WAEC GCE 2017 Economics Obj And Theory Answer – Nov/Dec Expo

WAEC GCE Economics Obj And Essay/Theory Questions and Answer – NOV/DEC 2017 Expo Runz.

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1ai)
depenent age/population in X/total population in X * 100%
=(60+20)/(60+40+20)*100%
=80/120*100%
=66^2/3%
1aii)
depenent age/population in Y/total population in Y * 100%
=(20+15)/(20+55+15)*100%
=35/90*100%
=38.89%

1bi)
X=66^2/3 : 33^1/3
=2: 1
1biii)
=38.89 : 61.11
=7 : 11

1c)
country X
national income/population size
=$480million/120million
=$4.00
country Y
National income/population size
=$540million/90million
=$6.00

1d)
-Country Y is more stable and wealthier
-Country Y is more developed

7ai)
Terms of trade refers to the relative price of imports in terms of exports and is as the ratio of export prices to import prices.
7aii)
The balance of trade is the difference between a country's imports and its exports for a given time period.

7b)
i)Expenditure reducing policies
ii)Expenditure switching policies
iii)Improving the supply-side
iv)Improving macroeconomic stability

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3a)
labour force is the process where by people who are ableto work in a country or area, or all the people who work for a particular company.

3b)
i)Structural unemployment refers to a mismatch between the jobs available and the skill levels of the unemployed.
ii)Frictional unemploymentis when workers leave their jobs to find better ones. It's usually a voluntary exit but can also result from a layoff or termination with cause.

3c)
i)the population of the country
ii)the population are fully employed
iii)the available of good medical facilities
iv)the total number of productive workers

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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.

5bi)
Treasury bill is a short-dated government security, yielding no interest but issued at a discount on its redemption price.
5bii)
Treasury certificate is another money instrument which and in the mobilization of savings, which is made available to the needy sectors of the economy.

5c)
i)To maintain monetary balance between demand and supply of short term monetary transactions.
ii)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.
iii)By providing funds to developing sectors it helps in growth of economy also.

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