelihoods, and generate revenue for the economy.
(iii) Agricultural Sustainability (e.g., Water Resources): Water resources support irrigation and livestock, which are critical for agriculture. Sustainable water management ensures food security and reduces the risk of drought-related economic losses.
(iv) Environmental Protection (e.g., Forests and Wildlife): Renewable resources like forests absorb carbon dioxide, help mitigate climate change, and support biodiversity. This reduces environmental degradation, ensuring long-term ecological balance essential for economic sustainability.
(v) Revenue Generation (e.g., Ecotourism): Renewable resources such as natural parks and wildlife attract tourists, generating income for the economy through ecotourism. This supports local businesses and government revenue through taxes.
(8c)
(PICK ANY THREE)
(i) Land is essential for growing crops and raising livestock, supporting the food supply chain and contributing to economic
(ii) Land provides access to minerals, forests, and water resources, which are vital for industrial activities and energy production.
(iii) Land serves as the foundation for building infrastructure like roads, factories, schools, and hospitals, which drive economic growth and development.
(iv) Land provides essential raw materials such as minerals, timber, and agricultural produce, which are critical inputs for industries and manufacturing.
(v) Land is necessary for building homes, cities, and communities, providing the physical space for residential and urban development.
(vi) Land serves as the base for roads, railways, and ports, enabling efficient transportation and trade within and between countries.
(vii)Land hosts historical sites, parks, and recreational areas, which contribute to the cultural heritage and tourism industry, boosting economic activity
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