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2025 WAEC GCE CBT Economic-Obj
NOTE:
Pls kindly trace it from your system. The options are being reshuffled. You might see number 1 as any number, so trace and be fast. You might also see option A as option C, B or D. Just use the answers in words and and trace properly. Kindly Trace it 🙏 carefully to avoid errors!!!!
1: (D) a reduction in the contribution of agriculture to the national income.
2: (C) buying in bulk from the producers.
3: (D) subtracting depreciation allowance from Gross National Income (GNI).
4: (C) is parallel to the x-axis
5: (B) everyone in the society cannot have all the quantities they want.
6: (D) quota
7: (D) decreases
8: (D) there is a rise in birth rate and fall in death rate.
9: (C) gold
10: (C) subsidize the production of goods.
11; (C) gross domestic product at factor cost
12; (C) shift to the right
13; (C) internal economies of scale
14; (C) the number of producers of a commodity.
15; (D) Fixed cost is spread over more units of output
16; (B) a limited partner
17; (B) establishment of agro-processing industries.
18; (B) increasing workers’ productivity.
19; (A) High intrinsic value
20; (B) enjoy the benefits of international trade.
21: (D) the rigorous procedures involved in its formation.
22: (D) a leftward shift of its demand curve.
23: (C) remain unchanged
24: (A) undertake effective planning.
25: (A) Acting as lender of last resort
26: (B) an increase in company profit tax.
27: (C) embark on massive infrastructural development.
28: (D) complementary supply.
29: (D) composite demand
30: (D) industrialization.
31: (c) is not a true representation of all the data.
32: (c) rate at which the Central Bank discounts commercial banks’ bills of exchange.
33: (a) short run
34: (c) of instability in politics and policies of governments.
35: (b) derived demand.
36: (C) inferior.
37: (D) fixed inputs exceed variable inputs.
38: (a) technological utilization is low.
39: (c) beverages manufactured by local firms.
40: (a) supply of labour for the job.
41: (d) Prices are regulated
42: (D) finance their budget deficit
43: (a) personal income tax.
44: (a) buyers and sellers must be in close communication.
45: (C) Soft beverage
46: (B) Reduction in bank’s lending to the producer
47: (c) articles of association
48: (C) value in monetary terms of final output less inputs used.
49: (C) cyclical unemployment
50: (b) communal system of land ownership.
WAEC-GCE-ECONOMIC ESSAY
(7a)
An economic union is a type of trade bloc that is composed of a customs union and a common market.
(7b)
(i)Primary Function: The World Bank focuses on long-term economic development and poverty reduction, primarily by funding specific infrastructure projects and providing technical assistance. The IMF, conversely, focuses on short-term macroeconomic stability, primarily by providing loans to countries experiencing balance of payments difficulties or financial crises.
(ii)Target Recipients: The World Bank lends primarily to developing countries for development projects. The IMF provides financial assistance to any member country facing a balance of payments crisis, regardless of their development status.
(iii)Funding Sources: The World Bank is funded through member country contributions, the issuance of bonds in capital markets, and its own investment returns. The IMF is primarily funded by quotas (contributions) paid by its member countries.
(7c)
(i)Providing financial assistance: The IMF offers loans to member countries facing balance of payments problems, which helps them stabilize their economies and restore sustainable economic growth.
(ii)Facilitating international trade: By promoting exchange rate stability and providing a forum for monetary cooperation, the IMF helps to create a stable global financial system that is conducive to the expansion of international trade.
(iii)Offering policy advice and technical assistance: The IMF provides expert advice and capacity building support to help countries design and implement sound economic policies, which can improve economic management and foster long-term development.
(iv)Monitoring the global economy: The IMF monitors the economic and financial policies of its member countries and the global economic outlook, identifying potential risks and recommending preventative measures to avoid financial crises.
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