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Past WAEC Economics Answers
Economics OBJ:
1-10: BBADABBDDA
11-20: ACBCABBBCB
21-30: BABBABBBCB
31-40: ACAADADBDD
41-50: CBDCBBAADC
SECTION A
1ai)
(Dependent population X/Total population X)*100%
=[(60+20)/(60+40+20)]*100%
=[80/120]*100%
=66.67%
1aii)
(Dependent population in Y/Total population in Y )*100%
=[(20+15)/(20+55+15)]*100%
=35/90*100%
=38.89%
1bi)
Dependency ratio in X=66.67 : 33.33
=2:1
1bii)
Depency ratio in Y=38.89 : 61.11
=7:11
1c)
Per capital income of country X=National income of X/population size
=480million/120million
=$4.00
Per capital income of coountry Y=National income of Y/Population size
=540million/90million
=$600
1d)
– Country Y is more stable and wealthier
-Country Y is more developed
SECTION B
3a)
Labour force can be defined as the total numbers of people within the productive sector that are gainfully employed and those of them that are not gainfully employed
3b)
-Structural unemployment:This is the type of unemplyment that exist when there is changes in the level of technology which affects productivity output
-Frictional unemployment:It exist when worker intend to change their jobs and they are not adequately informed by opportunities existing in other places
3c)
-The population of the country
-The percentage of the population that are gainfully employed
-The available good medical facilities
-The total numbers of productive hours worked
4a)
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals
4b)
Primary industries are industries, such as mining, agriculture, or forestry, that is concerned with obtaining or providing natural raw materials for conversion into commodities and products for the consumer WHILE Secondary industries are industries that converts the raw materials provided by primary industry into commodities and products for the consumer; manufacturing industry
5a The money market is where financial instruments with high liquidity and very short maturities are traded. It is used by participants as a means for borrowing and lending in the short term, with maturities that usually range from overnight to just under a year.
5b (i) Treasury bill is a short-dated government security, yielding no interest but issued at a discount on its redemption price.
5b (ii) Treasury certificate is another money instrument which and in the mobilization of savings, which is made available to the needy sectors of the economy. It is a medium-term government security which matures after a period of one to two years and it is intended to bridge the gap between the treasury bill and long-term government securities.
5b (iii) A debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer
5c )
1. To maintain monetary balance between demand and supply of short term monetary transactions
2. Money market plays a very important role of making funds available to many units or entities engaged in diversified field of activities be it agriculture, industry, trade, commerce or any other business
3. By providing funds to developing sectors it helps in growth of economy also
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