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Economics 2 (Essay)
9.30am – 11.30am
Economics 1 (Objective)
11.30am – 12.30pm
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(Dependent population X/Total population X)*100%
(Dependent population in Y/Total population in Y )*100%
Dependency ratio in X=66.67 : 33.33
Depency ratio in Y=38.89 : 61.11
Per capital income of country X=National income of X/population size
Per capital income of coountry Y=National income of Y/Population size
(i) Increase in production of goods and services: Since the labour force in country Y is more than that of country X, countyr Y will have production than country X.
(ii) Reduction in pressure over available resources: The available resources in the country Y will not be pressurized like that of country X.
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.
(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.
(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
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
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.
(i) Source of revenue for government: This production in this industries provides revenue for the government of Nigeria.
(ii) Provision of employment: This industries provides employment to many Nigerians who otherwise would have been jobless.
(iii) Provision of foreign exchange: Through the export of agricultural products like cocoa, cotton, kola. palm produce and other primary industrial products, Nigeria is able to earn foreign exchange.
(iv) Provision of food: Primary industries such as agricultural industries provides Nigerians with food and an increase in food availability means increase in the well-being of the citizens
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.
Treasury bill is a short-dated government security, yielding no interest but issued at a discount on its redemption price.
Treasury certificate is another money instrument which and in the mobilization of savings, which is made available to the needy sectors of the economy. It is a medium-term government security which matures after a period of one to two years and it is intended to bridge the gap between the treasury bill and long-term government securities.
A debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer.
Term of trade can be defined as the rate at which a country export exchange for its imports.it is expressed as a relationship between the prices a country receives for it’s exports and the prices it pays for import.
The balance of trade is the difference between a country’s imports and its exports for a given time period.
(i)Expenditure reducing policies
(ii)Expenditure switching policies
(iii)Improving the supply-side
(iv)Improving macroeconomic stability