2019 WAEC GCE FIRST SERIES ECONOMIC ANSWER
EASY SECTION B👇👇
19 – 40 + 41 – 60
Total population = 200,000
70,000 + 50,000
0 – 18 + 61 and above
30/100×200000/1 + 10/100×200000/1
60,000 + 10,000
Increased by 1200
The natural increase in the population is birth rate
The age distribution is of optimum population because the working age is greater than dependent age.
Professor Robin’s defined economics as : “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
i) opportunity cost:
Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else
ii) scale of preference:
A preference scale in economics is a basic tool that determines the demand of certain products. This scale revolves around the basic needs of humans for a specified product.
iii) production possibility curve:
A production possibility curve measures the maximum output of two goods using a fixed amount of input.
The labour force consists of all the people who are able to work in a country or area, or all the people who work for a particular company
Occupational Mobility Of Labour: This refers to the ability of workers to switch career fields in order to find gainful employment or meet labor needs. For example, footballer to university lecturer
Geographical mobility of labour: This is the ability of labour to move around an area, region or country in order to work. Geographical mobility is affected by things such as family ties, transport networks, transferable qualifications and common language. For example, moving from Enugu to Lagos to find work.
(i) Population: As expected, population increases result in labor force increases. Both the strength of the influence and the magnitude are strong. A one percent increase in state population results in a 0.74 percent increase in labor force size.
(ii) Income: As state incomes grow, it attracts labor force entrants hoping to take advantage. However, a state’s cost of living is shown to have no influence on labor force size and is not statistically significant.
(iii) Educational Attainment: A more educated society has a larger labor force.
(iv) Weather conditions: Where weather conditions are favourable, labour tends to be more efficient.
Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts.
(i) Medium of exchange: During inflation people are likely to lose confidence in money as a means of payment for goods and services because of a fall in its value
(ii) Store of value: The function of money as a store of wealth is undermined during periods of inflation because the money saved loses value.
(iii)Standard of deferred payment: During inflation money does not serve as an adequate standard of deferred payment.
(iv) Unit of account: During inflation, money is not a reliable unit of account.
Unemployment of labour maybe defined as a situation where the people who fall with in the ages of the working population, capable and Willing to work, are unable to obtain befitting work to do.
(i) Frictional unemployment: It arises when people leave their present job with the hope of getting a new and better one but fail to do so. It may be a temporary unemployment depending on the prevailing economic situation e.g leaving the state civil service to a private firm
(ii) Structural unemployment: This is as a result of slight changes in the industrial structure of a country. Workers will be retrenched as a result of economic recession and it happened in Nigeria in 1984. when firms fold up as a result of this. e.g when production becomes capital intensive
(iii) Seasonal unemployment: This is caused by seasonal changes that affect some types of work. Also farmers stay idle in between harvesting periods e.g workers that work in road construction companies remain unemployed during rainy season.
(i) Absence of industries: West African countries do not have enough industries that can absorb the large number of school leavers every year
(ii) When supply is higher than demand: This will affect many industries and cause retrenchment or lay-off of workers
(iii) Lack of social amenities in rural areas: This constitutes a push factor to rural-urban migration, which makes the youth s prefer settling in the urban areas even when they can get employment in rural areas
Economic integration is the unification of economic policies between different states through the partial or full abolition of tariff and non-tariff restrictions on trade taking place among them
A free-trade area is the region covering a trade bloc whose member countries have signed a free-trade agreement and customs union a group of states that have agreed to charge the same import duties as each other and usually to allow free trade between themselves
- Poor Quality of Education
Every year, many graduates come out from the universities and colleges of education in Nigeria with little or nothing to contribute to the society.
According to the National Bureau of Statistics, more than 200,000 alumnae graduate from Nigeria tertiary institutions yearly, but only very little number of them secure jobs after years of their graduation. The reason is because there are little facilities and ill-equipped lecturers/instructors who rendered poor services to the graduates when they were in their institutions.
Ii.Lack of Skills
Another problem that is closely related to that of poor quality education, as a cause of unemployment in Nigeria, is of lack of skills.
For many years running, most Nigerian youths have disdained acquisition of skills, thinking that the time spent on such is wasted, and opting for so-called ‘clean-shirt’ and ‘easy’ ways of making money. With such mentality, these youths have grown into middle-age and even senior age without any skill to fall, thus becoming liabilities to themselves and others.
Corruption can be defined as immoral action which could involve bribery, embezzlement or misappropriation of public funds for personal use. A corrupt government can be said to be a government which makes use of public funds for their (the government officials’) personal and selfish use.