Waec gce Economic question and answers 2022

Here is the waec gce questions and answers 2022

Answers 

WAEC GCE
Number 3

3a
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.

OR
Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption – a good or product which has value to an end-user or customer.

3b)Mass Production
The mass production process constitutes assembly lines and automation technology to provide goods in bulk. The main features of mass production include division of labor as each production process requires a different machine, a smooth flow production with product flow clearly defined, standardization to achieve high quality, and high startup costs due to the many resources required before operations.
Example :

Batch Production
The production process in batch production is the same goods go through different stages to create the same output. It constitutes of batches, group production, and the same machinery. The main features of the batch process include repetitive processes, machines of the same type arranged strategically in the same production process, and a set layout and elements include group customization, which involves changes to be made and reuse of equipment’s
Example:

Job Production
Job production is a process that constitutes workers making a single, standardized, and unique goods for a specific customer. Its features include many machines, a large number of experienced employees, varying production methods, and standardized goods. The elements are large inventories, adjustable machine settings, and intermittent movement of Materials.

*WAEC GCE ECONOMICS*

(3a)
Production can be defined as any activity which results in the creation of goods and services and the distribution of these to the final consumers in order to satisfy human wants.

(3b)
(i) Primary production; forms the basis of further production. This refers to the extraction of raw materials in their natural form from land, sea and air. These include products from agriculture, mining and fisheries are primary products.

(ii) Secondary production: Secondary production entails the conversion of basic raw materials or semi-completed commodities to their final forms that are acceptable to the consumers. Processed goods such as garri, clothes, and houses are examples of products of secondary production.

(iii) Tertiary production: This is the third sector of production which includes commercial and professional services. All those who provide commercial services such as wholesalers, retailers and transporters are involved in tertiary production. These include persons who perform direct/ professional services such as doctors, barbers, salesmen and lawyers.

(3c)
[PICK THREE ONLY]
(i) Revenue to the government
(ii) Income to workers/investors
(iii) Conservation of foreign exchange
(iv) Diversification of the economy
(v) Provision of infrastructure.
(vi) Provision of goods
(vii) Employment opportunities
(viii) Stimulation of other sectors of the economy/growth of allied industries
(ix) Favourable balance of trade
(x) Foreign exchange generation.

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(7a)
Unemployment of labour is a situation where individuals in the labour force who are willing and able to work at the existing wage rate cannot find jobs.

(7b)
(i) Cyclical unemployment: This is the unemployment caused by a deficiency in aggregate demand leading to a deflationary phase of the business cycle e.g when aggregate demand falls, firms need to cut down on labour.

(ii) Frictional unemployment: This form of unemployment exists as workers search for jobs of their choice having left their previous jobs or when school leavers enter the labour market from school e.g. a fresh graduate who has completed school and is looking for a job.

(iii) Structural unemployment: This form of unemployment occurs when there are changes in the pattern of demand or production resulting in labour lay-off. A change in technology can also result in structural unemployment. e.g. if an organization begins to use computer, a stenographer who can only type using the traditional typewriter will become unemployed.

(7c)
(i) Increase in investment: Government can encouraged the establishment of new firms by providing incentives such as granting of subsidies and tax holiday

(ii) Educational curriculum should be restructured to meet the needs of the industrial sector of the economy

(iii) Establishment of labour exchange or job centres to disseminate information on existing job and location

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(8a)
Foreign exchange refers to exchanging the currency of one country for another at prevailing exchange rates. Let us take a close look at the meaning of foreign exchange. Different countries have different currencies. Foreign exchange converts the currency of one country into another.

(8b)
(i) To bring together and coordinate the petroleum policies of its members in order to achieve stable and equitable prices for petroleum producers and to guarantee a reliable, cost-effective, and efficient supply of crude oil.

(ii)To developing countries with a sufficient rate of return on investment.

(iii)To control oil supply in order to stabilize oil prices on the global market and prevent swings from harming the economy of oil-producing and oil-consuming nations.

(8c)
(i)Regulatory functions: IMF functions as a regulatory body and as per the rules of the Articles of Agreement, it also focuses on administering a code of conduct for exchange rate policies and restrictions on payments for current account transactions.

(ii)Financial functions: IMF provides financial support and resources to the member countries to meet short term and medium term Balance of Payments (BOP) disequilibrium.

(iii)Consultative fun­ctions: IMF is a centre for international cooperation for the member countries. It also acts as a source of counsel and technical assistance.

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