2024 WAEC GCE SECOND SERIES (NOV.) ECONOMICS: 2024 WAEC GCE Second Series Economics Questions and ANSWERS (5532)

(2)

(3a)
Production can be defined as any human activity that involves the creation of goods and the provision of services to satisfy human wants. It is a process that transforms factors of production or inputs (land, labour, capital, and entrepreneurship) into output of goods and services

(3b)
(i)Primary Production:
This is the type of production that involves the tapping and harnessing of natural resources. It is concerned with the process of obtaining raw materials or resources in their natural form from the air, land, and water e.g. agriculture, mining, fishing, quarrying, etc.

(ii)Secondary Production:
This type of production entails the processing of primary products or raw materials into finished or semi-finished products e.g. processed food, houses, roads, clothes, cars, furniture, paper milling, etc. It involves all stages that the good passes through after extraction to manufacturing

(iii)Tertiary Production:
This is a type of production that is concerned with the provision of commercial and professional services to the people. The people involved in this aspect of production include those who render services e.g. teachers, doctors, hairdressers, soldiers, policemen, lawyers, musicians, etc. It also includes those who render commercial services like wholesalers, retailers, transporters, etc.

(3c)
(i)Manufacturing can employ large numbers of low-to-medium skilled workers and its processes can be easily standardised and 'copied from e x a m p l a z a . c o m free' scaled, which complements economic clustering in cities.
(ii)The sector contributed from technological change and productivity growth, thus exhibiting positive learning and process development opportunities.
(iii)It is tradable, allowing developing countries to tap into global value chains as well as new markets for buying and selling goods.

(7a) Unemployment is a term referring to individuals who are employable and actively seeking a job but are unable to find a job. 

(7b)

(i) Cyclical unemployment is a type of unemployment which is related to the cyclical trends in the industry or the business cycle.

(ii) Frictional unemployment refers to those workers who are in between jobs. An example is a worker who recently quit or was fired and is looking for a job in an economy that is not experiencing a recession. 

(iii) Structural unemployment happens when the skills set of a worker does not match the skills demanded by the jobs available, or alternatively when workers are available but are unable to reach the geographical location of the jobs.

(8a)

Foreign exchange refers to exchanging the currency of one country for another at prevailing exchange rates.

(8b)

[PICK THREE ONLY] 

(i) To maintain the stability of oil prices: One of the main objectives of OPEC is to maintain the stability of oil prices in the world market.

(ii) To ensure a steady supply of oil: The organisation also ensures that there is a regular and steady supply of oil to the world market.

(iii) Encouragement of exploration and development of petroleum resources: OPEC equally ensures that member countries are encouraged in the exploration, exploitation and development of petroleum resources.

(iv) Stabilization of oil income: The organization was set up to ensure the stabilization of the oil income of its member nations.

(v) Co-ordination of petroleum policies: OPEC is set to ensure the co-ordination of petroleum policies of its member countries and to improve their bargaining power.

(8c)

[PICK THREE ONLY]

(i) To establish and stabilise exchange rates among member nations. 

(ii) To make funds available to members to finance the balance of payments deficit.

(iii) To make recommendations to members concerning economic policies to be adopted.

(iv) To encourage the development of international trade.

(v) To promote co-operation among member countries in financial matters.

(vi) To facilitate the settlement of debts in foreign transactions.