2023 WAEC GCE Economics (Essay & Objective) Answers

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Number One

Crop farming is the intentional cultivation of plants on a piece of land for the purpose of producing food, fiber, and other agricultural products for human use.

(i) Foreign Exchange Earnings: Cash crops, when exported, contribute significantly to a country’s foreign exchange earnings, bolstering its economic standing globally.

(ii) Employment Opportunities: Cash crop farming provides jobs, from planting to harvesting and processing, thereby reducing unemployment, especially in rural areas.

(iii) Rural Development: The cultivation of cash crops can lead to the development of rural areas, providing infrastructure and improving living standards.

(iv) Diversification of Income Sources: Cash crop farming allows farmers to diversify their income, reducing dependence on a single crop and helping withstand market fluctuations.

(v) Technological Advancements: Cultivating cash crops often involves adopting modern agricultural practices, leading to increased productivity and efficiency.

(vi) National Economic Growth: Revenue from cash crop exports contributes to the overall economic growth of a country, supporting government initiatives and projects.

(i) Food Security: Ensuring a stable and sufficient food supply for the population to meet nutritional needs and reduce dependence on food imports.

(ii) Rural Development: Promoting rural development by investing in agricultural infrastructure, education, and healthcare to improve living standards.

(iii) Sustainable Agriculture: Encouraging environmentally sustainable farming practices, promoting soil health, water conservation, and biodiversity.

(iv) Income Generation and Poverty Alleviation: Implementing policies to increase farmers’ incomes, create employment opportunities, and alleviate poverty in rural communities.

(v) Market Access and Fair Trade: Facilitating market access for farmers, ensuring fair trade practices, and promoting value addition to agricultural products for better competitiveness.

(vi) Research and Innovation: Investing in agricultural research and innovation to improve crop varieties, enhance productivity, and address challenges such as pests, diseases, and climate change.

Indigenization refers to the process of transferring ownership, control, and management of companies, industries, or economic resources from foreign to local individuals or entities. It involves promoting and implementing policies that prioritize the involvement and development of local communities and businesses

(i) Proximity to the source of sugar cane: The plant should be located close to areas where sugar cane is grown to minimize transportation costs and ensure a steady supply of raw materials.
(ii) Availability of water: Sugar cane processing requires a significant amount of water, so the plant should be located near a reliable water source.
(iii) Infrastructure: The plant should be situated in an area with good transportation networks, such as roads and railways, to facilitate the movement of raw materials and finished products.
(iv) Access to skilled labor: The availability of skilled workers who are knowledgeable in sugar cane processing techniques is an important consideration.
(v) Environmental factors: The plant should be situated in an area that minimizes the impact on the environment, such as avoiding environmentally sensitive areas or areas prone to water scarcity.

(i) Access to raw materials: The factory should be located near sources of clay and other raw materials used in ceramic tile production to minimize transportation costs.
(ii) Proximity to markets: The factory should be situated in or near areas with a high demand for ceramic tiles to reduce transportation costs and ensure a timely delivery of products.
(iii) Infrastructure: Similar to the sugar cane processing plant, a ceramic tile factory should be located in an area with good transportation networks for efficient movement of raw materials and finished products.
(iv) Skilled labor: The availability of skilled workers with knowledge in ceramic tile production is crucial for the success of the factory.
(v) Environmental factors: The factory should be located in an area that minimizes environmental impacts, such as avoiding locations near protected areas or sensitive ecosystems.

(i) Economic growth: Localizing industries can stimulate economic growth by promoting the development of local businesses, creating job opportunities, and increasing tax revenues.
(ii) Reduced dependence on imports: Localization reduces dependence on imported goods, leading to increased self-sufficiency and a more stable economy.
(iii) Enhanced competitiveness: Localized industries can become more competitive by reducing transportation costs, optimizing supply chains, and having a better understanding of local market dynamics.
(iv) Increased innovation: Localization encourages the development of innovation and technological advancements as local businesses focus on meeting the specific needs and preferences of the local market.
(v) Environmental sustainability: Localization can contribute to environmental sustainability by reducing the carbon footprint associated with long-distance transportation of goods and promoting sustainable production practices.
(vi) Social development: Localization can lead to social development by creating employment opportunities, improving living standards, and fostering the development of local communities.
(vii) Cultural preservation: Localization can help preserve local cultures and traditions by promoting the production and consumption of locally made products, which often reflect the unique heritage of the region.

Public finance refers to the study of government revenue, expenditures, and debt management. It involves analyzing how the government raises funds (through taxes and other sources), allocates those funds to provide public goods and services, and manages its overall financial resources.

(i) User fees and charges: Governments charge fees for specific services or activities such as issuing passports, driver’s licenses, or admission to national parks.
(ii) Profits from state-owned enterprises: Governments may own and operate certain businesses, such as energy companies or national airlines, from which they generate profits.
(iii) Royalties and licensing fees: Governments receive payments from companies or individuals for the use of natural resources or intellectual property rights.
(iv) Fines and penalties: Governments collect fines and penalties for violations of laws or regulations, such as traffic fines or penalties for tax evasion.
(v) Grants and donations: Governments receive grants and donations from international organizations, other governments, or private entities for various purposes, such as development projects or humanitarian aid.

Control inflation: To control inflation, the government can adopt contractionary fiscal policies. This involves reducing government spending and increasing taxes to decrease aggregate demand in the economy. By reducing the money supply, the government can lower prices and control inflation.

Reduce unemployment: Fiscal measures can be used to reduce unemployment by adopting expansionary policies. The government can increase spending on infrastructure projects, education, and healthcare, which creates jobs and stimulates demand in the economy. Additionally, tax cuts can incentivize private sector investments and stimulate economic activity, leading to job creation.

Create a favorable balance of payments: A favorable balance of payments occurs when a country’s exports exceed its imports. To achieve this, the government can use fiscal measures such as export incentives and subsidies. This encourages domestic firms to export more and reduces reliance on imported goods. Additionally, the government can implement measures to attract foreign direct investment, which can boost exports and improve the balance of payments.

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