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Waec Economics Questions and Answers 2022 – 7th June 2022

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Welcome to the Expobite answer page where you will get verified and 100% authentic and correct Waec Economics Answers 2022 for Tuesday 7th June 2022 both objective and essay (theory).



Tuesday, 7th June 2022

  • Economics 2 (Essay) 09:30am – 11:30am
  • Economics 1 (Objective) 11:30am – 12:30pm






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


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.


(i)Labour force: Labour force can be defined as the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.

(ii)Efficiency of labour: Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced.

(i)Age structure of the population: The structure of a country’s population is a significant determinant of the size of the labour force. The lower the dependant people, the higher the supply of labour and vice versa. In otherword, the labour force will increase in a country with a greater number of its people between the ages of 18 and 65 years.

(ii)Role of women in the society: In some societies, women are usually prevented from engaging in gainful employment because of religious belief, social and cultural factors and this affects the size of labour force.

(iii)Number of working hours and working days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.

(iv) The number of disabled: When the number of disabled persons is high especially within the working population, the supply for labour will be low.

(v) The number of people unwilling to work: There are certain number of able bodied people who are also between the age bracket of 18 and 65 years but are unwilling to work. If their population is high, it will affect the size of supply of labour

(vi) Migration: The rate of migration can also affect the size of labour force. If the rate at which the working population leaves a country is higher than the rate at which people come in, it will lead to reduction in the supply of labour.

(vii)Trade union activities: The activities of trade union may also affect the supply of supply. For example, when a long period of training is imposed on a certain trade, this may discourage people from engaging in such trade or profession leading to a reduction in supply of labour.

(viii)Government policies: Certain government policies can affect the supply of labour. E.g. specific laws are made to exclude children and women from working in ministries. This can reduce the supply of labour to that area or field.


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.


(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.


Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.

(i)Political Instability in member states; This results in different approach to ECOWAS issues by leaders of member states.

(ii)Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation

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(iii)Colonial linkage to erstwhile master; is another factor affecting ECOWAS. Francophone
nations that are members of ECOWAS may not lend their
weight to matters of the organisation that will negatively
affects France.

(i)Road construction between big cities. The highways Lagos-Abidjan, Nouakchott-Lagos have made commuting much easier that it was before. The road network Elubo – Alflao – Lagos is one of the achievements.

(iii)The relations between the Anglophone and Francophone have been stabilized. It has been done thanks to the ECOWAS passport. It has significantly eased the movement of people within those areas.

(iii)Telephone network for the member states. Nowadays, interconnection is available for all countries of the African Union.

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WAEC 2022 Economics Questions & Answers [AUTHENTIC]

Table of Contents

Waec Economics Answers 2022

Tuesday, 7th June 2022

  • Economics 2 (Essay) 09:30am – 11:30am
  • Economics 1 (Objective) 11:30am – 12:30pm

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How to Pass Neco Economics 2022 Examination

  1. Ask your instructor for an exam outline and what to expect on the exam.
  2. Create an overview. Review your notes and any assignments you had.
  3. Review the course’s main ideas.
  4. For each big idea, review its sub-topics and supporting details.
  5. Practice. Use old exams to get a feel for the style of questions you might be asked.


  • Be realistic. No one can study for 8 hours a day.
  • Make sure you get plenty of food, sleep, and relaxation.
  • Try to study in the same place at the same time every day.
  • At the beginning of each study, period review the last thing you studied for 10 minutes.
  • Rewrite your notes. It can help you retain information.
  • Read your notes out loud.
  • If you don’t complete a particular task, don’t worry just carry it over to your next session.
  • Don’t simply memorize facts. Ask yourself broad open-ended questions about the material that’s been covered.

The Night Before the Exam

  1. Sleep!
  2. Try to stick to the review. Don’t try to learn anything new.
  3. Picture yourself succeeding. One of the key elements for many world-class performers is visualization.

The Day of the Exam

  1. Eat. Don’t skip the meal before your exam because not eating can result in tiredness and poor concentration.
  2. Arrive just a few minutes before your exam to avoid the usual widespread and contagious panic

During the Exam

  1. Use a cheat sheet even if you’re not allowed to bring one into the exam. Make a cheat sheet of the material you are certain will help. Take it to the exam; throw it out before you sit down, then recopy it from memory, somewhere on the exam booklet, as soon as you can.
  2. Read all of the questions (except multiple choice) before beginning, and write notes on the paper for anything important that occurs to you as you read.
  3. If you’re having a problem with one question move on and return to the problem question if you have time left at the end.
  4. Watch the clock.

