2017 waec gce runz Economics objectives & theory questions & answers free expo site – bmasterz

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2017 waec gce runz Economics objectives & theory questions & answers free expo site – bmasterz 

    2017 waec gce runz – Economics objectives & theory runz: In this article, we shall be giving free Economics objectives & theory expo, runz,questions ,answers on this page and I dont need to convince you that this is the best waec gce expo site .
                               

2017 waec gce runz Economics objectives & theory questions & answers free expo site - bmasterz
2017 waec gce runz Economics objectives & theory questions & answers free expo site – bmasterz
     Those who wrote 2017 gce maths,physics, geography,Biology,French,Health education,agric etc, will testify that this site, bmasterz.com is the best exam runz website you can rely on.Economics objectives & theory wont be different.

SEE VERIFIED 2017 WAEC GCE ECONOMICS ANSWERS

Nigeria only

Economics OBJ:
1-10: BBADABBDDA
11-20: ACBCABBBCB
21-30: BABBABBBCB
31-40: ACAADADBDD
41-50: CBDCBBAADC

(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)
(i) Increase in production of goods and services: Since the labour force in country Y is more than that of country X, countyr Y will have production than country X.
(ii) Reduction in pressure over available resources: The available resources in the country Y will not be pressurized like that of country X.

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3a)
Labour force can be defined as the total number of people within the productive sector that are gainfully employed and thos of them that are not gainfully employed.

(3b)
(i) Structural unemployment: It is the type of unemployment that exist when there is changes in the level of technology which affects productivity or output
(ii) Frictional unemployment: It exists when workers intend to change their jobs and they are not adequately informed by opportunities existing in other places.

(3c)
(i) The population of the country
(ii) The percentage of the population that are gainfully employed
(iii) The availability of good medical facilities
(iv) The total number 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

b)
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.
Feedback

==========================================================

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.

===================================================================
No6a)A
1. Direct tax is paid directly by an individual or organization to an imposing entity like government
2. Direct Taxes are based on the ability-to-pay principle , which means that if you earn more, your rate of tax is also more .
3. The purpose of Direct Tax is to redistribute the wealth of a nation (taking from rich, thus making them poorer)
4. Direct taxes cannot be passed on to a different person or entity;
5. The individual or organization upon which the tax is levied
is responsible for the fulfillment of the full tax payment .
6. It is considered to be
progressive tax since you taxe depending upon the ability of the taxpayer to pay

1. An indirect tax is a tax that is shifted from one taxpayer to another i.e. collected by one person but actually born by another person
2. An indirect tax is levied on goods or services, which increases the price of a good or services
3. The tax is actually paid by the end consumer , by way of a higher retail price.
4. Indirect taxes are levied equally upon all taxpayers irrespective of their income.
5. Indirect taxes are passed on , as the price of the tax is compensated for by simply increasing the overall price of the good or service.
6. It is considered to be a
regressive tax since all taxpayers whether rich of poor have to bear the same burden

6b) Recurrent expenditure refers mainly to expenditure on operations, wages and salaries, purchases of goods and services, and current grants and subsidies. … Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets.

==============================================================

No7ai)Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

7ii)The balance of trade (BOT) is the difference between a country’s imports and its exports for a given time period. The balance of trade is the largest component of the country’s balance of payments (BOP). … The balance of trade is also referred to as the trade balance or the international trade balance.

7b)The measures are:          1)Adjustment through Exchange
 Depreciation           2.)
 Devaluation or Expenditure-Switching Policy      3.) Direct Controls

4. )Adjustment through Capital Movements

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ABOUT WAEC : The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West African countries. Established in 1952, the council has contributed to education in Anglophonic countries of West Africa (Ghana, Nigeria, Sierra Leone, Liberia, and the Gambia), with the number of examinations they have coordinated, and certificates they have issued. They also formed an endowment fund, to contribute to the education in West Africa, through lectures, and aid to those who cannot afford education.

     
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