WAEC ECONOMIC ANSWERS 2021

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Economics answers 2021

ECONOMICS OBJ:Economic-Obj;

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4a. Product retailing is when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product

4b.

1. Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.

2. Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods. This is another reason why the Wholesaler is indespensibel in the channel of distribution.

3. 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.

4. Warehousing: Another function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stock – biling at the production point. Goods are stored here until they are bought, hence it spurs the Manufacturer to keep on producing.

5. Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.
*ECONOMICS*
5a
Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price.

5b Elastic demand means there is a substantial change in quantity demanded when another economic factor changes (typically the price of the good or service), whereas inelastic demand means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed.

5c.

6a. There are many buyers and sellers in the market.

Each company makes a similar product.

Buyers and sellers have access to perfect information about price.

There are no transaction costs.

There are no barriers to entry into or exit from the market.

Pick three
(8a)
TABULATE
(Pick Anyone You Like)
INTERNAL TRADE
Internal trade is trade that involves buying and selling taking place between two parties which are located within the political and geographical boundaries of a country

EXTERNAL TRADE
External trade is referred to as a trade that involves buying and selling of goods between two parties located in different countries or between two different countries

INTERNAL TRADE
Internal trade takes place between the country borders, therefore only one country is involved

EXTERNAL TRADE
External trade involves the transactions between two or more countries.

INTERNAL TRADE
Domestic currency will be used as the medium of payment for all the transactions

EXTERNAL TRADE
Payments for external trade transactions are received in a currency that is mutually agreed by the two parties involved in the trade

INTERNAL TRADE
Internal trade has less risk as compared to external trade

EXTERNAL TRADE
External trade will be having more risk which can be due to currency fluctuations, economic state of countries, etc

(8b)
Terms of trade (TOT) represent the ratio between a country’s export prices and its import prices, while Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.

(8c)
(i) Rapid Economic Development
(ii) Political Disturbance
(iii) High rate of Inflation
(iv) Change in demand
(7ai)
Open market operation (omo): open market operation is the purchase o sale of government securities in the open market to expand or restrict the volume of money in circulation. The central bank applies this policy with the aim of regulating the volume of money in circulation. When there I too much money in circulation, the central bank will sell securities. But in otder to expand the volume, it buys securities.

(7aii)
Bank rate: this is the minimum rate of interest charged by the central bank for discounting bill o exchange. By lowering or raising the rate, the central bank can control the activities of the commercial banks. When the rate increases, loan to the public reduces, while a fall in the rate will encourage more loans.

(7ai)
Open market operation (omo): open market operation is the purchase o sale of government securities in the open market to expand or restrict the volume of money in circulation. The central bank applies this policy with the aim of regulating the volume of money in circulation. When there I too much money in circulation, the central bank will sell securities. But in otder to expand the volume, it buys securities.

(7aii)
Bank rate: this is the minimum rate of interest charged by the central bank for discounting bill o exchange. By lowering or raising the rate, the central bank can control the activities of the commercial banks. When the rate increases, loan to the public reduces, while a fall in the rate will encourage more loans.
(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 primary 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
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(7a)

(i) Open market operation (omo): open market operation is the purchase o sale of government securities in the open market to expand or restrict the volume of money in circulation. The central bank applies this policy with the aim of regulating the volume of money in circulation. When there I too much money in circulation, the central bank will sell securities. But in otder to expand the volume, it buys securities.

(ii) Bank rate: this is the minimum rate of interest charged by the central bank for discounting bill o exchange. By lowering or raising the rate, the central bank can control the activities of the commercial banks. When the rate increases, loan to the public reduces, while a fall in the rate will encourage more loans.

(7b)
(i) Banker to the government: central bank is an agent and banker to the government.

(ii) Issuance and control of currency: the central bank has the right to order the printing of the currency an the issuance of it. It control the circulation of currency, exchange of bad notes for new ones, and sees to the destruction o the bad notes.

(iii) Banker’s bank: the central bank acts as banker to the banks by ensuring that the banks open accounts with it in order to facilitate clearing of cheques.

(iv) Lender of last resort: the central bank has a duty to assis the banking system when the banks are in financial difficulties so that they can withstand the strain of excessive damands.

We gat you always.