2024 WAEC GCE FIRST SERIES (JANUARY) ECONOMICS: 2024 WAEC GCE First Series ECONOMICS QUESTIONS AND ANSWERS (2499)

(1c) Cross Elasticity of demand may be defined as the degree of responsiveness of demand for a commodity to changes in the price of another commodity. 

OR

Cross Elasticity of demand refers to the proportionate change in the quantity of goods (X) demanded over the proportionate change in the price of another good (Y) demanded.

(3a)

Mobility of labour means the capacity and ability of labour to move from one place to another or from one occupation to another or from one job to another or from one industry to another.

(3b)

- Means of Transport

- Social Set-up

- Education and Training

(3c)

(i) Changes in the productivity of labour.

(ii) Changes in the skill level of labour (hich also affects supply).

(iii) Changes in the prices of the goods or services produced.

(5a).

 [TABULATE]

i. Inflation is an increase in the general prices of goods and services in an economy.

 Deflation conversely, is the general decline in prices for goods and services, indicated by an inflation rate that falls below zero percent.

ii. Inflation does not contribute to a reduction in national income.

Deflation decreases productivity, output and income; that’s why unemployment is also a serious effect in the long run.

iii. Inflation can stimulate economic growth.

Deflation is bad for the economy as it decreases investment and contributes to a pessimistic business sector.

(5b) LOADING........

(6a)

fiscal policy is the use of government revenue collection and expenditure to influence a country's economy.

(6b)

(i)expenditure; They raise a firm's cost of production, which causes an upward shift in the supply curve of the firm.

(ii)specific; specific taxes are a fixed amount of tax imposed on a product, and ad valorem taxes are a percentage of the selling price.

(iii)consumption; when someone smokes they have a harmful effect on those around them, as well as their selves. If a tax is imposed then the price of cigarettes increases, as well as the opportunity cost of purchasing them. 

(6c)

(i)Managing Public Needs; The basic objective is managing the basic needs of the public like food, shelter, health, infrastructure, and education. All this is the responsibility of the government so that the basic public needs and be fulfilled and public and contribute to the development of the economy.

(ii)Economic Development; Proper management leads to economic development, which leads to the growth of the nation.

(iii)Removes Inequality; It also aims at removing the inequality by proper allocation of resources i.e., providing the relief to the poor by collecting the taxes from the rich class people.

Q(7a)

Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it's an investment in growing your economy and enhancing the prosperity and quality of life for all residents.

(7b)

Low Per Capita Real Income; The real per capita income of developing countries is very low as compared to developed countries. This means the average income or per person income of developing nations is little and it is not sufficient to invest or to save.

(ii)Mass Poverty; Most of the individuals in developing nations have been suffering from the problem of poverty. They are not able to fulfill even the basic needs. The low per capita in developing nations also reflects the problem of poverty.

(iii)Rapid Population Growth; Developing countries have either a high population growth rate or a larger size of the population. There are different factors behind higher population growth in developing countries. The higher child and infant mortality rate in such countries compel people to feel insure and give birth to more children. 

(iv)Technological Backwardness; The development of a nation is a positive and increasing function of innovative technology. Technological use in developing countries is very low and used technology is also outdated. 

(7c)

(i) it publicise the choices before a country and encourages discussion of 'copied from e x a m p l a z a . c o m free' them. 

(ii)To identifies strategies, programs, and projects to improve the economy.

(8a)

(i)Customs union.

(ii)Common market. 

(8b)

economic integration is the process in which two or more states in a broadly defined geographic area reduce a range of trade barriers to advance or protect a set of economic goals. WHILE economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. 

(8c)

Economies of Scale: For the individual countries out there, having the small and internal market, there is a limited capacity in order to expand production.

(ii)International Specialization; With the help of economic integration, the member countries will be able to have a bigger degree when it comes to the specialization in the processes and the products which are produced in the country.

(iii)Qualitative Improvement in Output; There is regional cooperation in the economics of the different countries which can actually lead to several fast changes in the technological aspects and that too in a larger and more efficient scale as well.

(iv)Expansion of Employment: There are many different countries in the economic integration process, and as these countries organize themselves into the regional economic groups, there will be an unrestricted flow when it comes to the labour of the country and the region as well.