WAEC (WASSCE) 2023 May/June COMMERCE (OBJ & ESSAY) QUESTIONS AND ANSWERS -EXPOExamgrand.Com.Ng

WAEC (WASSCE) 2023 May/June COMMERCE (OBJ & ESSAY) QUESTIONS AND ANSWERS AND THE PIN IS “2211

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 WAEC (WASSCE) 2023 May/June COMMERCE (OBJ & ESSAY) QUESTIONS AND ANSWERS -EXPO
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1a) Five factors that delayed the growth of commerce in West Africa are:

1. Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.

2. Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.

3. Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.

4. Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.

5. Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.

b) Classifications of workers:

(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant worker
(iV) Brewer – Industrial/Service worker
(V) Stock broker – Professional worker
(vi) Mason – Construction worker
(Vii) Farmer – Agricultural worker

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2a) Five problems Samba could face as a sole trader include:

i. Unlimited Liability: As a sole trader, Samba would be personally liable for all debts and obligations of the business. If the business incurs significant debts or legal liabilities, Samba’s personal assets could be at risk.

ii. Limited Resources: As a sole trader, Samba may face limitations in terms of financial resources and capital. It may be challenging to raise significant funds or secure loans without the backing of a partnership.

iii. Lack of Expertise: Running a business as a sole trader means that Samba would be responsible for all aspects of the business, including operations, finance, marketing, and administration. Samba may lack expertise or experience in certain areas, which could impact the efficiency and effectiveness of the business.

iv. Workload and Time Management: Samba would be solely responsible for managing and operating the business. This could result in a heavy workload, making it challenging to balance the demands of running the business with personal life commitments.

v. Limited Growth Potential: Without the resources, skills, and shared decision-making of a partnership, Samba may face limitations in terms of business growth and expansion opportunities. It may be more challenging to enter new markets, invest in research and development, or expand the business’s operations.

2b) Five benefits Samba could enjoy if he remained in the partnership include:

i. Shared Responsibility: By remaining in the partnership, Samba can share the responsibilities, workload, and decision-making with Victor. This can help distribute the burden and provide support in managing the business.

ii. Shared Resources: The partnership would provide access to shared resources, including capital, expertise, networks, and assets. Samba could benefit from shared financial resources, which can be crucial for business operations, expansion, and investment.

iii. Division of Labor: In a partnership, Samba can focus on his areas of expertise and delegate tasks to Victor, who may have complementary skills. This division of labor can enhance efficiency and productivity within the business.

iv. Risk Sharing: In a partnership, both partners share the risks and liabilities of the business. Samba would not bear the entire burden of debts or legal obligations alone, reducing his personal liability.

v. Collaboration and Support: By remaining in the partnership, Samba can benefit from collaboration, idea generation, and support from Victor. The partners can pool their knowledge, skills, and experience to overcome challenges, make informed decisions, and drive the business forward.
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(3a)
(Pick Any Four)

(i) Warehouse ensures that there is no fluctuation in prices of goods. It helps to stabilise prices of goods

(ii) Warehouses serve as storage facilities; they are provided for keeping the goods safely

(iii) warehouse facilities ensure that goods are produced ahead of demand

(iv) Warehousing creates job opportunities for many people eg clerks and managers

(v) warehouse ensures effective check and adequate security for the products

(3bi)
Chain store:
(Pick Any Two)

(i)chain stores are known to have identical store design, layout and stock display.
(ii) chain stores have centralised form of administration and workshop as headquarters where they managed the business.
(iii)The headquarters usually purchases and distributes goods in bulk to other chain stores all over the nation.
(iv) chain store sells similar range of products or line of merchandise.
(v)chain store operate the same price all over the nation in all other shop. 

