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Free WAEC 2017 ECONOMICS (Obj & Theory) Expo Questions & Answers


3a Land:

It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface

3b.  Free Gift of Nature: ...

Fixed Quantity: ...
Land is Permanent: ...
Land is a Primary Factor of Production: ...
Land is a Passive Factor of Production: ...
Land is Immovable: ...

3 c)
i ) Land is the original sources of all material wealth : The economic
prosperity of a country is closely linked with the richness of her natural resources.
ii) The quality and quantity of agricultural wealth a country depends on nature of soil, climate , rainfall. The agricultural products are the form the basis of trade and industry.
iii)Industry also depends upon availability raw materials and sources of power e . g coal -mines or waterfall for electricity product which are gotten from soil.
iv )Land provides employment : land help people of a citizen to get jobs such as farming , fishing, lumbering among others and this help to develop a nation

6i)Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.

6b)i)causes of demand pull inflation 
-growing economy 
-expectation of inflation 
-discretionary fiscal
6b) II) causes of cost-push inflation
-monopoly
-wage inflation 
-exchange rates

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