Waec Economics answers 2022

Waec Economics answers 2022

Here is the Waec Economics answers 202, we will be publishing the answers here asap.

Economics answers 2022

















X is demand curve
Y is supply curve
Z is supply curve

The supply curve shift from Y to Z

Before the introduction of subsidy
$15×20 = $300

After the introduction of subsidy
$10×40 = $400

Percentage increase = $400-$300 = $100
100/300 × 100/1 = 33.3%

% change in quantity demanded/ % change in price = 100/33.3 = 3.0

% change in quantity demanded= change/old × 100/1
= 20/20 × 100/1
= 100%

% change in price = change/old × 100/1
= 5/15 × 100/1 = 33.3%

It is elastic because the coefficient is greater than 1


Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company.



(i) It implies a company that is listed on a recognized stock exchange and whose shares are traded openly by the public.

(ii) The minimum number of members are 7

(iii) The maximum number of members are unlimited

(iv) The minimum number of directors are 3.


(i) It refers to the company which is not listed on a stock exchange and the shares are held privately by the members concerned.

(ii) Minimum number of members are 2

(iii) Maximum number of members are 200, except in case of one person company

(iv) Minimum number of directors are 2.


(Pick Three Only)

(i) Personal savings

(ii) Retained profits

(iii) Working capital

(iv) Sale of assets

(v) Bank loans.


A demand schedule is a tabulation of the quantity of a good that all consumers in a market will purchase at a given price. At any given price, the corresponding value on the demand schedule is the sum of all consumers’ quantities demanded at that price.


Demand schedule is the table that shows the relationship between quantity demanded and price of goods


It can be defined as the list showing the number of quantities of a commodity demanded at various prices.


i. Effective demand: this is the type of demand which is supported with the ability and willingness to pay

(ii). Composite Demand: Demand is composite when a commodity can be used for more than one purpose

(iii). Derived Demand: It occurs when a commodity is wanted not for the satisfaction it yields but for the reason that they are useful in producing another commodity.

No 6a

i. *Specific tax*

A specific tax is a fixed amount of tax placed on a particular good. It is also referred to as a per-unit tax, and the tax will depend on the quantity sold (not price).

ii. *Value-added tax (VAT)* : is a flat tax levied on an item. It is similar to a sales tax in some respects, except that with a sales tax, the full amount owed to the government is paid by the consumer at the point of sale. With a VAT, portions of the tax amount are paid by different parties to a transaction.


[In tabular form]

*Mortgage banks* are banks specializing in mortgage loans. It can be involved in originating or servicing mortgage loans, or both. The banks loan their own capital to borrowers and either collect payments in installments along with a certain rate of interest or sell their loans in the secondary market.

*Merchant banks:* are financial institutions and companies that deal with international finance for multinational corporations. These banks differ from other types of financial institutions. As such, they don’t deal with the general public.


(i) A Merchant Bank is that Mortgage is a bank or company which offers a loan with their own funds or from warehouse lenders WHILE A merchant bank is an institution which provides the services of finance, underwriting, offering business loan and advice or consultancy on finance.


(ii) Commercial Bank is the bank organized to perform public utility banking services, such as accepting deposits, lending money, etc. On the other hand, development bank refers to a multi-purpose financial undertaking set up to provide financial aid to the industrial and agricultural sector, to encourage development.



(i) Agency functions: commercial banks are already agents of the banking system, but they can also be personal agents to their customers. An agent is an individual or institution that carries out activities, in this case, financial operations, on behalf of the principal (who is the customer) for a few known as a commission.


(ii) Credit Creation: commercial banks are perhaps the only financial institutions with this unique function. Commercial banks create credit through accepting deposits and providing loans, pushing money into the economy.


(iii) Transfer of funds: the transfer of funds from a customer’s account to another account is another vital function of banks. Fund transfer is a valid means of paying for transactions, as well as other financial activities. Transfer of funds can be carried out through several ways such as drafts, standing orders, cheques, USSD platforms, and electronic banking.


(iv) Provision of loans: besides accepting deposits, another function of commercial banks is the provision of loans. The provision of funds to those who require them for transactions is a vital role commercial banks play. Nowadays, customers can now have access to instant loans from commercial banks.



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One Response

  1. Salmarh June 5, 2023

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