Please use this obj
ECONOMIC-OBJ

1BBACBBBDAD

11DCBCCDACB

21DABBABDBCB

31ABAADADBDD

41CBDCBBBCAD

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PLS NOTE THIS SYMBOLS

^ means Raise to power

* means multiplication

√ means Sqr root

/ means division or divide
Economics Theory

Section A(Answer One Question)

1ai)

depenent age/population in X/total population in X * 100%

=(60+20)/(60+40+20)*100%

=80/120*100%

=66^2/3%

1aii)

depenent age/population in Y/total population in Y * 100%

=(20+15)/(20+55+15)*100%

=35/90*100%

=38.89%

1bi)

X=66^2/3 : 33^1/3

=2: 1

1biii)

=38.89 : 61.11

=7 : 11

1c)

country X

national income/population size

=$480million/120million

=$4.00

country Y

National income/population size

=$540million/90million

=$6.00

Section B(Answer 3 questions)

3a)

labour force is the process where by people who are ableto work in a country or area, or all the people who work for a particular company.

3b)

i)Structural unemployment refers to a mismatch between the jobs available and the skill levels of the unemployed.

ii)Frictional unemploymentis when workers leave their jobs to find better ones. It’s usually a voluntary exit but can also result from a layoff or termination with cause.

3c)

i)the population of the country

ii)the population are fully employed

iii)the available of good medical facilities

iv)the total number of productive workers

4a)

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

b)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.

5a)

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.

5bi)

Treasury bill is a short-dated government security, yielding no interest but issued at a discount on its redemption price.

5bii)

Treasury certificate is another money instrument which and in the mobilization of savings, which is made available to the needy sectors of the economy.

5c)

i)To maintain monetary balance between demand and supply of short term monetary transactions.

ii)Money market plays a very important role of making funds available to many units or entities engaged in diversified field of activities be it agriculture, industry, trade, commerce or any other business.

iii)By providing funds to developing sectors it helps in growth of economy also.

7ai)

Terms of trade refers to the relative price of imports in terms of exports and is as the ratio of export prices to import prices.

7aii)

The balance of trade is the difference between a country’s imports and its exports for a given time period.

7b)

i)Expenditure reducing policies

ii)Expenditure switching policies

iii)Improving the supply-side

iv)Improving macroeconomic stability

Theory completed

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