WAEC Economics Answers 2022 (Essay & Obj)

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Waec Economics 2022 Answers

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

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Mortgage banks are financial institutions that specialise in granting loans to individuals and corporate bodies for building purposes. Such loans are repair by installment and can be spread over several years
Example of Mortgage banks are Union Homes and Saving LTD, AG Homes and Savings LTD etc
Marchant banks are financial institutions which perform specialized function, such as acceptance of bills of exchange , insurance of loans for foreign trade transaction,issuance of new shares and provision of medium and long term loans.
Example of Merchant banks are ABC Merchant Bank, Merchant Banking corporation etc
Commercial banks are financial institutions which accept deposits and other valuables from the public for safekeeping. In other word s, commercial banks are financial institutions that perform the services of holding people’s money and accounts and using such money to make loans and other financial services available to customers
Examples of commerical banks are First bank of Nigeria, Union bank of Nigeria etc
Development banks are specialized financial institutions which provide long-term credit or loan to other enterprises for capital projects. They provide loans for projects in the area of agriculture,commerce and industry.
Examples of development banks are Industrial development banks(N.I.D.B),Nigeria Bank of commerce and industry (N.B.C.I) etc

(i)Acceptance of deposit: Commercial banks accept deposits from the public for safe keeping. This is the oldest function of commercial banks, which helps in taking care of people’s money. Money can be kept in current, fixed and savings accounts.

(ii)Lending of money: This is perhaps the most profitable function of commercial banks. Deposits from different customers are pooled together and given out as loans and overdrafts with interest to people and firms for profitable investment.

(iii)Agent of payment: Commercial banks can act as agent of payment on behalf of their customers. They encourage and permit customers to have current accounts in which they can draw by cheque without notice. Money can also be transferred from one account to another e.g credit transfer.

(iv) Foreign exchange transaction: Commercial banks make foreign currencies available to their customers. They participate in foreign exchange market and help in solving any problem relating to foreign exchange.

(v) Discounting bill of exchange: Creditors can be paid by the bank immediately by Discounting bill of exchange for their customers. This enables the Creditors to be paid instantly and the debtors is allowed a period of credit.

(vi)Safe keeping of valuables: Commercial banks helps in the safe keeping of customers valuables: such valuables includes costly jewellery and important documents such as wills, share certificate and educational certificate. They are able to perform thus function effectively because they have facilities gir safe keeping such as safes and vaults.

Economic integration is a form of economic cooperation among countries with the aim of achieving higher economic growth and development. This economic cooperation includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.

(i) Language barrier: Member states are polarized into English, French and Portuguese languages. This is seen as a barrier to the unity of the peoples of the sub-region;
(ii) Fear of domination : Some of the smaller nations have great fear that big nations in the Community might dominate them. Hence, there is mutual suspicion among them.
(iii) Influence of foreign powers and ex-colonial masters: Member states depend on them economically.
(iv) Political Instability in member states: This results in different approach to ECOWAS issues by leaders of member states.
(v) Inadequate finance: Many members states do not fulfill their financial obligation as at and when due. This is crippling the effective operation

(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.
(ii) Relationship establishment between Anglophone and Francophone: The relations between the Anglophone and Francophone have been stabilized. It has been done through the ECOWAS passport. It has significantly eased the movement of people within those areas.
(iii) Provision of Telephone network for the member states: Nowadays, interconnection is available for all countries of the African Union.
(iv) No strict borders for nations and trades: ECOWAS has enabled West Africans to easily move among the West African countries. Also, the trade barrier has been removed. People, goods and services travel around the countries with ease.
(v) Peace and security throughout the sub-region: The state of peace is kept by ECOWAS Monitoring Groups. The zones of conflicts are not so troublesome compared to what it used to be.



(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.

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