(3bii)
Mobile shop:
(Pick Any Two)

(i)Mobile shop makes sure of special motor van which carry the vendor and their goods from one place to another.
(ii)Mobile shops deal in limited range of goods based on the capacity of the motor van.
(iii)Mobile shops do display the goods inside the motor van in a well arranged pattern
(iv)Mobil shop do advertise their wares through music; ringing of bells etc , in order to attract customers.

(3biii)
Mail order business:
(Pick Any Two)

(i)It is more suitable in dealing on consumer durable goods only.
(ii) It is one of the means of by passing the wholesaler and retailer by the manufacturer.
(iii)mail order shopping is usually carried out by post
(iv)It requires considerable or intensive advertising
(v) It maintains large warehouse and use catalogues

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4a) As an employee of the stock exchange market, I would explain to a group of investors five securities they could trade in:

i. Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.

ii. Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.

iii. Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.

iv. Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.

v. Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.

4b) Five duties of an agent to his principal are:

i. Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.

ii. Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.

iii. Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.

iv. Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.

v. Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.

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(5a)
Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.
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(6a)
(PICK ANY ONE)
Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.

OR

Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes

OR

Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.

(6bi)
(PICK ANY ONE)
(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations

(6bii)
(PICK ANY ONE)
(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.

(6biii)
(PICK ANY ONE)
(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.

(6ci)
(PICK ANY TWO)
(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.

(6cii)
(PICK ANY TWO)
(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations

(6ciii)
(PICK ANY TWO)
(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) ourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments

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7a) Two differences between marketing and selling are:

1. Focus: Selling primarily focuses on the exchange of goods or services for monetary value. It involves persuading customers to make a purchase by emphasizing product features, benefits, and price. Marketing, on the other hand, is a broader concept that encompasses activities such as market research, product development, pricing, distribution, and promotion. It is concerned with understanding customer needs and preferences, creating value, and building long-term customer relationships.

2. Scope: Selling is a transactional activity that primarily deals with individual sales transactions and customer interactions. It emphasizes closing deals and generating revenue in the short term. Marketing, on the other hand, takes a holistic approach and includes various strategic activities to attract and retain customers. It involves creating and implementing marketing strategies, branding, market segmentation, customer relationship management, and overall market positioning.

7b) The four main elements of the marketing mix, often referred to as the 4Ps, are:

1. Product: This refers to the goods or services offered by a company. It includes product design, features, quality, branding, packaging, and customer value proposition.

2. Price: Price refers to the amount customers are charged in exchange for the product or service. It involves setting competitive pricing strategies, considering factors such as costs, market demand, pricing objectives, and perceived value.

3. Place: Place refers to the distribution channels and methods used to make the product available to customers. It involves decisions related to inventory management, logistics, channel partners, and selecting the most suitable distribution channels to reach the target market effectively.

4. Promotion: Promotion encompasses all the activities used to communicate and promote the product to the target market. It includes advertising, sales promotion, public relations, personal selling, and digital marketing efforts to create awareness, generate interest, and persuade customers to purchase the product.

7c) The benefits that Country Z could derive from remaining in the Economic Community of West African States (ECOWAS) include:

1. Trade Advantages: By remaining in ECOWAS, Country Z can benefit from preferential trade agreements and reduced trade barriers within the member countries. This can lead to increased export opportunities, access to larger markets, and the potential for economic growth through increased trade.

2. Economic Cooperation: ECOWAS provides a platform for economic cooperation and collaboration among member countries. Country Z can participate in regional development projects, joint ventures, and infrastructure initiatives, leading to improved economic stability and shared resources.

3. Regional Security: ECOWAS has a focus on promoting peace, stability, and security within the region. By remaining in the group, Country Z can benefit from collective security efforts, cooperation in combating transnational crime, and regional peacekeeping initiatives.

4. Regional Integration: ECOWAS aims to promote regional integration, which can enhance political, social, and cultural ties among member countries. This can lead to increased cooperation in areas such as education, healthcare, cultural exchange, and regional governance, fostering regional unity and cooperation.

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