GCE÷Economics (ESSAY and OBJ) Waec GCE 2016 Free Expo Answers

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1)
1a) total population of the country
age 0-17 = 900
18-49 = 550
50-60 = 300
6.1 = 200
=2000
b) under 18 = 900
60md above = 280
the ratio = 900 : 250
18 : 5
bii) dependency ratio is 0-17

c) percentage of the population that constitute the labour force
Age. 18 – 49 = 550
50 – 60 = 300
= 850
Total population is 2000 % of labour force = 850 * 100%
_____
2000
=42.5%
d) the population decline because it reduce from the age 1-17 to c1 and above
e) per Capital become
4,000,000
____________
850. = 1,705,882
Approximately 4706

3a)
-Wants:Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
-Scarcity:It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man
-Scale of preference:It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference
-Opportunity cost:It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone
3b)
-Satisfaction of human wants:Economics deals with human being and the satisfaction of their numerous needs with their limited available resources
-Allocation of scarce resource:As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
-Rational decision:It enable us to take a rational decision pertaining to business and other policy matters
-Economic analysis:It enable us to build up theories and tools of economic analysis
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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(No6a)
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
(No6b)
(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.
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
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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(8a)
(i) supply of money is the total amount of money available for use in the economy at a given period of time.
(ii) Demand for money is the total amount of money whch all individuals in economy wish to hold for various reasons. It is the desire to hold money
(8b)
(i) transactionary motives
(ii) precautionary motives
(8c)
(i) The Price Level: If the price level increases, it means that a given sum of money would buy fewer goods and services. Fall in prices leads to an increase in the value of money.
(ii) Inflation and Deflation: The value of money reduces during inflation while the value of money increases during Deflation.
(iii) volume Of goods and services: When more goods and services are available while the supply of money remains constant, the value of money will increase. More commodities can be purchased with a given sum of money.
(iv) The supply of money and it’s speed or velocity in circulation