ECONOMICS WAEC GCE 2017 QUESTIONS AND ANSWERS NOW READY

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1d.  ¤ Country Y is more stable and wealthier

       ¤  Country Y is more developed

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

*Nigeria only*

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. Among the most common money market instruments are eurodollar deposits,

negotiable certificates of deposit (CDs) , bankers

acceptances , U.S. Treasury bills, commercial paper,

municipal notes , federal funds and repurchase agreements (repos).

5b).

ii).

*Treasury Bills:*

Treasury Bills are short-term debt instruments issued by the Federal Government through the Central Bank to provide short term funding for the government. They are by nature, the most liquid money market securities and are backed by the guarantee of the Federal Government.

ii).

*Treasury Certificate:*

A debt security issued by the U.S. Treasury with a short

maturity , usually only a few months, and a rather unusual interest rate , such as 4.586%. They are no longer issued to the public and are only issued at all when the Treasury seeks to borrow from the Federal Reserve. In that situation, the Treasury issues Treasury certificates to the New York Federal Reserve Bank; this can only occur with the approval of the Fed's Board of Governors .

iii).

*Debenture:*

They are means with which limited liability companies borrow funds on medium term basis (5-10 years). They bear fixed rate of interest. They are redeemable (paid back) at the end of the agreed period like 10 years.

*5c)*

i). It makes money available to businessmen, especially creditors by discounting their bills

ii). It raises the level of economic activities.

iii). It makes money available to the government through sales of Treasury Bills.

*Nigeria only*


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.
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*Nigeria only*

7ai)

Terms of trade:

Terms of trade is the ratio of an index of a country's export prices to an index of its import prices.


ii) Balance of trade:

Balance of trade is the difference in value between a country's imports and exports.