The Econs May/June WASSCE examination will take place tomorrow 4th June. See the Verified WAEC Economics Questions 2024 expo Answers released for you to have excellent result. This solution is made available for free to all students. The West African Examinations Council (WAEC) is a regional examination body that conducts standardized tests for English-speaking West African countries. It plays a crucial role in assessing the academic achievements of students at the secondary school level, facilitating their progress to higher education and beyond.
We understand that Economics is a very important subject just like mathematics and English language. For this reason, we have taken it into consideration to make sure you have good result in it.
Bingmat.com.ng team will make the WAEC 2024 May/June economic expo available to night. All you need to do is to follow the detailed instruction in this page.
The West African Examinations Council (WAEC) has scheduled the Economics examinations for Tuesday, June 4th, 2024. The Economics 2 (Essay) exam will take place from 9:30 am to 11:30 am, followed by the Economics 1 (Objective) exam from 11:30 am to 12:30 pm.
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Is WAEC Economics Questions 2024 Answers Out?
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WAEC Economics Essay Answers
2024 economics May/June WAEC Loading…Keep refreshing this page
QUESTION 1
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QUESTION 2
(7a)
A Central Bank is a government-owned or controlled institution responsible for regulating a country’s monetary policy, maintaining financial stability, and supervising the banking system. Examples of Central Banks include the Federal Reserve in the United States, the Bank of England in the United Kingdom, and the Central Bank of Nigeria.
(7b)
(i) Open Market Operations (OMO): Selling government securities on the open market to absorb excess liquidity and reduce money supply.
(ii) Increase in Reserve Requirement: Raising the minimum reserve requirement for commercial banks, forcing them to hold more reserves and reduce lending, thereby reducing money supply.
(iii) Increase in Interest Rates: Raising interest rates to make borrowing more expensive, reducing demand for loans, and decreasing money supply.
(7c)
(i) Banker to the Government:
The Central Bank acts as the government’s bank, providing services such as: Managing government accounts, Handling government finances, Advising on economic policy, Implementing monetary policy.
(ii) Banker to Commercial Banks:
The Central Bank acts as the bank for commercial banks, providing services such as: Holding reserve deposits, Providing liquidity, Supervising and regulating banking activities, Acting as a lender of last resort.
(iii) Lender of Last Resort:
The Central Bank acts as the lender of last resort by providing emergency loans to commercial banks facing liquidity crises, preventing bank failures and maintaining financial stability.
(4a)
Distribution refers to the process of making products or services available to customers through various channels, such as retailers, wholesalers, and agents.
(4b)
(i)Convenience: Retailers provide a convenient location for consumers to purchase products, often with extended hours and a wide range of products under one roof.
(ii)Product Information: Retailers can offer expert advice and product knowledge, helping consumers make informed purchasing decisions.
(iii)After-Sales Support: Retailers may provide after-sales support, such as warranties, repairs, and returns, which can enhance the overall consumer experience.
(4c)
(i)Increased Costs: Middlemen, such as wholesalers and distributors, can add to the cost of products, reducing profit margins for manufacturers and increasing prices for consumers.
(ii)Reduced Control: Manufacturers may have limited control over the distribution process and the final sale of their products when using middlemen.
(iii)Potential for Stockouts: Middlemen may not always maintain adequate inventory levels, leading to stockouts and lost sales for manufacturers and retailers.
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How To Get The WAEC economics Questions Answers 2024
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2023 WAEC Economics Answer
i) the government: Price elasticity of demand helps the government understand how consumers will respond to changes in prices, such as taxes or subsidies. This information can guide the government in making decisions about taxation policies and welfare programs.
(ii) a monopolist: Price elasticity of demand is important for a monopolist because it helps them understand how changes in price will impact their total revenue. If demand is elastic, a monopolist may need to lower prices to increase revenue, while if demand is inelastic, they may be able to increase prices without losing many customers.
(iii) devaluation of currency as it affects exports: Price elasticity of demand is relevant to understanding how changes in the value of a currency (devaluation) will affect the demand for exports. If the demand for exports is elastic, a devaluation may lead to an increase in exports as they become relatively cheaper. However, if the demand for exports is inelastic, the impact of devaluation on exports may be limited.
How to Tackle Economics Examination
- Understand the Syllabus: Familiarize yourself with the exam syllabus and focus on the key topics.
- Practice Past Papers: Regularly solve past exam papers to understand the question patterns and improve time management.
- Revise Key Concepts: Ensure a strong grasp of fundamental economic concepts and theories.
- Create a Study Schedule: Allocate specific times for each topic and stick to a regular study routine.
- Use Study Groups: Collaborate with peers to discuss and clarify difficult concepts.
- Stay Updated: Keep abreast of current economic events as they can be relevant to your answers.
- Answer Strategically: Start with questions you are most confident about to secure easy marks.
- Review Your Work: Allocate time to review your answers and correct any mistakes before submission.
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