Waec 2022 Economic Obj & Essay Questions And Answer Now Available

Pick one out of 1&2

(1a)
GROSS DOMESTIC PRODUCT (GDP)

Wages and salaries 250
Income from self employment 120
Rent 25
Interest 10
Royalties 2
Profit & dividend 35
GDP = 442

(1b)
GROSS NATIONAL PRODUCT (GNP)

GNP = GDP + Net factor income
GNP = 442+ income received from Abroad – Income paid Abroad

GNP = 442+(50-75)
= 442+(-25)
= 442-25
= 417

(1c)
NET NATIONAL PRODUCT (NNP)

NNP = GNP – Depreciation
NNP = 417 – 3
= 414

(4a)
(i) Labour force: Labour force can be defined as the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.

(ii) Efficiency of labour: Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced.

(4b)
(PICK ANY FIVE)
(i) Age structure of the population: The structure of a country’s population is a significant determinant of the size of the labour force. The lower the dependant people, the higher the supply of labour and vice versa. In otherword, the labour force will increase in a country with a greater number of its people between the ages of 18 and 65 years.

(ii) Role of women in the society: In some societies, women are usually prevented from engaging in gainful employment because of religious belief, social and cultural factors and this affects the size of labour force.

(iii) Number of working hours and working days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.

(iv) The number of disabled: When the number of disabled persons is high especially within the working population, the supply for labour will be low.

(v) The number of people unwilling to work: There are certain number of able bodied people who are also between the age bracket of 18 and 65 years but are unwilling to work. If their population is high, it will affect the size of supply of labour

(vi) Migration: The rate of migration can also affect the size of labour force. If the rate at which the working population leaves a country is higher than the rate at which people come in, it will lead to reduction in the supply of labour.

(vii) Trade union activities: The activities of trade union may also affect the supply of supply. For example, when a long period of training is imposed on a certain trade, this may discourage people from engaging in such trade or profession leading to a reduction in supply of labour.

(viii) Government policies: Certain government policies can affect the supply of labour. E.g. specific laws are made to exclude children and women from working in ministries. This can reduce the supply of labour to that area or field.