Waec gce economics answers 2022
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2022 WAEC GCE ECONOMICS ANSWERS
Economic development is the process by which there is a long period of sustained growth in the per capital real income of a country, accompanied by fundamental changes in the structure of the economy.
[Pick any four]
(i) High level of poverty
(ii) Inadequate infrastructural facilities
(iii) Rapid population growth
(iv) Agriculture is the main occupation/low level of industrialization
(v) High dependency on foreign nations.
(vi) The use of crude technology
(vii) Low per capital income
(viii) Low level of savings and investment.
(ix) Inadequate medical care.
[Pick any two]
(i) To increase the real income of the average citizen
(ii) To increase the level of employment
(iii) To develop better and more efficient technology
(iv) It is aimed at equal allocation of the country’s resources to all sectors of the economy.
(v) Through good development planning, Nigeria’s economy will be diversified to many sectors.
(5a)Inflation refers to a persistent or sustained rise in the general price level in an economy WHILE Deflation refers to a persistent fall in the general price level of most goods and services.
(1c) Cross Elasticity of demand may be defined as the degree of responsiveness of demand for a commodity to changes in the price of another commodity.
Cross Elasticity of demand refers to the proportionate change in the quantity of goods (X) demanded over the proportionate change in the price of another good (Y) demanded.
i. Inflation is an increase in the general prices of goods and services in an economy.
Deflation conversely, is the general decline in prices for goods and services, indicated by an inflation rate that falls below zero percent.
ii. Inflation does not contribute to a reduction in national income.
Deflation decreases productivity, output and income; that’s why unemployment is also a serious effect in the long run.
iii. Inflation can stimulate economic growth.
Deflation is bad for the economy as it decreases investment and contributes to a pessimistic business sector.
This is the use of taxation and government spending to achieve desired economic objectives while Monetary policy involves the use of instruments such as interest rates; open market operations, etc. to regulate money Supply to achieve desired economic objectives.
[Pick any three]
(i) To raise revenue for administration, defense and to provide social services.
(ii) To regulate the importation of some commodities considered harmful. The taX makes the goods expensive to deter consumers.
(iii) To redistribute income between the rich and the poor. This is done through the PAYE System where the rich pay higher tax than the poor.
(iv) To protect local infant industries from foreign competition.
(v) To correct a balance of payments problem by imposing taxes on imports to increase their prices to discourage imports.
[Pick any three]
(i) Price Stabilization:
Public finance maintains stability in the
prices of goods and services thereby,
preventing constant fluctuations and
inflation and deflation that tend to
destabilize the economy of a country
(ii) Equitable Distribution of Wealth:
Public finance is also concerned with
equitable distribution of income and
wealth among individuals and various
sections of the country.
(iii) Satisfaction of Needs:
The satisfaction of collective needs is
another main objective of public finance.
(iv) Allocation of Resources:
Public finance performs the function of
allocating resources among public and
(iv) Provision of Full Employment:
Provision of full employment
opportunities to citizens of a country is
another aim of public finance.
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