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Waec GCE 2022 FREE Economics QUESTION AND ANSWER ROOM
Waec Gce Economics OBJ
2022 WAEC GCE Economics OBJ & THEORY ANSWERS
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Number 3
a. Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption – a good or product which has value to an end-user or customer.
3b)Mass Production
The mass production process constitutes assembly lines and automation technology to provide goods in bulk. The main features of mass production include division of labor as each production process requires a different machine, a smooth flow production with product flow clearly defined, standardization to achieve high quality, and high startup costs due to the many resources required before operations.
Example :
Batch Production
The production process in batch production is the same goods go through different stages to create the same output. It constitutes of batches, group production, and the same machinery. The main features of the batch process include repetitive processes, machines of the same type arranged strategically in the same production process, and a set layout and elements include group customization, which involves changes to be made and reuse of equipment’s
Example:
Job Production
Job production is a process that constitutes workers making a single, standardized, and unique goods for a specific customer. Its features include many machines, a large number of experienced employees, varying production methods, and standardized goods. The elements are large inventories, adjustable machine settings, and intermittent movement of Materials.
(7a)
Unemployment of labour can be defined as a condition whereby someone is willing and able to work but does not have a paid job.
(11)
(CHOOSE ANY FOUR)
(i) Recognition and rewards
(ii) Referral programs
(iii) Professional development
(iv) Profit sharing
(v) Fun gifts
(vi) Tuition reimbursement
(vii) Health and wellness:
(viii) Additional time off:
(8a)
Foreign exchange refers to exchanging the currency of one country for another at prevailing exchange rates.
(8b)
[PICK THREE ONLY]
(i) To maintain the stability of oil prices: One of the main objectives of OPEC is to maintain the stability of oil prices in the world market.
(ii) To ensure a steady supply of oil: The organisation also ensures that there is a regular and steady supply of oil to the world market.
(iii) Encouragement of exploration and development of petroleum resources: OPEC equally ensures that member countries are encouraged in the exploration, exploitation and development of petroleum resources.
(iv) Stabilization of oil income: The organization was set up to ensure the stabilization of the oil income of its member nations.
(v) Co-ordination of petroleum policies: OPEC is set to ensure the co-ordination of petroleum policies of its member countries and to improve their bargaining power.
(8c)
[PICK THREE ONLY]
(i) To establish and stabilise exchange rates among member nations.
(ii) To make funds available to members to finance the balance of payments deficit.
(iii) To make recommendations to members concerning economic policies to be adopted.
(iv) To encourage the development of international trade.
(v) To promote co-operation among member countries in financial matters.
(vi) To facilitate the settlement of debts in foreign transactions.
(11b)
(CHOOSE ANY TWO)
(i) Recognition and rewards: Recognition matters more than ever before: when asked how organizations could better support them in our new normal, 35% of employees said they wanted more recognition. Sixty-nine percent of employees cite recognition and rewards programs as motivation to stay at their current job. And organizations that rate their culture of recognition highly are three times more likely to see increased employee retention and over twice as likely to see increased employee engagement.
(ii) Referral programs: Why have your recruiters spend time posting job descriptions online if you can rely on your own employees to source qualified candidates? Employers often offer benefits for candidate referrals, and for good reason: 82% of employers rated employee referrals highest in terms of ROI. Remind your workforce about this benefit several times a year to ensure that you continue to get a stream of candidates in your queue. Employees will appreciate this benefit because they receive a monetary incentive for recommending qualified candidates that they feel will fit in with your culture.
(iii) Professional development: Did you know 40% of employees with limited professional development opportunities development will leave in five years? And millennials value it the most: 87% said that development is important in their job. When you invest in your employees’ careers, it matters to them, and they’ll stick around for the long haul. Your company benefits in turn from the new knowledge and experiences that employees have to share, allowing for more in-house promotion opportunities.
(iv) Profit sharing: Profit sharing plans are a type of defined contribution plan that can serve as an alternative or supplement to more traditional plans like a 401k. In a profit sharing plan, employees receive contributions to their retirement account (in the form of cash or stock) and sometimes get direct payments as well. Employers have the freedom to reduce these at any time, so they can rein in expenses for a year or two when necessary.
(v) Fun gifts: Celebrating your employees through gift-giving shows that you care. Gifts are great incentives for company-specific holidays, like work anniversaries, customer service week, global wellness day, or boss’s day. Try gamifying each of these holidays with fun contests and quizzes, and reward and recognize employees who participate the most. Popular employee gifts run the gamut, from onsite massages, to catered lunches, to a half day off of work. Tech gadgets, delicious snacks (delivered or in-office), and quality swag (branded or unbranded) are great ideas as well. And for employees who would rather choose a gift themselves, providing gift cards is a great solution.
(vi) Tuition reimbursement: Employees today consider ongoing education a priority. EdAssist found that 79% of employees say that tuition assistance is an important or very important factor in joining a company. And employees who participated in Cigna’s tuition assistance program were 10% more likely to be promoted and 8% more likely to stay with the company.
(vii) Health and wellness: Employees aren’t able to perform at their peak if they’re unhealthy, so wellness incentives are imperative for companies looking to prevent burnout and promote physical and mental health. This is especially critical with the pressures employees face now: 59% are taking less time off than they normally would, and 42% of those working remotely aren’t planning to take any time off to decompress. Easy examples to apply in your business include free healthy lunches, on-site health screenings, bike to work reimbursements, standing desks, and annual wellness fairs. You can also reward employees who hit wellness milestones like quitting smoking or completing a steps challenge.
(viii) Additional time off: Fifty-eight percent of workers would agree to a salary reduction if they could get extra vacation time. Time off gives employees the chance to maintain work-life balance and can greatly increase motivation. Encourage them to take the paid leave they have 一 only 35% of employees actually use all the PTO they earn 一 and offer extra vacation time and flexibility if employees meet certain goals. Additional time off can also help with rising employee burnout and disconnection.
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