Economics expo waec 2017

OBJ
1ABBCABDCBA
11BABABDCBAB
21ACCBCBCDAC
31BBACDDCBDA
41ACADBACBBD
1a)
total population = 900+550+350+250
total population = 2050
1bi)
population under 18=900
population over 60 = 250
the ratio = 900/250 = 18/5 = 18:5
1bii)
dependence ratio = 900+250/2050 = 1150/2050
dependency ratio = 115: 205
1c)
% of labour force= 550+300/2050 * 100%
= 850/2050 * 100% = 8500/2050 %
% of labour force= 41.46%
1d) the population is growning because of high rate of age group of 0-17.
1e)
per capital income = Amount/population
= 4,000,000/2050
= 1951.22
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6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
6b)
(i) Money market – central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
6c)
(i) Provision of loan: Commercial Bank make both short term and medium – term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller’s cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
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7a)
i)transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system.
ii)intermediate product is a product that might require further processing before it is saleable to the ultimate consumer.
iii)Subsistence production is self-sufficiency production in which the producers focus on Producing enough goods most especially food to feed
themselves and their families.
iv)Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.)
7b)
i)Per capita income does not reflect the standard of living of the people.
ii)If per capita income is the measurement,the population problem may be cancealed.
iii)An increase in per capita income may not raise the real standard of living of people.
iv)Although an increase in output
per head is in itself a significant
achievement.
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5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency
5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
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8a)
i)supply of money is the total amount of monetary assets available in an economy at a specific time.
ii)demand for money is the desired holding of financial assets in the form of money.
8b)
i)Transaction Motive
ii)Speculative Motive
8c)
i)Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it’s currency value.
ii)Current State of the Economy: If a country’s economy is not doing well,this can decrease the demand for that country’s currency.
iii)Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable
products produced in that country, this can hurt the economy of that country.
iv)Political Conditions of a Country: To what degree does political corruption exist within a country.