WAEC GCE 2019 Economics Questions And Answers – Jan/Feb EXPO
Working population = Age group (19-40) + (41-60)
= (35% + 25%) of total population
= 60% of total population
Dependent population = Age group (0-18) + age group (61-above)
= (30% + 10%) of total population
= 40% of total population
Age group (0-18) = 30/100×200,000
2% increase = 2/100×60,000
Age group (61-above) = 10/100×200,000
0.5% decrease = 0.5/100×20,000
Natural increase in population = 1200-100
The country has a low dependency ratio = 80,000/120,000
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 she people who fall with in the ages of the working population,capable and Willing to work,are unable to obtain befitting work to do.
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 maybe a temporary unemployment depending on the prevailing economic situation e.g leaving the state civil service to a private firm
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
Seasonal unemployment: this is caused by seasonal changes that affect some types of work..also farners stay idle in between harvesting periods e.g workers that work in road construction companies remain unemployed during rainy season.
Causes of unemployment in a country
(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
(i) Growing economy: When families feel confident, they spend more instead of saving. They expect to get raises and better jobs. They know their homes and other investments will increase in value. They feel that the government is doing the right thing in guiding the economy.
(ii) Expectation of inflation: Former Federal Reserve Chairman Ben Bernanke explained it this way. Once people expect inflation, they will buy things now to avoid higher future prices. That increases demand, which then creates demand-pull inflation.
(iii) Over-expansion of the money supply: That’s when there is too much money chasing too few goods. That occurs when the government prints too much money. It does this to pay off its debt. Oversupply of money is the primary driver of hyperinflation.
(iv) Discretionary fiscal policy: Government spending drives up demand according to Keynesian economic theory. For example, military spending raises prices for military equipment. When the government lowers taxes, it also drives demand.
(i) It discourages savings;
(ii) It discourages production and encourages buying and selling
(iii) Fixed income earners suffers
(iv) The value of money falls
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