The Best Way to Study If Your Economics Exam Is Tomorrow 

While no one really recommends cramming, sometimes that’s what you have to do. So here are some hints to get you through it:

  1. Pick the most important subjects in your study material.
  2. Look over your lecture notes, or someone else’s if you don’t have any, and see what the lecturer focused on. Concentrate your cramming on these broad areas. You don’t have time to learn specifics.
  3. The key to cramming is memorization, so it only works for “knowledge” questions. Focus on material that can be memorized.
  4. Spend 25% of your time cramming and 75% drilling yourself. Recite and repeat the information.
  5. Relax: being upset at yourself for not studying earlier won’t help and may hurt your performance in the class
  6. Remember how you felt while studying and while writing the exam and plan to study earlier next time!
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  • Be realistic. No one can study for 8 hours a day
  • Make sure you get plenty of food and sleep
  • Try to study in a quiet place
  • Rewrite your notes. It can help you retain information
  • Read your notes out loud

The Day of the Exam

  1. Eat. Don’t skip the meal before your exam because not eating can result in tiredness and poor concentration.
  2. Arrive just a few minutes before your exam to avoid the usual widespread and contagious panic

During the Exam

  1. Use a cheat sheet even if you’re not allowed to bring one into the exam. Make a cheat sheet of the material you are certain will help; take it to the exam; throw it out before you sit down, then recopy it from memory, somewhere on the exam booklet, as soon as you can.
  2. Read all of the questions (except multiple choice) before beginning, and write notes on the paper for anything important that occurs to you as you read.
  3. If you’re having a problem with one question move on and return to the problem question if you have time left at the end.
  4. Watch the clock.

2022 WAEC Economics Expo/Runs OBJ & Theory ( Questions

Past Waec Economics 2022 Answers

Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.

fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

(iii)vehicles and equipment

Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans

Circulating capital is money being used for core operations of a company.

(i)operating expenses
(ii)inventory in process
(iii)Raw material

(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.

WAEC Economics Questions and Answers 2022 Free Expo

Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.

Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy

(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
such money.

(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.

Money is any commodity that is generally accepted in payment for goods and services or settlement of debt. It is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy and at the same time acts as a measure and store of value.


Value of money: This simply means the quantity of goods and services that money can purchase at a particular time. Value of money refers to what money can buy. It depends on the purchasing power of money. There is an inverse relationship between price and value of money. the higher the level of price, the lower the value of money and vice versa.

Demand for money: This is the desired holding of financial assets in the form of money. In other words, it is cash or bank deposits rather than investments. It is sometimes referred to as liquidity preference.

(i) The price of the good or service.
(ii) The income of buyers.
(iii) Interest rates.
(iv) The tastes or preferences of consumers.

(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.
(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.
(iii) Commercial farms are very large while that of the subsistence farming are quite small.
(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.
(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.
(iii) The machineries which are used for the farming process usually primitive.
(iv) Primitive form of irrigation or little irrigation is done for this type of farming.

Waec 2022 Economics Questions And Answers Economics

-Positive effects-
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.

-Negative effects-
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards




Total population= 104,000+10,000+7,000 =111,000

New – Old population/Old population *100/1%

111000-104000/104,000 * 100/1%


Birth Rate; 10,000

Death Rate; 3,000

Net migration; B.R-D.R +(I-E)


Natural Growth Rate; B.R – D.R 10,000-3,000 =7,000

Revenue allocation is defined as the division of available resources within an organisation or company. At a broader level, it is the process of assigning a cost to the amount of services and products generated. Government revenue is obtained from taxes, licenses and fees and allocated to public facilities.

(i)Licence fee: is paid in those instances in which the govern­ment authority is invoked simply to confer a permission or a privilege.

(ii)Fee; is a payment to defray the cost of each recurring service undertaken by the government, primarily in the public interest.

(iii)Rates; refer to local taxation, i.e., taxation levied by (or for) local rather than central government. Normally rates are proportional to the estimated rentable value of business and domestic properties. Rates are often criticised as being unrelated to income.

(iv)tax; is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority.

