2024 WAEC ECONOMICS: 2024 WAEC ECONOMICS ESSAY AND OBJ NIGHT ANSWERS (1595)

(1a)

Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(1b)

(i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100%

= 12.5/170 × 100%

= 25%

(ii) Secondary sector ==> Shoe production + Fish processing + Baking

% of secondary sector = (30+19+19)/170 × 100%

= 40%

(iii) Tertiary (%) = 100% - (40+25)%

= 35%

(1c)

Ratio = 16.1/30 = 161:300

(1d)

% Warehousing = 12.2/170 × 100%

= 7.2%

(1e)

(i) Mixed economy

(ii) Government and individuals can feature in the three sectors

(3a)

Economies of scale is the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced. A decrease in cost per unit of output enables an increase in scale.

(3b)

(i) Technical Economies of Scale

(ii) Purchasing Economies of Scale

(iii) Managerial Economies of Scale

(3c)

(i) Competitors

(ii) Workforce

(iii) Transport availability

(4a)

Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b)

(i)Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods

(ii)Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.

(iii)Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.

(4c)

(i)Packaging problems: The packaging of goods is not standardized. This may result in damage or loss in transit.

(ii) Inadequate transport facilities: The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that commodities sustain great damage due to accidents.

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably.

(5a)

Price elasticity of demand may be defined as the degree of responsiveness of the quantity demanded of a commodity to change in the price of a commodity. In order words, it is the degree of responsiveness of quantity demanded to a small change in the price of the commodity.

(5b)

(i) On elastic demand, Demand is said to be elastic if small change in price leads to a greater change in the quantity of goods demanded. While On inelastic demand, demand is said to be in elastic if a larger change in price leads to a small or slight change in the quantity of goods demanded.

(ii) On elastic demand , elasticity is greater than one or unitary , i.e E ==>10<1

(5c)

(8a)

Domestic trade refers to the exchange of goods or services within an individual country or territory. In this type of trade scenario, the market is constrained by the borders of that country, so that all products must be bought and sold by people living within the domestic market. WHILE External trade is the buying and selling of goods take place across the national boundaries of different countries. In other words It is also known as Foreign trade or International trade. On the basis of sale and purchase of goods and services.

(8b)

Terms of trade is the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports. WHILE Balance of trade is the difference between the value of a country's exports and the value of a country's imports for a given period. In other words sometimes the balance of trade between a country's goods and the balance of trade between its services are distinguished as two separate figures.

(8c)

(Pick Any Four)

(i) Low level of agricultural production: This makes Nigeria dependent on food imports and exported inputs for her agro-allied industries.

(ii) Low level of technological development: Low level of technological development makes the country's a greater importer of advance 'copied from e x a m p l a z a . c o m free' technology

(iii) inadequacies in export promotion strategies: Export promotion strategies to encourage more earnings for the country are grossly inadequate

(iv) Excessive government expenditure: This attitude encourage the government to engage in massive importation of all kinds of goods into the country

(v)poor social and economic infrastructure: Poor social and economic infrastructure contribute greatly to low capacity utilisation in the industries section eg bad roads, irregular supply of electricity,water and poor telecommunication

(vi)Existence of import-dependent industries: These industries reduce the country's earnings a they demand for the scarce foreign exchange to enable them to procure machines and raw materials from abroad.