2023 WAEC Economics Questions & Answers (Essay & Objectives)

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2023 WAEC Economics Questions and Answers

(Essay and Objectives)

2023 WAEC Economics Answers: Get WAEC 2023 Economics Questions and answers (2023 WAEC Economics Expo) for 2023 Paper 1 and 2 (Essay and Objectives).

We have the 2023 WAEC Economics Questions and Answers, so count yourself lucky to be here on our website, where we provide real and verified answers.

The 2023 WAEC Economics (Essay and Objectives) examination took place on Tuesday, 6th June, 2023 from 9:30AM to 12:30PM (3Hour 0 Minutes).

WAEC 2023 Economics Questions

5a. Who is a sole proprietorship?
5b. Mention five importance of a sole proprietorship
5c. Mention Five importance of a Partnership Business

7a. What is National income?
7b. Define transfer payment
7c. List three Problems of transfer payment

8a. What is Embargo?
8b. List three importance of Embargo
8c. List five disadvantages of Embargo

WAEC 2023 Economics Essay Answers

Answer Number 5

A sole proprietorship is a business model where an individual is an owner as well as the operator of the business Whereas A partnership is a business model where two or more persons agree to carry on business and share profits and losses mutually.

(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker

(i) Generation of Income through Public Issue of Shares: One of the major channels through which Public Limited Companies generate capital is y selling shares to the public.

(ii) Security for Loan Advancement: Public Limited Companies can obtain and secure loans using the assets of the company as security as opposed to using the personal assets of the members.

(iii) Spreading Risks of Ownership: Because a Public Limited Company allows for pubic and unlimited membership, the risk of ownership is then spread amongst many people as opposed to being centered on a few as in the case of a Private Limited Company.

(iv) Separate Legal Identity: A duly incorporated Public Limited Company has an identity entirely different from that of the members. This means that the company is capable of independent existence and can enter into contractual transactions, acquire and own properties, and has the legal capacity to sue and be sued in its own name.

Answer Number 7


National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time.


Define transfer payment: A transfer payment is a payment of money for which there are no goods or services exchanged. Define net factor income from abroad: Net factor income from abroad refers to the difference between the factor income received from the rest of the world and the factor Income paid to the rest of the world.

Define double counting: Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason


(1) Problems of Definition:

(2) Lack of Adequate Data:

(3) Non-availability of Reliable Information.

Answer Number 8

Embargo is a government-imposed restriction on trade or other economic activity with a particular country or group of countries. This restriction may include prohibiting or reducing imports, exports, financial transactions and/or travel to and from the targeted country.

(i) Protection of Domestic Industries: Governments may impose tariffs to protect domestic industries from foreign competition. When foreign goods are imported at lower prices, it can lead to a decline in sales of similar domestically produced products. Tariffs can be seen as a way to make imports more expensive, thereby providing protection for local businesses and industries.

(ii) Generating Revenue: Tariffs on imports can generate revenue for governments. This revenue can be used to fund various government programs, infrastructure projects, or to reduce budget deficits.

(iii) National Security: Governments may impose tariffs on imports to protect national security interests. This could include limiting the import of goods that are critical to national defense or that could pose a threat to public safety. In times of war or economic conflict, tariffs can be seen as a way to preserve national interests and protect the country’s economy from foreign influence.


(i) Inflation: Tariffs can cause inflation, as domestic producers will be able to charge higher prices due to reduced competition from imports. This can ultimately result in higher prices for consumers, reducing their purchasing power and overall economic growth.

(ii) Retaliation: When a country imposes tariffs on another country’s imports, the other country may respond by imposing tariffs of its own on the first country’s exports. This can lead to a trade war, which harms both countries and global economic growth.

(iii) Reduced Efficiency: Tariffs can lead to reduced efficiency in the market, as domestic companies may become less productive and innovative due to reduced competition from imports. This can ultimately harm the industry as a whole and reduce economic growth.

(iv) Unfairness: Tariffs can be unfair, as they may favor certain domestic industries over others. This can lead to a lack of competition in certain industries, which ultimately harms consumers through higher prices and reduced innovation.

(v) Increased Costs of Living: Tariffs can significantly increase the cost of living for many people, as they increase the prices of imported consumer goods. This can disproportionately impact the poor, who may have limited options for purchasing basic necessities.


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