Unemployment is a situation where people who are able and willing to work at the existing wage rate are unable to find work OR a situation where factors of production such as capital lie idle or cannot be put to productive use

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(i)Poor Quality of Education
(ii)Lack of Skills
(iii)Negligence of Agriculture and Other Natural Resources

(i)Poor Quality of Education; Every year, many graduates come out from the universities and colleges of education in Nigeria with little or nothing to contribute to the society. In other words the graduates come out of school half-baked, without practical background to make good impact to the society, neither are they able to defend the certificates which they are holding

(ii)Lack of Skills; Another problem that is closely related to that of poor quality education, as a cause of unemployment in Nigeria, is of lack of skills. For many years running, most Nigerian youths have disdained acquisition of skills, thinking that the time spent on such is wasted, and opting for so-called ‘clean-shirt’ and ‘easy’ ways of making money.

WAEC Economics 2022 Answers for OBJ-Essay Questions

(iii)Negligence of Agriculture and Other Natural Resources; Nigeria, as a country, is blessed with many un-utilized resources which are enough to gainfully engage every un-employed person. But the craze for quick ‘oil money’ has made both government and individuals to direct all attention to only the oil industry.

(iv)Corruption; is a cause of unemployment Nigeria because when those in government who are to use public money for building more industries are busy embezzling the funds for their selfish use, the result is massive increase in unemployment rate.

Monopoly; is a market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

(ii)Control over Prices: Monopoly will always try to fix the highest possible price which it can obtain from the customers, so as to earn minimum profit. The state can control the monopoly by fixing the profits and the prices and ensure that the industry does not earn undue profit.

(ii)Effective Publicity: Monopoly works with some serious irregularities, which usually do not come to the notice of the people. It is therefore, desirable that proper publicity should be given to these defects. There should be provision for public supervision of monopoly houses.

(iii)Anti Trust Legislation:
One of the measures which is adopted by the monopoly is to form trusts. These trusts are of course voluntary, but all the evils of monopoly more or less creep into it, with the result that the State is forced to take legislative measures.

(iv)Organised Consumer’s Associations: The monopoly fixes high prices because it knows it fully well that the consumer is not well organised and will take time to organise himself and till then suffer. One effective method of checking and controlling monopoly is that the Government should help in the formation of consumers associations.

Location of industry is the siting of a firm of an industry in a particular place while localization of industry is the concentration of firms producing similar products in an area.

(i)Variety of Materials;
Concentration of similar type of industries enables increase in variety of materials that can be offered by the suppliers.

WAEC Economics Questions and Answers 2022 Verified

(ii)Improvement of Labour Market; Localization of industry helps to improve the labour market for both the employer and employees.

2022 WAEC Economics Essay & OBJ Answers [7th June]

(iii)Banking Facilities; In the modern world, the entire business community requires the services of banks. This enables the banks to gather full information about the industrial establishments located in its area.

(iv)Repair Facilities; Concentration of industries in a particular area attracts the establishment of the necessary repair plants say foundries, tool makers, machine shops, mill stores suppliers etc. In addition, other supply houses will also set up their establishments nearer to the industrial area

(v)Prestige to the Firms; A group of similar industrial establishments located in a particular region serves to perfect the local market reputation of each establishment supplement to that of others. Thereby, a firm enjoys prestige from the mere fact of its location in the specified place.


WAEC Economics Questions and Answers for 2022 (Essay

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

(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%

Ratio = 16.1/30 = 161:300

% Warehousing = 12.2/170 × 100%
= 7.2%

WAEC Economics Questions 2022 Answers [100% Sure 

(i) Mixed economy
(ii) Government and individuals can feature in the three sectors
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.

(i) Technical Economies of Scale
(ii) Purchasing Economies of Scale
(iii) Managerial Economies of Scale

(i) Competitors
(ii) Workforce
(iii) Transport availability

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.

(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.

(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.

WAEC Economics Questions and Answers 2022/2023 (Essay 
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.

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.

WAEC Economics Answers For 2022 7th June 2022


(i)Rapid Economic Development; High outflow of foreign exchange to meet import demands like technology, machines, and equipment can lead to balance of payment deficit.

(ii)Inflation; Sustained rise in a country’s prices can often make foreign products cheaper, leading to a high volume of imports.

(ii)Political Disturbance; Unstable tax structures, change in government, etc. can lead to a loss in foreign investment, and give way for Balance or payment deficit.

(iv)Demonstration effect; Most of the developing countries get influenced by developed nations and start adopting the foreign pattern of consumption. In other words this results in a sharp rise in imports leading to a deficit in the Balance of Payment.

WAEC Economics Questions and Answers 2022 (100Waec Economics Questions and Answers 2022 – 7th June 2022

Waec Economics Questions and Answers 2022 – 7th June 2022

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